Safehold (NYSE:SAFE) Sets New 1-Year Low on Analyst Downgrade

Safehold Inc. (NYSE:SAFE) shares hit a new 52-week low during mid-day trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $29.00 to $24.00. The Goldman Sachs Group currently has a buy rating on the stock. Safehold traded as low as $16.87 and last traded at $16.97, with a volume of 667060 shares trading hands. The stock had previously closed at $18.01.

A number of other brokerages have also recently issued reports on SAFE. JMP Securities reissued a “market outperform” rating and set a $35.00 target price on shares of Safehold in a report on Tuesday, October 29th. Raymond James upgraded Safehold from a “market perform” rating to an “outperform” rating and set a $34.00 price target for the company in a research report on Thursday, September 19th. Mizuho increased their price objective on Safehold from $20.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Royal Bank of Canada lifted their target price on Safehold from $30.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Wedbush reiterated a “neutral” rating and set a $23.00 price target (down from $25.00) on shares of Safehold in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Safehold presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.88.

Institutional Investors Weigh In On Safehold

A number of hedge funds have recently made changes to their positions in the business. Long Pond Capital LP grew its holdings in shares of Safehold by 14.9% during the 2nd quarter. Long Pond Capital LP now owns 2,662,579 shares of the company’s stock valued at $51,361,000 after purchasing an additional 345,661 shares during the last quarter. State Street Corp grew its stake in shares of Safehold by 2.0% during the third quarter. State Street Corp now owns 2,618,033 shares of the company’s stock valued at $69,131,000 after buying an additional 51,035 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Safehold by 3.1% in the third quarter. Geode Capital Management LLC now owns 1,247,740 shares of the company’s stock worth $32,734,000 after buying an additional 38,074 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Safehold by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 687,718 shares of the company’s stock valued at $18,039,000 after acquiring an additional 39,320 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Safehold by 3.2% during the 2nd quarter. Sei Investments Co. now owns 670,065 shares of the company’s stock valued at $12,926,000 after acquiring an additional 20,483 shares during the period. 70.38% of the stock is currently owned by institutional investors.

Safehold Trading Down 5.8 %

The company has a debt-to-equity ratio of 1.85, a quick ratio of 37.83 and a current ratio of 37.83. The firm has a 50-day moving average of $20.21 and a 200-day moving average of $22.33. The firm has a market capitalization of $1.21 billion, a P/E ratio of 9.98 and a beta of 1.67.

Safehold (NYSE:SAFE) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.37 EPS for the quarter, meeting analysts’ consensus estimates of $0.37. The company had revenue of $90.70 million during the quarter, compared to analyst estimates of $89.45 million. Safehold had a net margin of 32.08% and a return on equity of 4.79%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.33 EPS. On average, equities research analysts anticipate that Safehold Inc. will post 1.56 EPS for the current fiscal year.

Safehold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.177 per share. The ex-dividend date is Monday, December 30th. This represents a $0.71 dividend on an annualized basis and a dividend yield of 4.17%. Safehold’s dividend payout ratio is currently 41.18%.

About Safehold

Safehold Inc (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk.