NEW YORK (TheStreet) -- NorthStar Realty Finance Corp. (NRF) stock is up by 21.34% to $13.01 in early-morning trading on Thursday, after the company said it has formed a special committee to examine a recombination with NorthStar Asset Management Group (NSAM).

The New York City-based real estate company has hired UBSInvestmentBank as its financial adviser regarding the recombination, NorthStar Realty said in a statement on Thursday. In 2014, NorthStar Asset Management spun off from NorthStar Realty. 

Earlier this year, hedge fund Land and Buildings said the asset management company is undervalued and proposed that the companies recombine.

Additionally, NorthStar Realty declared a cash dividend of 40 cents per share on Thursday. The dividend is payable on March 11.

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NorthStar Asset Management stock is up by 5.71% to $11.45 in early-morning trading on Thursday. 

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