Schwab Charles Investment Management Inc. cut its holdings in shares of istar Inc (NYSE:STAR) by 60.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 321,654 shares of the real estate investment trust’s stock after selling 497,139 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.47% of istar worth $3,635,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of istar during the 3rd quarter valued at about $1,281,000. Russell Investments Group Ltd. grew its position in shares of istar by 97.8% during 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 acquiring an additional 51,309 shares during the period. Sterling Capital Management LLC grew its position in shares of istar by 8.8% during 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 acquiring an additional 16,855 shares during the period. State Street Corp grew its position in shares of istar by 4.2% during the 2nd quarter. State Street Corp now owns 1,522,171 shares of the real estate investment trust’s stock valued at $18,321,000 after acquiring an additional 61,836 shares during the period. Finally, GSA Capital Partners LLP grew its position in shares of istar by 21.9% during the 3rd quarter. GSA Capital Partners LLP now owns 36,154 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 6,498 shares during the period. Hedge funds and other institutional investors own 88.93% of the company’s stock.
Shares of istar stock opened at $10.14 on Monday. The company has a quick ratio of 8.28, a current ratio of 8.28 and a debt-to-equity ratio of 3.91. istar Inc has a twelve month low of $9.75 and a twelve month high of $12.68. The stock has a market capitalization of $684.86, a PE ratio of 9.14 and a beta of 1.01.
istar declared that its board has authorized a share buyback program on Thursday, December 14th that allows the company to repurchase 50,000,000 outstanding shares. This repurchase authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, major shareholder Istar Inc. acquired 25,000 shares of the stock in a transaction that occurred on Thursday, December 28th. The shares were bought at an average cost of $17.87 per share, for a total transaction of $446,750.00. Following the acquisition, the insider now owns 6,806,956 shares in the company, valued at approximately $121,640,303.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders purchased 366,453 shares of company stock worth $6,541,558. 4.41% of the stock is currently owned by insiders.
Separately, ValuEngine cut istar from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $14.00.
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istar Company Profile
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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