Zacks Investment Research Lowers iStar (NYSE:STAR) to Hold

iStar (NYSE:STAR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

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, Raymond James boosted their price target on iStar from $19.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 3rd.

Shares of NYSE:STAR opened at $18.35 on Friday. iStar has a fifty-two week low of $11.10 and a fifty-two week high of $18.86. The business has a 50-day moving average of $17.87. The firm has a market capitalization of $1.34 billion, a PE ratio of -30.08 and a beta of 0.71. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 3.13.

iStar (NYSE:STAR) last announced its quarterly earnings results on Thursday, April 29th. The real estate investment trust reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.46. iStar had a negative return on equity of 1.98% and a negative net margin of 4.55%. As a group, equities analysts forecast that iStar will post -0.47 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in STAR. GSA Capital Partners LLP acquired a new position in shares of iStar during the 4th quarter worth about $242,000. SG Americas Securities LLC acquired a new stake in iStar in the 4th quarter valued at about $828,000. Sei Investments Co. lifted its stake in iStar by 5.4% in the 4th quarter. Sei Investments Co. now owns 171,902 shares of the real estate investment trust’s stock valued at $2,552,000 after purchasing an additional 8,878 shares during the last quarter. ProShare Advisors LLC lifted its stake in iStar by 68.2% in the 4th quarter. ProShare Advisors LLC now owns 17,322 shares of the real estate investment trust’s stock valued at $257,000 after purchasing an additional 7,025 shares during the last quarter. Finally, Fiera Capital Corp acquired a new stake in iStar in the 4th quarter valued at about $416,000. Hedge funds and other institutional investors own 96.92% of the company’s stock.

About iStar

iStar Inc (NYSE: STAR) is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on all types of properties. As the founder, investment manager and largest shareholder of Safehold Inc (NYSE: SAFE), the first publicly traded company to focus on modern ground leases, iStar is helping create a logical new approach to the way real estate is owned, and continues to use its historic strengths in finance and net lease to expand this unique platform.

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