Another Dividend Superstar, iStar Financial, reported earnings yesterday. The market was obviously pleased, sending the shares up almost 10%.
What made me happiest was the fact that iStar bumped up its dividend another 5%. I mean, heck, the shares are already yielding more than 12 darn percent!
Is the company a speculative play? Absolutely, especially given the ongoing credit crunch and the moribund mortgage market. However, this latest earnings call made the gamble a little less risky, in my opinion. Reason: Money is still flowing into the company, and those generous dividends are not only secure but growing.
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