istar (STAR) Sees Unusually-High Trading Volume on Insider Buying Activity
istar Inc (NYSE:STAR) shares saw strong trading volume on Tuesday after an insider bought additional shares in the company. 1,631,407 shares changed hands during mid-day trading, an increase of 178% from the previous session’s volume of 586,121 shares.The stock last traded at $9.08 and had previously closed at $8.69.
Specifically, major shareholder Istar Inc. acquired 1,604 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was purchased at an average cost of $20.91 per share, with a total value of $33,539.64. Following the completion of the acquisition, the insider now directly owns 7,764,652 shares in the company, valued at $162,358,873.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders purchased 91,662 shares of company stock valued at $2,126,299. 5.24% of the stock is owned by corporate insiders.
A number of brokerages have commented on STAR. JMP Securities downgraded istar from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 28th. ValuEngine upgraded istar from a “sell” rating to a “hold” rating in a research note on Monday, February 4th.
istar (NYSE:STAR) last issued its earnings results on Thursday, May 2nd. The real estate investment trust reported ($0.26) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.05). istar had a negative net margin of 14.17% and a negative return on equity of 5.87%. The company had revenue of $106.80 million during the quarter, compared to analyst estimates of $125.90 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. The business’s revenue was down 70.7% on a year-over-year basis. On average, research analysts forecast that istar Inc will post -0.7 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th will be paid a $0.10 dividend. This is an increase from istar’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date of this dividend is Tuesday, May 14th. istar’s payout ratio is presently -42.11%.
Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its stake in istar by 444.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,440 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 2,808 shares during the period. Quantamental Technologies LLC acquired a new position in istar in the fourth quarter valued at approximately $61,000. MML Investors Services LLC acquired a new position in istar in the fourth quarter valued at approximately $92,000. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of istar by 4,452.7% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,793 shares of the real estate investment trust’s stock worth $109,000 after buying an additional 12,512 shares during the period. Finally, Everence Capital Management Inc. acquired a new position in shares of istar during the first quarter worth approximately $120,000. Institutional investors own 90.73% of the company’s stock.
About istar (NYSE:STAR)
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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