iStar Inc. (STAR) to Issue Quarterly Dividend of $0.13 on June 15th

iStar Inc. (NYSE:STAR – Get Rating) declared a quarterly dividend on Friday, May 13th, Zacks reports. Stockholders of record on Wednesday, June 1st will be given a dividend of 0.125 per share by the real estate investment trust on Wednesday, June 15th. This represents a $0.50 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Tuesday, May 31st.

iStar has raised its dividend payment by an average of 39.2% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. iStar has a dividend payout ratio of -833.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect iStar to earn ($1.15) per share next year, which means the company may not be able to cover its $0.50 annual dividend with an expected future payout ratio of -43.5%.

iStar stock opened at $17.50 on Friday. The stock has a market cap of $1.45 billion, a P/E ratio of 1.72 and a beta of 0.89. The company has a current ratio of 9.22, a quick ratio of 9.22 and a debt-to-equity ratio of 1.17. The stock has a 50 day moving average of $19.43 and a 200-day moving average of $22.62. iStar has a 52 week low of $15.10 and a 52 week high of $27.75.

A number of hedge funds have recently bought and sold shares of the business. Point72 Hong Kong Ltd bought a new stake in iStar in the first quarter valued at $145,000. State Street Corp lifted its stake in iStar by 5.1% in the first quarter. State Street Corp now owns 2,625,628 shares of the real estate investment trust’s stock valued at $61,466,000 after buying an additional 127,326 shares during the last quarter. Engineers Gate Manager LP bought a new stake in iStar in the first quarter valued at $672,000. Atria Wealth Solutions Inc. bought a new stake in iStar in the first quarter valued at $1,579,000. Finally, Renaissance Technologies LLC bought a new stake in iStar in the first quarter valued at $2,355,000. Institutional investors own 96.77% of the company’s stock.

STAR has been the subject of several research analyst reports. Raymond James reduced their target price on iStar from $33.00 to $21.00 in a research note on Tuesday, May 24th. TheStreet upgraded iStar from a “d+” rating to a “c-” rating in a research note on Tuesday, May 3rd. StockNews.com cut iStar from a “hold” rating to a “sell” rating in a research note on Tuesday, May 17th. Finally, Zacks Investment Research upgraded iStar from a “sell” rating to a “hold” rating in a research note on Wednesday, April 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $29.33.

iStar Company Profile (Get Rating)

iStar Inc (NYSE: STAR) is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on all types of properties. As the founder, investment manager and largest shareholder of Safehold Inc (NYSE: SAFE), the first publicly traded company to focus on modern ground leases, iStar is helping create a logical new approach to the way real estate is owned, and continues to use its historic strengths in finance and net lease to expand this unique platform.

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