istar (NYSE:STAR) Cut to Hold at ValuEngine

istar (NYSE:STAR) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Friday, February 2nd.

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

Shares of istar (NYSE STAR) opened at $10.42 on Friday. The company has a market capitalization of $703.14, a P/E ratio of 11.45 and a beta of 1.02. istar has a 52-week low of $9.75 and a 52-week high of $12.68. 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 announced that its board has approved a stock buyback program 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 reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

In other news, Director Dale Ann Reiss sold 17,595 shares of the company’s 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 this hyperlink. Also, major shareholder Istar Inc. bought 25,000 shares of istar stock in a transaction dated Thursday, December 28th. The shares were acquired at an average cost of $17.87 per share, with a total value of $446,750.00. Following the completion of the purchase, the insider now owns 6,806,956 shares in the company, valued at $121,640,303.72. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 538,336 shares of company stock worth $9,649,589. Insiders own 4.41% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Quantbot Technologies LP raised its stake in shares of istar by 410.1% during the 2nd quarter. Quantbot Technologies LP now owns 8,550 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 6,874 shares during the period. Glenmede Trust Co. NA acquired a new position in shares of istar during the 4th quarter worth approximately $102,000. Schroder Investment Management Group acquired a new position in shares of istar during the 3rd quarter worth approximately $108,000. Koch Industries Inc. acquired a new position in shares of istar during the 4th quarter worth approximately $137,000. Finally, SeaCrest Wealth Management LLC acquired a new position in shares of istar during the 4th quarter worth approximately $144,000. 86.80% of the stock is owned by institutional investors and hedge funds.

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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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