istar (NYSE:STAR) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of istar (NYSE:STAR) from a buy rating to a hold rating in a research note released 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) “

Other analysts have also recently issued research reports about the company. ValuEngine cut istar from a hold rating to a sell rating in a report on Friday, August 2nd. Raymond James increased their price objective on istar from $12.50 to $17.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Finally, TheStreet upgraded istar from a d+ rating to a c rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $14.50.

NYSE:STAR opened at $12.91 on Tuesday. The business’s 50-day moving average price is $12.90 and its two-hundred day moving average price is $10.31. istar has a twelve month low of $7.84 and a twelve month high of $13.75. The stock has a market cap of $785.16 million, a P/E ratio of 4.88 and a beta of 0.69. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 2.35.

istar (NYSE:STAR) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $4.55 earnings per share for the quarter, beating the consensus estimate of ($0.30) by $4.85. istar had a return on equity of 22.16% and a net margin of 52.01%. The firm had revenue of $98.47 million for the quarter, compared to analysts’ expectations of $97.50 million. During the same quarter last year, the firm posted $0.55 EPS. On average, equities research analysts expect that istar will post 3.89 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.10%. istar’s dividend payout ratio (DPR) is presently -42.11%.

In other news, major shareholder Istar Inc. acquired 4,787 shares of istar stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $29.18 per share, for a total transaction of $139,684.66. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have bought a total of 177,321 shares of company stock worth $5,325,644 over the last quarter. Corporate insiders own 5.24% of the company’s stock.

Several institutional investors have recently made changes to their positions in STAR. Norges Bank bought a new position in shares of istar during the 4th quarter valued at about $7,982,000. Vanguard Group Inc. increased its position in shares of istar by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 10,549,401 shares of the real estate investment trust’s stock valued at $131,024,000 after purchasing an additional 481,799 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of istar during the 2nd quarter valued at about $5,685,000. Southside Capital LLC grew its position 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 acquiring an additional 300,000 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in istar during the 2nd quarter worth approximately $3,168,000. Hedge funds and other institutional investors own 91.99% 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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