iStar Inc. (NYSE:STAR) Plans $0.13 Quarterly Dividend

iStar Inc. (NYSE:STAR – Get Rating) declared a quarterly dividend on Friday, May 13th, Zacks reports. Investors of record on Wednesday, June 1st will be paid a dividend of 0.125 per share by the real estate investment trust on Wednesday, June 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Tuesday, May 31st.

iStar has raised its dividend by an average of 39.2% per year over the last three years and has raised its dividend every year for the last 3 years. iStar has a payout ratio of -833.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect iStar to earn ($0.59) 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 -84.7%.

Shares of NYSE:STAR opened at $17.00 on Friday. The company’s 50-day moving average is $20.94 and its 200 day moving average is $23.31. The company has a debt-to-equity ratio of 1.17, a quick ratio of 9.22 and a current ratio of 9.22. The company has a market capitalization of $1.41 billion, a P/E ratio of 1.67 and a beta of 0.89. iStar has a fifty-two week low of $15.76 and a fifty-two week high of $27.75.

STAR has been the topic of several recent research reports. TheStreet raised shares of iStar from a “d+” rating to a “c-” rating in a report on Tuesday, May 3rd. Zacks Investment Research raised shares of iStar from a “sell” rating to a “hold” rating in a report on Wednesday, April 6th. Finally, StockNews.com downgraded shares of iStar from a “hold” rating to a “sell” rating in a report on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $33.33.

A number of institutional investors have recently made changes to their positions in STAR. Norges Bank purchased a new position in iStar during the fourth quarter valued at $16,811,000. Morgan Stanley increased its holdings in shares of iStar by 64.0% during the second quarter. Morgan Stanley now owns 586,826 shares of the real estate investment trust’s stock valued at $12,165,000 after acquiring an additional 229,042 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of iStar during the first quarter valued at $2,355,000. Sei Investments Co. increased its holdings in shares of iStar by 49.2% during the first quarter. Sei Investments Co. now owns 230,646 shares of the real estate investment trust’s stock valued at $5,399,000 after acquiring an additional 76,039 shares in the last quarter. Finally, Cibc World Market Inc. bought a new position in shares of iStar during the first quarter valued at $1,237,000. 96.77% of the stock is owned by institutional investors and hedge funds.

About iStar (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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