Something big could be on the horizon for NorthStar Asset Management Group Inc (NYSE:NSAM), as the company feels as though their share price is not indicative of the company’s overall performance. Because of this, they have announced that they have hired Goldman, Sachs & Co. to help assist them in “exploring possible strategic alternatives to maximize shareholder value”.
NorthStar Asset Management Group Inc (NYSE:NSAM) has not said exactly what this will involve, but certainly many investors are thinking about a potential acquision/merger type deal. Shares of the stock jumped big today upon the release of this news.
“We believe our current share price undervalues the Company,” explained NorthStart (NYSE:NSAM) Executive Chairman, David T. Hamamoto. “Our Board of Directors and management have always been committed to acting in the best interests of our shareholders and we are aggressively seeking ways to maximize shareholder value.”
The stock is up 11.85% or $1.24 following the news, hitting $11.7 per share. About 150,408 shares traded hands. NSAM has declined 49.59% since June 5, 2015 and is downtrending. It has underperformed the S&P500 by 43.73%.
From a total of 3 analysts covering NorthStar Asset Mgmt (NYSE:NSAM) stock, 3 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $26.0 while the lowest target price is $23. The mean of all analyst targets is $24.67 which is 110.85% above today’s ($11.7) stock price. NorthStar Asset Mgmt was the topic of 5 analyst reports since August 7, 2015 according to the firm StockzIntelligence Inc. FBR Capital maintained shares on October 16 with a “Outperform” rating.
The institutional sentiment decreased to 0.97 in Q2 2015. It’s down 0.18, from 1.15 in 2015Q2. The ratio turned negative, as 48 funds sold all their NorthStar Asset Management Group Inc shares they owned while 69 reduced their positions. 33 funds bought stakes while 80 increased their total positions. Institutions now own 148.86 million shares which is 2.88% less than the previous share count of 153.28 million in 2015Q2.
Msd Capital L P holds 12.46% of its total portfolio in NorthStar Asset Management Group Inc, equating to 6.51 million shares. Orange Capital Llc owns 5.75 million shares representing 6.4% of their total US portfolio. Moreover, Msd Partners L.P. has 6.03% of their total portfolio invested in the company, equating to 12.77 million shares. The New York-based Seven Locks Capital Management Lp has a total of 5.9% of their portfolio invested in the stock. Pyrrho Capital Management Lp, a New York-based fund reported 409,096 shares owned.
Northstar Asset Management Group Inc. is an asset management company. The company has a market cap of $2.27 billion. The Firm is focused on managing real estate and other investment platforms in the United States and internationally. It has 17.91 P/E ratio. The Firm owns NorthStar Realty Securities, LLC , which is a captive broker-dealer platform and raises capital in the retail market for its sponsored companies.