The Vanguard Group, Inc. recently announced the acquisition of new stake in iStar Inc. (NYSE:STAR). The institutional investor has increased its shareholding in the Real Estate company by 3.04% to 13.52 million shares with purchase of 0.4 million shares. This fresh investment now brings its stake to 15.59% valued currently at $104.1 million. In addition, BlackRock Fund Advisors raised its holdings by 1.44 million to 13.01 million shares. And SSgA Funds Management, Inc. has lifted its position by 11.38% or 0.33 million shares – to 3.27 million shares.
With over 2.73 million iStar Inc. (STAR) shares trading Monday and a closing price of $6.74 on the day, the dollar volume was approximately $18.39 million. The shares have shown a negative half year performance of -37.62% and its price on 03/13/23 lost nearly -2.32%. Currently, there are 86.77M common shares owned by the public and among those 83.13M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for STAR have a consensus price objective of $9.00. The analysts have set the share’s price value over the next 12 months at a high of $9.00 and a low of $9.00. The average price target is 69.36% above its recent price level and an upside to the estimated low will see the stock gain 25.11% over that period. But an upside of 25.11% will see the stock hit the forecast high price target while median target price for the stock is $9.00.
Insiders at the company have transacted a total of 23 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 927,695 shares. Insider sales of the common stock occurred on 7 occasions, with total insider shares sold totaling 645,143 shares.
The top 3 mutual fund holders in iStar Inc. are iShares Core S&P Small Cap ETF, Vanguard Real Estate Index Fund, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 6.6 million shares of the company’s stock, all valued at over $50.79 million. The company bought an additional 16016.0 shares recently to bring their total holdings to about 7.61% of the shares outstanding. Vanguard Real Estate Index Fund sold 8878.0 shares to see its total holdings shrink to 3.81 million shares valued at over $29.32 million and representing 4.39% of the shares outstanding. Vanguard Total Stock Market Index bought 56604.0 shares to bring its total holdings to over 2.52 million shares at a value of $19.37 million. Vanguard Total Stock Market Index now owns shares totaling to 2.90% of the shares outstanding.
Shares of iStar Inc. (NYSE: STAR) opened at $6.74, down -$0.16 from a prior closing price of $6.90. However, the script later moved the day high at 6.86, down -2.32%. The company’s stock has a 5-day price change of -7.80% and -8.67% over the past three months. STAR shares are trading -11.66% year to date (YTD), with the 12-month market performance down to -64.93% lower. It has a 12-month low price of $6.44 and touched a high of $19.38 over the same period. STAR has an average intraday trading volume of 920.52K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -14.38%, -19.12%, and -29.21% respectively.
Institutional ownership of iStar Inc. (NYSE: STAR) shares accounts for 85.90% of the company’s 86.77M shares outstanding. Mutual fund holders own 45.35%, while other institutional holders and individual stakeholders account for 8.13% and 41.90% respectively.
It has a market capitalization of $726.37M and a beta (3y monthly) value of 1.35. The earnings-per-share (ttm) stands at -$2.67. The company has a debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.70% over the week and 4.06% over the month.
Analysts forecast that iStar Inc. (STAR) will achieve an EPS of -$0.05 for the current quarter, -$0.05 for the next quarter and $0.25 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.06 while analysts give the company a high EPS estimate of -$0.04. Comparatively, EPS for the current quarter was $1.32 a year ago. Earnings per share for the fiscal year are expected to decrease by -96.60%, and 280.95% over the next financial year. EPS should grow at an annualized rate of 0.00% over the next five years, compared to -62.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate iStar Inc. (STAR) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 2 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
B. Riley Securities coverage for the iStar Inc. (STAR) stock in a research note released on June 23, 2021 offered a Buy rating with a price target of $35. JMP Securities on their part issued Mkt Outperform rating on December 31, 2018.
