istar (STAR) Raised to “Sell” at ValuEngine

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ValuEngine upgraded shares of istar (NYSE:STAR) from a strong sell rating to a sell rating in a research report report published on Thursday, August 30th.

NYSE:STAR traded up $0.01 during mid-day trading on Thursday, hitting $11.16. 743,735 shares of the company’s stock traded hands, compared to its average volume of 1,533,553. istar has a twelve month low of $9.75 and a twelve month high of $12.22. The firm has a market capitalization of $751.73 million, a P/E ratio of 4.83 and a beta of 0.97. The company has a debt-to-equity ratio of 3.20, a current ratio of 8.43 and a quick ratio of 8.43.

istar (NYSE:STAR) last announced its earnings results on Thursday, August 2nd. The real estate investment trust reported $0.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.18. istar had a return on equity of 9.50% and a net margin of 11.28%. The company had revenue of $171.57 million for the quarter, compared to analyst estimates of $119.30 million. During the same period in the prior year, the company posted $2.28 EPS. The firm’s quarterly revenue was down 50.7% compared to the same quarter last year. analysts expect that istar will post 2.74 EPS for the current year.

The firm also recently announced an annual dividend, which was paid on Friday, August 31st. Investors of record on Wednesday, August 15th were given a dividend of $0.09 per share. This represents a yield of 0.82%. The ex-dividend date of this dividend was Tuesday, August 14th. istar’s dividend payout ratio is currently 15.58%.

In other istar news, major shareholder Istar Inc. bought 129,600 shares of istar stock in a transaction that occurred on Thursday, September 6th. The shares were bought at an average cost of $16.35 per share, with a total value of $2,118,960.00. Following the transaction, the insider now directly owns 7,387,410 shares of the company’s stock, valued at approximately $120,784,153.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.01% of the company’s stock.

Several hedge funds have recently made changes to their positions in STAR. Quantitative Systematic Strategies LLC acquired a new position in shares of istar in the first quarter valued at about $147,000. SG Americas Securities LLC acquired a new position in shares of istar in the second quarter valued at about $147,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of istar in the first quarter valued at about $238,000. Stevens Capital Management LP increased its holdings in shares of istar by 114.6% in the second quarter. Stevens Capital Management LP now owns 25,345 shares of the real estate investment trust’s stock valued at $273,000 after purchasing an additional 13,533 shares during the period. Finally, Affinity Investment Advisors LLC increased its holdings in shares of istar by 43.8% in the first quarter. Affinity Investment Advisors LLC now owns 29,965 shares of the real estate investment trust’s stock valued at $305,000 after purchasing an additional 9,122 shares during the period. 82.75% of the stock is currently owned by institutional investors and hedge funds.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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