Safehold (NYSE:SAFE) Sets New 52-Week Low on Analyst Downgrade

Safehold Inc. (NYSE:SAFE)’s stock price reached 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 traded. The stock had previously closed at $18.01.

Several other research analysts also recently weighed in on the company. 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 research note on Wednesday, October 30th. Wedbush reiterated a “neutral” rating and set a $23.00 target price (down previously from $25.00) on shares of Safehold in a research report on Monday, November 4th. Raymond James raised Safehold from a “market perform” rating to an “outperform” rating and set a $34.00 price target for the company in a report on Thursday, September 19th. Mizuho upped 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. Finally, JMP Securities reissued a “market outperform” rating and issued a $35.00 target price on shares of Safehold in a report on Tuesday, October 29th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Safehold presently has an average rating of “Moderate Buy” and an average target price of $26.88.

Institutional Investors Weigh In On Safehold

Several hedge funds have recently modified their holdings of the company. Long Pond Capital LP grew its holdings in Safehold by 14.9% in the 2nd quarter. Long Pond Capital LP now owns 2,662,579 shares of the company’s stock valued at $51,361,000 after buying an additional 345,661 shares during the period. State Street Corp grew its position in 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 acquiring an additional 51,035 shares during the period. Geode Capital Management LLC increased its stake in Safehold by 3.1% during the third quarter. Geode Capital Management LLC now owns 1,247,740 shares of the company’s stock worth $32,734,000 after acquiring an additional 38,074 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings 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 worth $18,039,000 after purchasing an additional 39,320 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Safehold by 3.2% in the 2nd quarter. Sei Investments Co. now owns 670,065 shares of the company’s stock worth $12,926,000 after purchasing an additional 20,483 shares during the period. 70.38% of the stock is owned by institutional investors and hedge funds.

Safehold Stock Down 2.7 %

The firm has a 50 day moving average price of $20.10 and a two-hundred day moving average price of $22.29. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 9.71 and a beta of 1.67. The company has a current ratio of 37.83, a quick ratio of 37.83 and a debt-to-equity ratio of 1.85.

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

Safehold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be issued a dividend of $0.177 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.71 annualized dividend and a dividend yield of 4.29%. Safehold’s 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.