California Public Employees Retirement System boosted its stake in shares of istar Inc (NYSE:STAR) by 3.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 312,013 shares of the real estate investment trust’s stock after acquiring an additional 9,417 shares during the quarter. California Public Employees Retirement System owned about 0.46% of istar worth $3,526,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its position in istar by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 54,243 shares of the real estate investment trust’s stock worth $653,000 after acquiring an additional 926 shares during the period. GSA Capital Partners LLP lifted its position in istar by 21.9% during the 3rd quarter. GSA Capital Partners LLP now owns 36,154 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 6,498 shares during the period. Van ECK Associates Corp lifted its position in istar by 3.9% during the 3rd quarter. Van ECK Associates Corp now owns 208,162 shares of the real estate investment trust’s stock worth $2,456,000 after acquiring an additional 7,802 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in istar by 5.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 153,003 shares of the real estate investment trust’s stock worth $1,805,000 after acquiring an additional 8,498 shares during the period. Finally, Schroder Investment Management Group acquired a new stake in istar during the 3rd quarter worth approximately $108,000. 88.93% of the stock is owned by institutional investors.
A number of research firms have weighed in on STAR. TheStreet cut istar from a “c” rating to a “d” rating in a research report on Friday, November 17th. ValuEngine raised istar from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. istar has a consensus rating of “Hold” and an average price target of $14.00.
In other news, Director Dale Ann Reiss sold 17,595 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $11.70, for a total transaction of $205,861.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Istar Inc. bought 10,937 shares of the business’s stock in a transaction dated Wednesday, December 20th. The shares were acquired at an average cost of $18.08 per share, with a total value of $197,740.96. Following the completion of the purchase, the insider now owns 6,693,765 shares in the company, valued at approximately $121,023,271.20. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 376,453 shares of company stock valued at $6,723,258. Company insiders own 4.41% of the company’s stock.
istar Inc (NYSE:STAR) opened at $10.14 on Friday. The stock has a market capitalization of $688.23, a P/E ratio of 9.14 and a beta of 1.01. istar Inc has a one year low of $9.75 and a one year high of $12.68. The company has a debt-to-equity ratio of 3.91, a quick ratio of 8.28 and a current ratio of 8.28.
istar (NYSE:STAR) last issued its earnings results on Monday, February 26th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. The business had revenue of $103.14 million during the quarter, compared to the consensus estimate of $174.70 million. istar had a return on equity of 23.62% and a net margin of 25.67%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.04 EPS.
istar declared that its Board of Directors has initiated a share repurchase program on Thursday, December 14th that allows the company to buyback 50,000,000 shares. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.
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iStar Inc finances, invests in and develops real estate and real estate related projects as part of its integrated investment platform. The Company’s four business segments are Real Estate Finance, Net Lease, Operating Properties, and Land and Development. The Real Estate Finance portfolio consists of senior and mezzanine real estate loans that may be either fixed-rate or variable-rate.
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