Northstar Realty Finance Corp (NYSE:NRF) stock going south

Posted by Steve Raasch August 7, 2013 0 Comment 714 views


On Tuesday, Northstar Realty Finance Corp (NYSE:NRF) announced that it has now priced an underwritten PO of 35M common stock shares at a price of $9.60/share. NRF has given the underwriters a 30-days option to buy upto 5.25M additional common stock shares. The expected close date of this offering is 9Aug 2013.

Deutsche Bank Securities, J.P. Morgan and UBS Investment Bank are the joint book-running managers of this offering and JMP Securities and FBR are co-managing the offering.

The Preferred stock

NRF’s 8.500 percent Series-D Cumulative Redeemable Preferred Stock will be trading ex-dividend, for its $0.5312 quarterly dividend which is payable on 15 July 2013. As a % of Northstar Realty Finance Corp (NYSE:NRF)’s recent share-price of $25.03, the dividend works out to around 2.12%. This means you can look for these shares to trade 2.12 percent lower (all else being equal) when the shares open for trading on 8 July 2013. On an annual basis, the current-yield is around 8.50% in comparison to the average yield of 6.8 percent in the “Real Estate” preferred-stock category.

In Tuesday’s trading session, NRF dipped by 3.24%. The shares had an opening price of $9.50 which touched an intraday high of $9.65 and closed at $9.57. Around 30.74 million shares were traded in the Tuesday session while the average volume of shares traded over 30 days was 2.55M.

The company

Northstar Realty Finance Corp (NYSE:NRF) is an internally managed real-estate finance company. It is involved in originating, acquiring and managing portfolios of commercial real-estate debt, commercial real-estate securities as well as net lease-properties. In addition to this, NRF is involved in asset-management and other real-estate and real-estate finance related activities.

It is focused on expanding its asset-management business. It does so by increasing and managing capital on a fee-basis from various alternate sources like the non-listed real-estate investment trust sector.


About Steve Raasch

Steve Raasch is a breaking news reporter for GDP insider. During his nearly two decades of editorial experience, Steve has covered a variety of topics including small business, health, personal finance, advertising, workplace issues and consumer behavior. Steve is very passionate about his work. Steve earned a master of arts degree in international relations from the Johns Hopkins University School of Advanced International Studies in Washington.

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