istar (NYSE:STAR) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of istar (NYSE:STAR) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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) “

A number of other analysts have also recently commented on STAR. ValuEngine cut shares of istar from a hold rating to a sell rating in a report on Friday, August 2nd. Raymond James upped their target price on shares of istar from $12.50 to $17.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. Finally, TheStreet raised shares of istar from a d+ rating to a c rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. istar presently has an average rating of Hold and a consensus target price of $14.50.

NYSE:STAR opened at $13.21 on Tuesday. istar has a one year low of $7.84 and a one year high of $13.75. The company has a debt-to-equity ratio of 2.35, a current ratio of 3.59 and a quick ratio of 3.59. The business’s 50-day simple moving average is $12.86. The company has a market capitalization of $832.41 million, a price-to-earnings ratio of -13.91 and a beta of 0.69.

istar (NYSE:STAR) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $4.55 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $4.85. istar had a net margin of 52.01% and a return on equity of 22.16%. The business had revenue of $98.47 million during the quarter, compared to analysts’ expectations of $97.50 million. During the same period in the previous year, the company earned $0.55 earnings per share. As a group, analysts anticipate that istar will post 3.89 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date is Wednesday, August 14th. istar’s dividend payout ratio is currently -42.11%.

In related news, major shareholder Istar Inc. bought 5,000 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was bought at an average cost of $28.26 per share, for a total transaction of $141,300.00. Following the purchase, the insider now directly owns 7,864,067 shares of the company’s stock, valued at $222,238,533.42. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought a total of 174,383 shares of company stock worth $5,239,405 over the last 90 days. Company insiders own 5.24% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Private Management Group Inc. increased its holdings in shares of istar by 0.7% during the 1st quarter. Private Management Group Inc. now owns 2,177,827 shares of the real estate investment trust’s stock valued at $18,337,000 after purchasing an additional 15,873 shares in the last quarter. Southside Capital LLC boosted its stake in istar by 33.3% during the 2nd quarter. Southside Capital LLC now owns 1,200,000 shares of the real estate investment trust’s stock worth $14,904,000 after purchasing an additional 300,000 shares during the last quarter. Northern Trust Corp boosted its position in shares of istar by 2.5% during the 2nd quarter. Northern Trust Corp now owns 873,068 shares of the real estate investment trust’s stock valued at $10,843,000 after acquiring an additional 21,392 shares during the last quarter. Norges Bank acquired a new position in shares of istar during the 4th quarter valued at about $7,982,000. Finally, Geode Capital Management LLC raised its holdings in istar by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 706,431 shares of the real estate investment trust’s stock valued at $6,477,000 after buying an additional 30,935 shares during the period. 91.99% of the stock is owned by institutional investors.

About istar

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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