Wedbush Has Bearish Forecast for Safehold FY2024 Earnings

Safehold Inc. (NYSE:SAFE) – Wedbush decreased their FY2024 EPS estimates for Safehold in a report issued on Monday, November 4th. Wedbush analyst R. Anderson now anticipates that the company will post earnings per share of $1.55 for the year, down from their prior forecast of $1.56. Wedbush has a “Neutral” rating and a $23.00 price objective on the stock. The consensus estimate for Safehold’s current full-year earnings is $1.57 per share. Wedbush also issued estimates for Safehold’s Q4 2024 earnings at $0.34 EPS, Q3 2025 earnings at $0.39 EPS, Q4 2025 earnings at $0.39 EPS and FY2025 earnings at $1.61 EPS.

A number of other research firms have also recently weighed in on SAFE. Raymond James raised shares of Safehold from a “market perform” rating to an “outperform” rating and set a $34.00 price objective for the company in a research report on Thursday, September 19th. Mizuho boosted their target price on shares of Safehold from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. The Goldman Sachs Group cut their target price on Safehold from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Truist Financial lifted their target price on Safehold from $21.00 to $22.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Finally, JMP Securities restated a “market outperform” rating and issued a $35.00 target price on shares of Safehold in a report on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.22.

Safehold Price Performance

SAFE stock opened at $20.56 on Thursday. The firm has a market cap of $1.47 billion, a P/E ratio of 12.09 and a beta of 1.68. The company has a debt-to-equity ratio of 1.85, a quick ratio of 37.83 and a current ratio of 37.83. Safehold has a 1 year low of $16.27 and a 1 year high of $28.80. The stock has a 50-day simple moving average of $24.62 and a 200-day simple moving average of $22.02.

Safehold (NYSE:SAFE) last released its quarterly earnings data on Monday, October 28th. The company reported $0.37 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.37. Safehold had a net margin of 32.08% and a return on equity of 4.79%. The company had revenue of $90.70 million during the quarter, compared to the consensus estimate of $89.45 million. During the same period in the previous year, the firm earned $0.33 earnings per share. Safehold’s revenue for the quarter was up 6.0% on a year-over-year basis.

Institutional Investors Weigh In On Safehold

A number of large investors have recently modified their holdings of SAFE. Mirae Asset Global Investments Co. Ltd. increased its stake in Safehold by 35.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,802 shares of the company’s stock valued at $47,000 after purchasing an additional 471 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Safehold by 7.5% during the 1st quarter. ProShare Advisors LLC now owns 9,728 shares of the company’s stock worth $200,000 after acquiring an additional 676 shares during the period. GAMMA Investing LLC lifted its stake in shares of Safehold by 108.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock valued at $46,000 after buying an additional 920 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Safehold by 7.0% during the first quarter. Daiwa Securities Group Inc. now owns 14,463 shares of the company’s stock worth $298,000 after acquiring an additional 949 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its stake in Safehold by 4.7% in the 1st quarter. Illinois Municipal Retirement Fund now owns 25,658 shares of the company’s stock worth $529,000 after purchasing an additional 1,156 shares during the period. Institutional investors and hedge funds own 70.38% of the company’s stock.

Safehold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.177 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.71 dividend on an annualized basis and a dividend yield of 3.44%. Safehold’s payout ratio is presently 41.76%.

Safehold Company Profile

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.