Envestnet Asset Management Inc. reduced its holdings in shares of istar Inc (NYSE:STAR) by 31.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,834 shares of the real estate investment trust’s stock after selling 25,099 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.07% of istar worth $663,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of STAR. Mutual of America Capital Management LLC increased its position in istar by 58.6% in the first quarter. Mutual of America Capital Management LLC now owns 3,328 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 1,229 shares during the last quarter. PNC Financial Services Group Inc. increased its position in istar by 27.5% in the first quarter. PNC Financial Services Group Inc. now owns 5,343 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 1,153 shares during the last quarter. Whittier Trust Co. purchased a new stake in istar in the first quarter worth $80,000. Advisor Group Holdings Inc. purchased a new stake in istar in the first quarter worth $96,000. Finally, CIBC Asset Management Inc purchased a new stake in istar in the first quarter worth $109,000. Institutional investors and hedge funds own 92.31% of the company’s stock.
Several brokerages have recently weighed in on STAR. ValuEngine upgraded istar from a “hold” rating to a “buy” rating in a research report on Monday, June 1st. Raymond James reduced their price target on istar from $21.00 to $16.50 and set an “outperform” rating for the company in a research report on Monday, April 13th.
istar (NYSE:STAR) last announced its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.02. The company had revenue of $173.46 million during the quarter, compared to analysts’ expectations of $101.50 million. istar had a return on equity of 25.33% and a net margin of 58.20%. On average, sell-side analysts predict that istar Inc will post -2.02 EPS for the current year.
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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