Wedbush Comments on Safehold’s FY2024 Earnings (NYSE:SAFE)

Safehold Inc. (NYSE:SAFE) – Investment analysts at Wedbush dropped their FY2024 earnings per share estimates for shares of Safehold in a research report issued to clients and investors 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 previous forecast of $1.56. Wedbush currently has a “Neutral” rating and a $23.00 target price 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.

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

Several other analysts also recently commented on the company. The Goldman Sachs Group dropped their price objective on Safehold from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Truist Financial raised their price objective on Safehold from $21.00 to $22.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Royal Bank of Canada raised their price objective on Safehold from $30.00 to $31.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Raymond James raised Safehold from a “market perform” rating to an “outperform” rating and set a $34.00 price target on the stock in a research note on Thursday, September 19th. Finally, JMP Securities reissued a “market outperform” rating and issued a $35.00 price target on shares of Safehold in a research note on Tuesday, October 29th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.22.

Safehold Stock Performance

Shares of Safehold stock opened at $21.20 on Thursday. The company has a market capitalization of $1.51 billion, a PE ratio of 12.47 and a beta of 1.68. Safehold has a 12 month low of $16.27 and a 12 month high of $28.80. The company has a current ratio of 37.83, a quick ratio of 37.83 and a debt-to-equity ratio of 1.85. The stock’s fifty day simple moving average is $24.54 and its 200 day simple moving average is $22.03.

Institutional Trading of Safehold

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in shares of Safehold by 108.7% in the third quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock valued at $46,000 after acquiring an additional 920 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of 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 acquiring an additional 471 shares during the last quarter. KBC Group NV increased its position in shares of Safehold by 79.3% in the third quarter. KBC Group NV now owns 2,883 shares of the company’s stock valued at $76,000 after acquiring an additional 1,275 shares during the last quarter. First Trust Direct Indexing L.P. acquired a new stake in shares of Safehold in the third quarter valued at about $234,000. Finally, ProShare Advisors LLC increased its position in shares of Safehold by 7.5% in the first quarter. ProShare Advisors LLC now owns 9,728 shares of the company’s stock valued at $200,000 after acquiring an additional 676 shares during the last quarter. Institutional investors and hedge funds own 70.38% of the company’s stock.

Safehold Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.177 dividend. This represents a $0.71 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Monday, September 30th. Safehold’s dividend payout ratio is currently 41.76%.

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.