istar Inc (NYSE:STAR) Sees Large Increase in Short Interest
istar Inc (NYSE:STAR) was the recipient of a significant growth in short interest in June. As of June 30th, there was short interest totalling 8,370,000 shares, a growth of 11.6% from the June 15th total of 7,500,000 shares. Based on an average daily volume of 833,600 shares, the days-to-cover ratio is presently 10.0 days. Currently, 11.4% of the company’s stock are sold short.
STAR stock traded down $0.46 during midday trading on Tuesday, hitting $11.51. The stock had a trading volume of 496,215 shares, compared to its average volume of 950,053. istar has a 52 week low of $5.48 and a 52 week high of $17.50. The company has a current ratio of 2.79, a quick ratio of 2.79 and a debt-to-equity ratio of 3.12. The stock has a 50-day simple moving average of $11.94 and a 200 day simple moving average of $12.29. The firm has a market capitalization of $918.70 million, a price-to-earnings ratio of 3.35 and a beta of 0.72.
istar (NYSE:STAR) last announced its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. istar had a net margin of 58.20% and a return on equity of 25.33%. The company had revenue of $173.46 million during the quarter, compared to analysts’ expectations of $101.50 million. On average, equities analysts forecast that istar will post -2.02 EPS for the current year.
STAR has been the subject of a number of analyst reports. ValuEngine raised istar from a “hold” rating to a “buy” rating in a research report on Monday, June 1st. Raymond James reduced their price target on shares of istar from $21.00 to $16.50 and set an “outperform” rating for the company in a report on Monday, April 13th. Finally, Zacks Investment Research upgraded istar from a “sell” rating to a “hold” rating in a research note on Tuesday, March 24th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS Group AG raised its holdings in shares of istar by 1.6% in the 1st quarter. UBS Group AG now owns 6,715,809 shares of the real estate investment trust’s stock worth $71,255,000 after buying an additional 103,727 shares in the last quarter. State Street Corp grew its position in istar by 13.2% in the first quarter. State Street Corp now owns 2,342,109 shares of the real estate investment trust’s stock valued at $24,850,000 after acquiring an additional 272,944 shares during the period. Loomis Sayles & Co. L P acquired a new position in istar during the fourth quarter worth $29,547,000. Alyeska Investment Group L.P. lifted its holdings in shares of istar by 3,168.1% during the first quarter. Alyeska Investment Group L.P. now owns 957,922 shares of the real estate investment trust’s stock valued at $10,164,000 after acquiring an additional 928,611 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of istar by 22.3% in the 1st quarter. Geode Capital Management LLC now owns 954,153 shares of the real estate investment trust’s stock valued at $10,123,000 after purchasing an additional 173,848 shares in the last quarter. 94.10% of the stock is currently owned by institutional investors.
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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