Zacks Investment Research upgraded shares of Safehold (NYSE:SAFE) from a strong sell rating to a strong-buy rating in a report published on Friday, Zacks.com reports. The brokerage currently has $38.00 price target on the stock.
According to Zacks, “Safety, Income and Growth, Inc. acquires, owns, manages, finances and capitalizes ground net leases. Safety, Income and Growth, Inc. is based in New York, United States. “
A number of other research analysts also recently weighed in on SAFE. ValuEngine downgraded Safehold from a buy rating to a hold rating in a research note on Thursday. Barclays downgraded Safehold from an overweight rating to an underweight rating and increased their price target for the company from $23.00 to $25.00 in a research note on Tuesday. They noted that the move was a valuation call.
Shares of SAFE stock remained flat at $$33.52 during trading hours on Friday. The stock had a trading volume of 68,583 shares, compared to its average volume of 76,280. The business’s fifty day moving average is $31.27. The company has a market capitalization of $602.24 million, a price-to-earnings ratio of 52.38 and a beta of 0.26. Safehold has a one year low of $16.13 and a one year high of $34.14.
Safehold (NYSE:SAFE) last posted its quarterly earnings results on Friday, July 26th. The company reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.12). The company had revenue of $19.68 million during the quarter, compared to analyst estimates of $19.77 million. Safehold had a net margin of 32.29% and a return on equity of 4.57%. On average, analysts anticipate that Safehold will post 1.14 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $0.156 per share. This represents a $0.62 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend was Thursday, June 27th. This is an increase from Safehold’s previous quarterly dividend of $0.15. Safehold’s dividend payout ratio (DPR) is presently 96.88%.
In other Safehold news, major shareholder Istar Inc. acquired 5,490 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average price of $27.23 per share, with a total value of $149,492.70. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have purchased a total of 304,278 shares of company stock worth $9,129,409 in the last ninety days. 1.47% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of SAFE. BNP Paribas Arbitrage SA acquired a new stake in Safehold during the 2nd quarter worth $36,000. Nisa Investment Advisors LLC raised its stake in Safehold by 83.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,561 shares of the company’s stock worth $47,000 after buying an additional 711 shares during the period. Barclays PLC raised its stake in Safehold by 46.3% during the 4th quarter. Barclays PLC now owns 5,193 shares of the company’s stock worth $97,000 after buying an additional 1,643 shares during the period. Optimum Investment Advisors acquired a new stake in Safehold during the 2nd quarter worth $103,000. Finally, Bessemer Group Inc. acquired a new stake in Safehold during the 2nd quarter worth $184,000. 33.22% of the stock is currently owned by institutional investors and hedge funds.
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. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk.
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