iStar Inc. to Issue Quarterly Dividend of $0.13 (NYSE:STAR)

iStar Inc. (NYSE:STARGet Rating) declared a quarterly dividend on Friday, May 13th, Zacks reports. Shareholders 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 yield of 2.94%. The ex-dividend date is Tuesday, May 31st.

iStar has increased its dividend by an average of 39.2% per year over the last three years and has raised its dividend annually for the last 3 consecutive 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. 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%.

iStar stock opened at $17.00 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 9.22 and a quick ratio of 9.22. The stock has a fifty day moving average price of $20.94 and a two-hundred day moving average price of $23.31. iStar has a 52-week low of $15.76 and a 52-week high of $27.75. The firm has a market capitalization of $1.41 billion, a P/E ratio of 1.67 and a beta of 0.89.

Institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new stake in shares of iStar in the first quarter valued at about $2,355,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of iStar by 14.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 59,895 shares of the real estate investment trust’s stock worth $1,402,000 after acquiring an additional 7,385 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in shares of iStar by 71.8% in the fourth quarter. Cubist Systematic Strategies LLC now owns 53,734 shares of the real estate investment trust’s stock worth $1,388,000 after acquiring an additional 22,458 shares during the period. Cibc World Market Inc. bought a new stake in iStar during the first quarter valued at $1,237,000. Finally, Squarepoint Ops LLC bought a new stake in iStar during the fourth quarter worth about $957,000. 96.77% of the stock is owned by institutional investors.

Several research analysts have issued reports on STAR shares. TheStreet upgraded iStar from a “d+” rating to a “c-” rating in a research note on Tuesday, May 3rd. Zacks Investment Research upgraded iStar from a “sell” rating to a “hold” rating in a research note on Wednesday, April 6th. Finally, StockNews.com cut 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $33.33.

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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Dividend History for iStar (NYSE:STAR)

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