istar (NYSE:STAR) issued its quarterly earnings data on Monday, February 26th. The real estate investment trust reported $0.32 EPS for the quarter, beating the consensus estimate of $0.30 by $0.02, Morningstar.com reports. The company had revenue of $103.14 million during the quarter, compared to analysts’ expectations of $174.70 million. istar had a net margin of 25.67% and a return on equity of 23.62%. istar’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.04 earnings per share.
istar (NYSE:STAR) traded down $0.19 during mid-day trading on Tuesday, reaching $9.99. 647,518 shares of the company’s stock were exchanged, compared to its average volume of 568,484. The company has a current ratio of 8.28, a quick ratio of 8.28 and a debt-to-equity ratio of 3.91. istar has a fifty-two week low of $9.75 and a fifty-two week high of $12.68. The stock has a market cap of $684.85, a PE ratio of 9.00 and a beta of 1.01.
istar declared that its board has approved a share buyback program on Thursday, December 14th that authorizes the company to repurchase 50,000,000 shares. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the company. Glenmede Trust Co. NA bought a new stake in shares of istar in the 4th quarter worth approximately $102,000. Schroder Investment Management Group bought a new stake in shares of istar in the 3rd quarter worth approximately $108,000. Koch Industries Inc. bought a new stake in shares of istar in the 4th quarter worth approximately $137,000. SeaCrest Wealth Management LLC bought a new stake in shares of istar in the 4th quarter worth approximately $144,000. Finally, Magnetar Financial LLC bought a new stake in shares of istar in the 3rd quarter worth approximately $154,000. Hedge funds and other institutional investors own 88.46% of the company’s stock.
Separately, ValuEngine raised shares of istar from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company. The company presently has an average rating of “Hold” and an average target price of $14.00.
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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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