Market Overview

UPDATE: JMP Securities Raises PT on NorthStar Realty Finance Corp. on Multiple Positive Factors

Related NRF
Is It Finally Time to Buy Retail ETFs? - ETF News And Commentary
Market Wrap For March 17: Investors Focused On Economic Data Instead Of Crimea Concerns

In a report published Tuesday, JMP Securities analyst Steven C. DeLaney reiterated a Market Outperform rating on NorthStar Realty Finance Corp. (NYSE: NRF), and raised the price target from $9.50 to $11.00.

In the report, JMP Securities noted, “We reiterate our Market Outperform rating and raise our price target on NorthStar Realty shares to $11.00 from $9.50. After two client events with NorthStar management since the company's 2Q13 earnings call in early August, including a presentation by NRF at the JMP Securities Financial Services and Real Estate Conference in New York on October 1, we reiterate our Market Outperform rating on this internally managed, well-diversified commercial mortgage REIT. Among other recent highlights, NorthStar has announced a second investment in real estate private equity funds amounting to $357M of committed capital at an expected 20% return on equity; completed the full $1.1B of capital registered for its first non-traded REIT; announced a 2Q13 dividend of $0.20 per share, representing its eighth consecutive quarterly dividend increase; and completed a follow-on equity offering of 40.3M shares at $9.60 per share, providing net proceeds of $376.1M.”

NorthStar Realty Finance Corp. closed on Monday at $9.46.

Posted-In: JMP Securities Steven C. DeLaneyAnalyst Color Price Target Analyst Ratings


Most Popular

Related Articles (NRF)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free