Glendon Capital Management LP continued to hold its stake in shares of iStar Financial Inc. (NYSE:STAR) during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 478,933 shares of the real estate investment trust’s stock at the end of the 2nd quarter. iStar Financial makes up 1.4% of Glendon Capital Management LP’s portfolio, making the stock its 16th largest holding. Glendon Capital Management LP owned approximately 0.66% of iStar Financial worth $5,766,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of iStar Financial by 2.2% during the first quarter. Vanguard Group Inc. now owns 11,136,556 shares of the real estate investment trust’s stock worth $131,411,000 after purchasing an additional 243,084 shares during the period. Loomis Sayles & Co. L P acquired a new stake in shares of iStar Financial during the first quarter worth $7,337,000. Great Lakes Advisors LLC raised its position in shares of iStar Financial by 22.2% during the second quarter. Great Lakes Advisors LLC now owns 145,834 shares of the real estate investment trust’s stock worth $1,756,000 after purchasing an additional 26,468 shares during the period. Private Management Group Inc. raised its position in shares of iStar Financial by 405.5% during the second quarter. Private Management Group Inc. now owns 122,487 shares of the real estate investment trust’s stock worth $1,475,000 after purchasing an additional 98,257 shares during the period. Finally, TLP Group LLC acquired a new stake in shares of iStar Financial during the second quarter worth $251,000. Institutional investors and hedge funds own 83.40% of the company’s stock.
iStar Financial Inc. (NYSE:STAR) traded up 0.33% on Thursday, reaching $12.11. The company had a trading volume of 58,089 shares. The firm has a 50 day moving average price of $11.68 and a 200-day moving average price of $11.97. iStar Financial Inc. has a 12 month low of $10.54 and a 12 month high of $12.83. The stock has a market capitalization of $874.22 million, a price-to-earnings ratio of 6.60 and a beta of 1.25.
iStar Financial (NYSE:STAR) last posted its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $2.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.87 by ($0.63). iStar Financial had a return on equity of 22.21% and a net margin of 32.82%. The company had revenue of $347.87 million during the quarter. Analysts forecast that iStar Financial Inc. will post $3.11 earnings per share for the current fiscal year.
In other iStar Financial news, major shareholder Istar Inc. bought 16,738 shares of iStar Financial stock in a transaction on Friday, September 1st. The shares were purchased at an average cost of $19.74 per share, for a total transaction of $330,408.12. Following the completion of the acquisition, the insider now owns 5,908,572 shares in the company, valued at approximately $116,635,211.28. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders have acquired 819,104 shares of company stock worth $15,596,005. Corporate insiders own 4.41% of the company’s stock.
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A number of brokerages have recently issued reports on STAR. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $14.00 target price on shares of iStar Financial in a research report on Thursday. BidaskClub raised iStar Financial from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 27th. TheStreet raised iStar Financial from a “d+” rating to a “c” rating in a research report on Wednesday, August 23rd. Finally, ValuEngine lowered iStar Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $14.00.
iStar Financial Profile
iStar Inc finances, invests in and develops real estate and real estate related projects as part of its integrated investment platform. The Company’s four business segments are Real Estate Finance, Net Lease, Operating Properties, and Land and Development. The Real Estate Finance portfolio consists of senior and mezzanine real estate loans that may be either fixed-rate or variable-rate.
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