Sterling Capital Management LLC raised its stake in istar Inc (NYSE:STAR) by 8.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 208,155 shares of the real estate investment trust’s stock after purchasing an additional 16,855 shares during the period. Sterling Capital Management LLC owned 0.31% of istar worth $2,456,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. Real Estate Management Services LLC increased its holdings in shares of istar by 3.5% in the third quarter. Real Estate Management Services LLC now owns 2,393,502 shares of the real estate investment trust’s stock valued at $28,243,000 after purchasing an additional 80,002 shares during the last quarter. State Street Corp increased its holdings in shares of istar by 4.2% in the second quarter. State Street Corp now owns 1,522,171 shares of the real estate investment trust’s stock valued at $18,321,000 after purchasing an additional 61,836 shares during the last quarter. Citigroup Inc. increased its holdings in shares of istar by 2.2% in the second quarter. Citigroup Inc. now owns 1,036,107 shares of the real estate investment trust’s stock valued at $12,475,000 after purchasing an additional 22,508 shares during the last quarter. Claar Advisors LLC increased its holdings in shares of istar by 62.8% in the third quarter. Claar Advisors LLC now owns 825,000 shares of the real estate investment trust’s stock valued at $9,735,000 after purchasing an additional 318,194 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of istar by 63.5% in the third quarter. Schwab Charles Investment Management Inc. now owns 818,793 shares of the real estate investment trust’s stock valued at $9,662,000 after purchasing an additional 317,953 shares during the last quarter. Hedge funds and other institutional investors own 87.49% of the company’s stock.
istar Inc (NYSE STAR) opened at $11.51 on Monday. The company has a debt-to-equity ratio of 4.76, a current ratio of 6.50 and a quick ratio of 6.50. istar Inc has a one year low of $10.95 and a one year high of $12.74. The company has a market cap of $784.98, a PE ratio of 6.12 and a beta of 1.26.
istar declared that its board has approved a stock buyback 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other istar news, Director Matthew Gaden Western Wood purchased 139,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The shares were acquired at an average cost of $0.28 per share, for a total transaction of $38,920.00. Also, major shareholder Istar Inc. purchased 17,749 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was acquired at an average price of $18.01 per share, for a total transaction of $319,659.49. Following the completion of the purchase, the insider now directly owns 6,647,906 shares of the company’s stock, valued at approximately $119,728,787.06. The disclosure for this purchase can be found here. Insiders purchased 653,940 shares of company stock worth $5,508,357 over the last 90 days. 4.41% of the stock is currently owned by corporate insiders.
Several equities analysts have commented on the stock. ValuEngine upgraded shares of istar from a “hold” rating to a “buy” rating in a report on Friday. TheStreet downgraded shares of istar from a “c” rating to a “d” rating in a research note on Friday, November 17th. BidaskClub downgraded shares of istar from a “sell” rating to a “strong sell” rating in a research note on Monday, October 23rd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $14.00 price target on shares of istar in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. istar has an average rating of “Hold” and an average price target of $14.00.
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istar Company Profile
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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