Safehold (NYSE:SAFE) Price Target Cut to $13.00 by Analysts at Truist Financial

Key Points

• Truist Financial cut Safehold’s price target from $17 to $13 while maintaining a “hold” rating, implying 8.88% upside from the prior close.
• Safehold shares fell 2.6% to $11.94, matching the stock’s 12-month low. Analysts overall maintain a consensus “hold” rating with an average price target of $15.86.
• The company met quarterly EPS expectations at $0.42 and exceeded revenue estimates, reporting $114.65 million in revenue versus the $110.78 million consensus.

Safehold (NYSE:SAFE - Get Free Report) had its target price dropped by equities researchers at Truist Financial from $17.00 to $13.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "hold" rating on the stock. Truist Financial's price target indicates a potential upside of 8.88% from the stock's previous close.

SAFE has been the topic of several other research reports. Mizuho reduced their price target on shares of Safehold from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Thursday, September 17th. Wall Street Zen upgraded shares of Safehold from a "sell" rating to a "hold" rating in a report on Saturday, July 4th. Weiss Ratings raised Safehold from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 31st. Raymond James Financial started coverage on Safehold in a report on Wednesday, August 19th. They set a "market perform" rating on the stock. Finally, JPMorgan Chase & Co. lowered Safehold from a "neutral" rating to an "underweight" rating and set a $14.00 target price for the company. in a research report on Thursday. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Safehold presently has a consensus rating of "Hold" and an average price target of $15.86.

Safehold Trading Down 2.6%

Shares of Safehold stock traded down $0.32 during midday trading on Monday, reaching $11.94. 86,437 shares of the company's stock traded hands, compared to its average volume of 364,251. The stock has a 50 day moving average of $15.13 and a 200-day moving average of $15.15. Safehold has a 12 month low of $11.94 and a 12 month high of $17.45. The company has a market cap of $845.59 million, a PE ratio of 7.36, a price-to-earnings-growth ratio of 3.66 and a beta of 1.73. The company has a debt-to-equity ratio of 1.77, a quick ratio of 34.36 and a current ratio of 34.37.

Safehold (NYSE:SAFE - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.42. Safehold had a net margin of 27.70% and a return on equity of 4.76%. The business had revenue of $114.65 million for the quarter, compared to the consensus estimate of $110.78 million. As a group, equities analysts expect that Safehold will post 1.64 EPS for the current fiscal year.

Insider Buying and Selling

In other Safehold news, Director Robin Josephs sold 9,500 shares of the company's stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $14.56, for a total value of $138,320.00. Following the sale, the director owned 89,068 shares in the company, valued at approximately $1,296,830.08. This represents a 9.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Safehold

Several large investors have recently made changes to their positions in SAFE. BlackRock Inc. grew its stake in shares of Safehold by 2.1% in the 2nd quarter. BlackRock Inc. now owns 9,938,575 shares of the company's stock worth $156,036,000 after buying an additional 200,628 shares during the last quarter. NewEdge Wealth LLC bought a new stake in Safehold in the second quarter worth $10,529,000. Bank of New York Mellon Corp boosted its holdings in Safehold by 4.0% in the second quarter. Bank of New York Mellon Corp now owns 411,971 shares of the company's stock worth $6,468,000 after acquiring an additional 16,016 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Safehold by 7.6% in the fourth quarter. Legal & General Group Plc now owns 340,108 shares of the company's stock worth $4,656,000 after acquiring an additional 23,879 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Safehold by 110.4% in the first quarter. Bank of America Corp DE now owns 337,284 shares of the company's stock worth $4,563,000 after acquiring an additional 177,001 shares during the last quarter. 70.38% of the stock is currently owned by hedge funds and other institutional investors.

About Safehold

Safehold Inc NYSE: SAFE is a real estate investment trust focused on owning and managing ground leases. Through its ground lease structure, Safehold acquires the land beneath commercial real estate properties and leases it to property owners under long-term agreements, allowing those owners to retain ownership of and operate the buildings on the sites.

The company's ground lease investments support a range of property types, including multifamily housing, office buildings, hotels, life sciences facilities, student housing, industrial properties and retail assets.

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