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.
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.
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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