UPDATE: MLV & Co Reiterates On Northstar Realty Finance Following 2Q14 Dividend

In a report published Thursday, MLV & Co analyst Richard Eckert reiterated a Buy rating on

, but lowered the price target from $24.00 to $22.25. In the report, MLV & Co noted, “NRF declared a dividend of 50 cents for the second quarter of 2014. This was the last quarter in which the financial results of its manager, NorthStar Asset Management

, were included with those of NRF. NRF completed the spin-off of NSAM as of July 1, 2014. In the press release announcing the dividend, the company also disclosed its expectation that it would pay a quarterly dividend of 40 cents in each of the next two quarters, those ending September 30 and December 31, 2014, its first two as a standalone entity. The prospective 40-cent dividend represents an annual yield of 9.2% at today's closing price, well above that of its peers.” Northstar Realty Finance closed on Wednesday at $17.38.