SeaCrest Wealth Management LLC Invests $144,000 in istar Inc (STAR)
SeaCrest Wealth Management LLC bought a new position in shares of istar Inc (NYSE:STAR) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 12,710 shares of the real estate investment trust’s stock, valued at approximately $144,000.
Other large investors have also recently modified their holdings of the company. TIAA CREF Investment Management LLC raised its position in istar by 15.6% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 225,944 shares of the real estate investment trust’s stock valued at $2,720,000 after buying an additional 30,434 shares during the last quarter. Private Management Group Inc. raised its position in istar by 332.3% in the 3rd quarter. Private Management Group Inc. now owns 529,556 shares of the real estate investment trust’s stock valued at $6,249,000 after buying an additional 407,069 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in istar in the 3rd quarter valued at $1,281,000. Sterling Capital Management LLC raised its position in istar by 8.8% in the 3rd quarter. Sterling Capital Management LLC now owns 208,155 shares of the real estate investment trust’s stock valued at $2,456,000 after buying an additional 16,855 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in istar by 97.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 103,778 shares of the real estate investment trust’s stock valued at $1,225,000 after buying an additional 51,309 shares during the last quarter. 86.80% of the stock is currently owned by institutional investors.
STAR has been the subject of a number of analyst reports. BidaskClub lowered istar from a “sell” rating to a “strong sell” rating in a research report on Monday, October 23rd. TheStreet lowered istar from a “c” rating to a “d” rating in a research report on Friday, November 17th. Finally, ValuEngine raised istar from a “hold” rating to a “buy” rating in a research report on Friday, December 15th. One analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. istar currently has an average rating of “Hold” and an average price target of $14.00.
istar declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 14th that allows the company to repurchase 50,000,000 shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other istar news, Director Dale Ann Reiss sold 17,595 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $11.70, for a total value of $205,861.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Istar Inc. acquired 10,340 shares of istar stock in a transaction on Monday, January 29th. The stock was acquired at an average price of $17.74 per share, with a total value of $183,431.60. Following the purchase, the insider now directly owns 7,257,810 shares in the company, valued at $128,753,549.40. The disclosure for this purchase can be found here. Insiders acquired a total of 547,496 shares of company stock valued at $9,816,484 in the last 90 days. Corporate insiders own 4.41% of the company’s stock.
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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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