istar (STAR) Rating Lowered to Hold at Zacks Investment Research

istar (NYSE:STAR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Saturday.

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) “

Separately, ValuEngine upgraded istar from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 30th. One research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. istar currently has an average rating of “Hold” and an average target price of $12.00.

STAR traded up $0.03 during trading on Friday, reaching $10.53. The company had a trading volume of 600,983 shares, compared to its average volume of 548,082. The company has a market cap of $713.66 million, a PE ratio of 4.56 and a beta of 0.90. istar has a 52 week low of $9.75 and a 52 week high of $11.88. The company has a quick ratio of 8.43, a current ratio of 8.43 and a debt-to-equity ratio of 3.20.

istar (NYSE:STAR) last issued its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.10). The company had revenue of $122.14 million during the quarter, compared to the consensus estimate of $120.53 million. istar had a return on equity of 9.50% and a net margin of 11.28%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) earnings per share. As a group, research analysts anticipate that istar will post 2.74 earnings per share for the current fiscal year.

In other istar news, major shareholder Istar Inc. bought 5,929 shares of istar stock in a transaction on Wednesday, October 31st. The shares were acquired at an average price of $17.70 per share, for a total transaction of $104,943.30. Following the completion of the purchase, the insider now directly owns 7,467,694 shares in the company, valued at approximately $132,178,183.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders acquired 154,790 shares of company stock worth $2,560,756. Insiders own 5.01% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp increased its stake in istar by 0.9% in the first quarter. Northern Trust Corp now owns 817,468 shares of the real estate investment trust’s stock worth $8,314,000 after purchasing an additional 7,461 shares during the period. Swiss National Bank increased its stake in istar by 8.8% in the second quarter. Swiss National Bank now owns 122,300 shares of the real estate investment trust’s stock worth $1,320,000 after purchasing an additional 9,900 shares during the period. Stevens Capital Management LP increased its stake in 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 worth $273,000 after purchasing an additional 13,533 shares during the period. SG Americas Securities LLC purchased a new stake in istar in the second quarter worth $147,000. Finally, Raymond James Financial Services Advisors Inc. increased its stake in istar by 9.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 199,653 shares of the real estate investment trust’s stock worth $2,154,000 after purchasing an additional 17,788 shares during the period. Institutional investors and hedge funds own 83.92% of the company’s stock.

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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