istar Inc (STAR) Stake Lessened by Douglas Lane & Associates LLC
Douglas Lane & Associates LLC lessened its stake in istar Inc (NYSE:STAR) by 7.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 157,833 shares of the real estate investment trust’s stock after selling 13,500 shares during the quarter. Douglas Lane & Associates LLC’s holdings in istar were worth $1,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of STAR. Quantbot Technologies LP increased its holdings in istar by 410.1% in the 2nd quarter. Quantbot Technologies LP now owns 8,550 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 6,874 shares in the last quarter. Schroder Investment Management Group bought a new stake in istar in the 3rd quarter worth about $108,000. BNP Paribas Arbitrage SA increased its holdings in istar by 160.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,937 shares of the real estate investment trust’s stock worth $144,000 after buying an additional 7,356 shares in the last quarter. Stevens Capital Management LP bought a new stake in istar in the 2nd quarter worth about $147,000. Finally, Magnetar Financial LLC bought a new stake in istar in the 3rd quarter worth about $154,000. 87.62% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Dale Ann Reiss sold 17,595 shares of istar stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $11.70, for a total transaction of $205,861.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Istar Inc. acquired 14,948 shares of the stock in a transaction dated Monday, November 13th. The shares were bought at an average cost of $17.81 per share, for a total transaction of $266,223.88. Following the completion of the transaction, the insider now owns 6,339,424 shares in the company, valued at $112,905,141.44. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 566,610 shares of company stock worth $9,984,306. Insiders own 4.41% of the company’s stock.
istar (NYSE:STAR) last posted its quarterly earnings data on Thursday, November 2nd. The real estate investment trust reported ($0.09) earnings per share for the quarter. istar had a net margin of 24.13% and a return on equity of 19.57%.
istar declared that its board has authorized a share buyback plan on Thursday, December 14th that authorizes the company to buyback 50,000,000 outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several research firms recently commented on STAR. ValuEngine upgraded istar from a “hold” rating to a “buy” rating in a report on Friday, December 15th. TheStreet downgraded istar from a “c” rating to a “d” rating in a research note on Friday, November 17th. BidaskClub downgraded istar from a “sell” rating to a “strong sell” rating in a research note on Monday, October 23rd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $14.00 price target on shares of istar in a research note on Thursday, October 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $14.00.
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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