State Board of Administration of Florida Retirement System Has $1,400,000 Position in iStar Financial Inc. (STAR)
State Board of Administration of Florida Retirement System continued to hold its stake in shares of iStar Financial Inc. (NYSE:STAR) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 116,310 shares of the real estate investment trust’s stock at the close of the 2nd quarter. State Board of Administration of Florida Retirement System owned 0.16% of iStar Financial worth $1,400,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the company. Bank of Montreal Can acquired a new position in iStar Financial during the 1st quarter worth about $614,000. Russell Investments Group Ltd. raised its holdings in iStar Financial by 95.1% during the 1st quarter. Russell Investments Group Ltd. now owns 47,089 shares of the real estate investment trust’s stock worth $556,000 after purchasing an additional 22,951 shares during the last quarter. First Trust Advisors LP raised its holdings in iStar Financial by 137.7% during the 1st quarter. First Trust Advisors LP now owns 144,413 shares of the real estate investment trust’s stock worth $1,704,000 after purchasing an additional 83,648 shares during the last quarter. Karp Capital Management Corp bought a new stake in iStar Financial during the 1st quarter worth about $493,000. Finally, Sei Investments Co. raised its holdings in iStar Financial by 43.9% during the 1st quarter. Sei Investments Co. now owns 9,017 shares of the real estate investment trust’s stock worth $107,000 after purchasing an additional 2,749 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.
Shares of iStar Financial Inc. (NYSE:STAR) opened at 11.27 on Friday. iStar Financial Inc. has a 1-year low of $10.45 and a 1-year high of $12.83. The company’s 50-day moving average price is $11.69 and its 200-day moving average price is $11.95. The company has a market capitalization of $813.58 million, a PE ratio of 6.14 and a beta of 1.29.
iStar Financial (NYSE:STAR) last issued its earnings results on Thursday, August 3rd. The real estate investment trust reported $2.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.87 by ($0.63). The business had revenue of $347.87 million during the quarter. iStar Financial had a return on equity of 22.21% and a net margin of 32.82%. On average, equities analysts expect that iStar Financial Inc. will post $3.09 earnings per share for the current fiscal year.
In other news, major shareholder Istar Inc. acquired 7,840 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was purchased at an average price of $19.48 per share, for a total transaction of $152,723.20. Following the completion of the acquisition, the insider now directly owns 5,044,600 shares in the company, valued at approximately $98,268,808. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders acquired 738,702 shares of company stock valued at $14,048,614. 4.41% of the stock is currently owned by corporate insiders.
STAR has been the subject of several recent research reports. Keefe, Bruyette & Woods reissued a “hold” rating on shares of iStar Financial in a report on Friday, July 21st. ValuEngine raised iStar Financial from a “hold” rating to a “buy” rating in a report on Friday, June 23rd. BidaskClub cut iStar Financial from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Finally, TheStreet raised iStar Financial from a “d+” rating to a “c” rating in a report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. iStar Financial has an average rating of “Hold” and an average target price of $14.00.
About iStar Financial
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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