ValuEngine Downgrades istar (STAR) to Hold

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

Several other research analysts have also recently weighed in on STAR. Keefe, Bruyette & Woods reissued a “hold” rating and set a $14.00 price target on shares of istar in a research report on Thursday, October 12th. TheStreet cut shares of istar from a “c” rating to a “d” rating in a research report on Friday, November 17th. Finally, BidaskClub cut 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 issued a hold rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $14.00.

istar (NYSE:STAR) opened at $10.61 on Friday. The company has a current ratio of 6.50, a quick ratio of 6.50 and a debt-to-equity ratio of 4.76. The firm has a market cap of $843.42, a PE ratio of -20.02 and a beta of 1.26. istar has a 1 year low of $10.51 and a 1 year high of $12.68.

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

istar announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 14th that authorizes the company to repurchase 50,000,000 outstanding shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

In related news, Director Dale Ann Reiss sold 17,595 shares of the business’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $11.70, for a total value of $205,861.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Istar Inc. acquired 4,549 shares of istar stock in a transaction that occurred on Friday, November 24th. The stock was bought at an average price of $18.62 per share, for a total transaction of $84,702.38. Following the completion of the acquisition, the insider now owns 6,426,225 shares in the company, valued at approximately $119,656,309.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 600,891 shares of company stock worth $10,594,606. 4.41% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its holdings in istar by 1.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 54,243 shares of the real estate investment trust’s stock valued at $653,000 after buying an additional 926 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in istar by 2.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 144,505 shares of the real estate investment trust’s stock valued at $1,740,000 after buying an additional 2,950 shares during the period. Voya Investment Management LLC raised its holdings in istar by 10.6% in the 2nd quarter. Voya Investment Management LLC now owns 34,648 shares of the real estate investment trust’s stock valued at $417,000 after buying an additional 3,315 shares during the period. GSA Capital Partners LLP raised its holdings in istar by 21.9% in the 3rd quarter. GSA Capital Partners LLP now owns 36,154 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 6,498 shares during the period. Finally, Quantbot Technologies LP raised its holdings in istar by 410.1% in the 2nd 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. Hedge funds and other institutional investors own 86.89% of the company’s stock.

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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.

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

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