Does this seem ok to everyone?
NEW YORK (TheStreet) --Shares of NorthStar Realty Finance (NRF) were gaining 1.95% to $12.05 after-hours Tuesday after the real estate investment trust announced a new share repurchase program.
NorthStar Realty said its board of directors approved a new buyback plan of up to $500 million of outstanding common stock. The authorization will expire within 12 months unless otherwise extended by the board.
The announcement of NorthStar Realty's buyback plan comes after a day of heavy trading for the company. About 10.5 million shares of NorthStar Realty in regular trading hours Tuesday, well above the company's average trading volume of about 6.2 million shares a day.
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Shares of NorthStar Realty had fallen 3.7% to close at $11.83 on Tuesday, and fell about 40% over the last two months. At current prices the $500 buyback plan could buy more than 42 million shares of the company.
Northstar Realty Finance Corp (NRF) is Berson & Corrado Investment Advisors’ Largest Position
Posted by Stephanie Chan on Jan 18th, 2016 // No Comments
Northstar Realty Finance Corp logoBerson & Corrado Investment Advisors raised its stake in shares of Northstar Realty Finance Corp (NYSE:NRF) by 19.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 597,354 shares of the company’s stock after buying an additional 95,834 shares during the period. Northstar Realty Finance Corp makes up approximately 5.4% of Berson & Corrado Investment Advisors’ investment portfolio, making the stock its largest position. Berson & Corrado Investment Advisors’ holdings in Northstar Realty Finance Corp were worth $9,261,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in NRF. Creative Planning raised its position in shares of Northstar Realty Finance Corp by 5.5% in the fourth quarter. Creative Planning now owns 39,788 shares of the company’s stock valued at $678,000 after buying an additional 2,077 shares in the last quarter. Hollencrest Securities raised its stake in Northstar Realty Finance Corp by 69.1% in the fourth quarter. Hollencrest Securities now owns 27,915 shares of the company’s stock valued at $475,000 after buying an additional 11,410 shares during the period. Pensionfund DSM Netherlands purchased a new stake in Northstar Realty Finance Corp during the fourth quarter valued at $511,000. ING Groep raised its stake in Northstar Realty Finance Corp by 56.5% in the third quarter. ING Groep now owns 450,000 shares of the company’s stock valued at $11,106,000 after buying an additional 162,500 shares during the period. Finally, EJF Capital raised its stake in Northstar Realty Finance Corp by 5,770.6% in the third quarter. EJF Capital now owns 2,495,000 shares of the company’s stock valued at $61,627,000 after buying an additional 2,452,500 shares during the period.
Shares of Northstar Realty Finance Corp (NYSE:NRF) opened at 12.20 on Monday. The stock’s 50 day moving average is $16.20 and its 200 day moving average is $24.26. Northstar Realty Finance Corp has a 12 month low of $12.05 and a 12 month high of $39.48.
Northstar Realty Finance Corp (NYSE:NRF) last announced its quarterly earnings results on Monday, November 9th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by $0.79. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The company had revenue of $528.20 million for the quarter, compared to the consensus estimate of $59.51 million. The company’s revenue was up 171.8% compared to the same quarter last year. On average, analysts anticipate that Northstar Realty Finance Corp will post $1.34 earnings per share for the current fiscal year.
NRF has been the topic of several analyst reports. Deutsche Bank reiterated a “buy” rating on shares of Northstar Realty Finance Corp in a report on Wednesday, December 2nd. Keefe, Bruyette & Woods cut their target price on shares of Northstar Realty Finance Corp from $42.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, October 16th. Finally, Zacks Investment Research reiterated a “hold” rating on shares of Northstar Realty Finance Corp in a report on Saturday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Northstar Realty Finance Corp currently has an average rating of “Buy” and an average target price of $37.13.
In related news, CEO Albert Tylis purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 11th. The shares were bought at an average cost of $19.05 per share, with a total value of $952,500.00. Following the acquisition, the chief executive officer now owns 50,000 shares of the company’s stock, valued at approximately $952,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman David T. Hamamoto purchased 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 11th. The shares were bought at an average cost of $19.09 per share, for a total transaction of $1,909,000.00. Following the completion of the acquisition, the chairman now directly owns 290,572 shares in the company, valued at approximately $5,547,019.48. The disclosure for this purchase can be found here.
NorthStar Realty Finance Corp. is a commercial real estate company. The Company invests in multiple asset classes across commercial real estate (NYSE:NRF). Its portfolio consists of healthcare, hotel, manufactured housing communities, net lease, multifamily properties and international real estate, with a focus on Europe. It also invests in other opportunistic real estate investments, such as indirect interests in real estate through real estate private equity funds. The Company also acquires hotel and certain healthcare properties through structures permitted by the real estate investment trust (REIT) investment diversification and empowerment. The Company’s segments include Real Estate, Commercial Real Estate Debt (CRE debt), Commercial Real Estate Securities, N-Star CDOs and Corporate. Its real estate equity investments that operate under the RIDEA structure generate resident and hotel guest related income from short-term