istar (STAR) Cut to “Hold” at ValuEngine

istar (NYSE:STAR) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Friday.

Other research analysts have also issued reports about the stock. TheStreet lowered shares of istar from a “c” rating to a “d” rating in a research report on Friday, November 17th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $14.00 price target on shares of istar in a research report on Thursday, October 12th. Finally, BidaskClub lowered shares of istar from a “sell” rating to a “strong sell” rating in a research report on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $14.00.

Shares of istar (NYSE STAR) traded down $0.21 on Friday, reaching $10.40. 563,780 shares of the company’s stock traded hands, compared to its average volume of 463,552. The company has a quick ratio of 6.50, a current ratio of 6.50 and a debt-to-equity ratio of 4.76. istar has a one year low of $10.38 and a one year high of $12.68. The firm has a market capitalization of $709.28, a price-to-earnings ratio of 5.53 and a beta of 1.02.

istar (NYSE:STAR) last issued its earnings results on Thursday, November 2nd. The real estate investment trust reported ($0.09) earnings per share for the quarter. istar had a return on equity of 19.57% and a net margin of 24.13%.

istar announced that its board has approved a stock repurchase plan on Thursday, December 14th that allows the company to repurchase 50,000,000 outstanding shares. This repurchase authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other istar news, major shareholder Istar Inc. purchased 14,948 shares of the stock in a transaction dated Monday, November 13th. The shares were acquired at an average cost of $17.81 per share, for a total transaction of $266,223.88. Following the completion of the transaction, the insider now directly owns 6,339,424 shares of the company’s stock, valued at $112,905,141.44. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Dale Ann Reiss sold 17,595 shares of the stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $11.70, for a total transaction of $205,861.50. The disclosure for this sale can be found here. Insiders bought 600,891 shares of company stock worth $10,594,606 over the last quarter. Company insiders own 4.41% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in STAR. Quantbot Technologies LP lifted its stake in shares of istar by 410.1% during the second quarter. Quantbot Technologies LP now owns 8,550 shares of the real estate investment trust’s stock valued at $102,000 after buying an additional 6,874 shares during the period. Schroder Investment Management Group purchased a new position in shares of istar during the third quarter valued at approximately $108,000. SeaCrest Wealth Management LLC purchased a new position in shares of istar during the fourth quarter valued at approximately $144,000. Magnetar Financial LLC purchased a new position in shares of istar during the third quarter valued at approximately $154,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of istar during the third quarter valued at approximately $276,000. 86.89% of the stock is currently owned by institutional investors and hedge funds.

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About istar

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.

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

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