Safehold (NYSE:SAFE) Stock Price Target Cut by Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut Safehold’s price target to $13 from $16 while maintaining a “sector perform” rating, implying roughly 8.3% upside from the stock’s $12 price.
• Safehold shares fell 0.8% to $12, below their 50-day and 200-day moving averages. Analysts collectively rate the stock “Hold,” with a consensus price target of $15.17.
• The company’s latest quarterly results met earnings expectations at $0.42 per share and exceeded revenue estimates, while institutional investors own approximately 70.4% of outstanding shares.

Safehold (NYSE:SAFE - Get Free Report) had its price target lowered by analysts at Royal Bank Of Canada from $16.00 to $13.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target suggests a potential upside of 8.33% from the company's current price.

A number of other brokerages also recently commented on SAFE. Truist Financial reduced their target price on shares of Safehold from $17.00 to $13.00 and set a "hold" rating for the company in a report on Monday, September 28th. Raymond James Financial started coverage on shares of Safehold in a research note on Wednesday, August 19th. They issued a "market perform" rating for the company. Zacks Research raised Safehold from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. Mizuho dropped their target price on Safehold from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Thursday, September 17th. Finally, Wall Street Zen upgraded Safehold from a "sell" rating to a "hold" rating in a research note on Saturday, July 4th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $15.17.

Safehold Trading Down 0.8%

Shares of NYSE SAFE traded down $0.10 during trading hours on Friday, hitting $12.00. 34,207 shares of the company traded hands, compared to its average volume of 381,855. The company has a current ratio of 34.37, a quick ratio of 34.36 and a debt-to-equity ratio of 1.77. The company's 50 day moving average price is $14.34 and its 200 day moving average price is $14.99. Safehold has a 12 month low of $11.60 and a 12 month high of $17.45. The stock has a market capitalization of $849.79 million, a price-to-earnings ratio of 7.40, a price-to-earnings-growth ratio of 3.58 and a beta of 1.78.

Safehold (NYSE:SAFE - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.42 earnings per share for the quarter, hitting analysts' consensus estimates of $0.42. The business had revenue of $114.65 million for the quarter, compared to analyst estimates of $110.78 million. Safehold had a return on equity of 4.76% and a net margin of 27.70%. On average, equities research analysts anticipate that Safehold will post 1.64 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robin Josephs sold 9,500 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $14.56, for a total transaction of $138,320.00. Following the transaction, the director owned 89,068 shares of the company's stock, valued at approximately $1,296,830.08. This represents a 9.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.80% of the company's stock.

Institutional Trading of Safehold

Hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc increased its stake in Safehold by 109.4% during the 3rd quarter. Versant Capital Management Inc now owns 5,635 shares of the company's stock worth $66,000 after buying an additional 2,944 shares during the period. PNC Financial Services Group Inc. raised its stake in Safehold by 32.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,094 shares of the company's stock worth $82,000 after acquiring an additional 1,478 shares in the last quarter. CoreCap Advisors LLC boosted its position in shares of Safehold by 20.7% in the 3rd quarter. CoreCap Advisors LLC now owns 7,530 shares of the company's stock valued at $89,000 after purchasing an additional 1,290 shares during the period. IFM Investors Pty Ltd purchased a new position in shares of Safehold during the first quarter worth approximately $122,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Safehold during the 2nd quarter worth $189,000. Institutional investors and hedge funds own 70.38% of the company's stock.

Safehold Company Profile

Safehold Inc NYSE: SAFE is a real estate investment trust focused on owning ground leases. Through its ground-lease model, the company acquires and owns the land beneath commercial, residential, and other real estate assets while leasing that land to property owners under long-term agreements. This structure allows building owners to access the value of the land without selling the underlying property.

Safehold's portfolio has included ground leases supporting multifamily, office, hotel, life sciences, industrial, and other commercial properties.

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