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.
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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