Zacks Investment Research cut shares of istar (NYSE:STAR) from a buy rating to a hold rating in a research report released on Saturday morning.
According to Zacks, “iStar Financial Inc. is the leading publicly traded finance company focused on the commercial real estate industry. The company, which is taxed as a real estate investment trust, provides structured mortgage, mezzanine and lease financing through its origination, acquisition and servicing platform. The company’s mission is to maximize risk-adjusted returns on equity by providing innovative and value-added financing solutions to private and corporate owners of real estate nationwide. (PRESS RELEASE) “
Separately, ValuEngine upgraded istar from a strong sell rating to a sell rating in a research note on Thursday, August 30th. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. The company currently has an average rating of Hold and an average price target of $12.00.
istar stock opened at $10.57 on Friday. The company has a quick ratio of 7.34, a current ratio of 7.34 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $715.70 million, a PE ratio of 4.58 and a beta of 0.90. istar has a 1-year low of $9.75 and a 1-year high of $11.88.
istar (NYSE:STAR) last issued its earnings results on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.10). The firm had revenue of $122.14 million during the quarter, compared to analysts’ expectations of $120.53 million. istar had a return on equity of 11.04% and a net margin of 10.29%. The business’s revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.05) EPS. As a group, equities research analysts expect that istar will post 2.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $0.36 dividend on an annualized basis and a yield of 3.41%. istar’s dividend payout ratio (DPR) is 15.58%.
In related news, Director Dale Anne Reiss acquired 4,000 shares of istar stock in a transaction on Friday, November 2nd. The stock was acquired at an average price of $24.60 per share, for a total transaction of $98,400.00. Following the purchase, the director now owns 52,519 shares of the company’s stock, valued at approximately $1,291,967.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Istar Inc. acquired 129,600 shares of istar stock in a transaction on Thursday, September 6th. The shares were bought at an average price of $16.35 per share, with a total value of $2,118,960.00. Following the purchase, the insider now directly owns 7,387,410 shares in the company, valued at approximately $120,784,153.50. The disclosure for this purchase can be found here. Insiders purchased a total of 168,748 shares of company stock valued at $2,838,230 in the last 90 days. 5.01% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in STAR. Northern Trust Corp raised its stake in shares of istar by 0.9% during the 1st quarter. Northern Trust Corp now owns 817,468 shares of the real estate investment trust’s stock valued at $8,314,000 after buying an additional 7,461 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of istar by 46.2% during the 1st quarter. Russell Investments Group Ltd. now owns 68,187 shares of the real estate investment trust’s stock valued at $694,000 after buying an additional 21,543 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of istar during the 1st quarter valued at about $238,000. Dalton Greiner Hartman Maher & Co. raised its stake in shares of istar by 40.4% during the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 402,301 shares of the real estate investment trust’s stock valued at $4,341,000 after buying an additional 115,854 shares during the last quarter. Finally, Fox Run Management L.L.C. raised its stake in shares of istar by 142.2% during the 2nd quarter. Fox Run Management L.L.C. now owns 37,701 shares of the real estate investment trust’s stock valued at $407,000 after buying an additional 22,133 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.
istar Company Profile
iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and $40 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions.
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