NewEdge Wealth LLC Sells 218,073 Shares of Safehold Inc. (NYSE:SAFE)

Key Points

• NewEdge Wealth LLC sold 218,073 shares of Safehold Inc., reducing its ownership by 9.3%, with the remaining shares accounting for about 0.7% of its investment portfolio.
• Several institutional investors, including T. Rowe Price and JPMorgan Chase & Co., have recently increased their stakes in Safehold, demonstrating growing interest in the stock.
• Safehold currently has a consensus rating of "Hold" among analysts, with an average price target of $22.33, despite a recent drop in price targets from multiple brokerages.

NewEdge Wealth LLC reduced its position in shares of Safehold Inc. (NYSE:SAFE - Free Report) by 9.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,125,287 shares of the company's stock after selling 218,073 shares during the quarter. Safehold accounts for approximately 0.7% of NewEdge Wealth LLC's investment portfolio, making the stock its 29th biggest holding. NewEdge Wealth LLC owned approximately 2.97% of Safehold worth $39,785,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SAFE. T. Rowe Price Investment Management Inc. grew its position in shares of Safehold by 8.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,266,769 shares of the company's stock worth $78,850,000 after purchasing an additional 336,458 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Safehold by 58.7% in the fourth quarter. JPMorgan Chase & Co. now owns 1,051,078 shares of the company's stock valued at $19,424,000 after acquiring an additional 388,899 shares during the last quarter. Invesco Ltd. lifted its position in shares of Safehold by 308.1% during the 4th quarter. Invesco Ltd. now owns 646,222 shares of the company's stock worth $11,942,000 after buying an additional 487,886 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Safehold by 17.4% in the 4th quarter. Northern Trust Corp now owns 628,137 shares of the company's stock valued at $11,608,000 after purchasing an additional 93,173 shares in the last quarter. Finally, FIL Ltd grew its holdings in shares of Safehold by 4.8% during the 4th quarter. FIL Ltd now owns 336,989 shares of the company's stock valued at $6,228,000 after purchasing an additional 15,562 shares during the last quarter. 70.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on SAFE. JPMorgan Chase & Co. reduced their price objective on Safehold from $20.00 to $19.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. Royal Bank Of Canada cut their price target on shares of Safehold from $21.00 to $20.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Mizuho lowered their price objective on shares of Safehold from $19.00 to $16.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. The Goldman Sachs Group reduced their price target on shares of Safehold from $28.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Finally, Morgan Stanley decreased their price objective on Safehold from $19.00 to $17.00 and set an "equal weight" rating for the company in a report on Tuesday, April 29th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Safehold currently has a consensus rating of "Hold" and an average price target of $22.33.

Safehold Stock Up 0.6%

Safehold stock opened at $14.08 on Friday. The stock has a market cap of $1.01 billion, a PE ratio of 9.64, a price-to-earnings-growth ratio of 1.39 and a beta of 1.83. The company has a debt-to-equity ratio of 1.82, a quick ratio of 37.17 and a current ratio of 37.17. The firm's 50-day simple moving average is $15.22 and its 200 day simple moving average is $16.21. Safehold Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $28.80.

Safehold (NYSE:SAFE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. Safehold had a net margin of 28.20% and a return on equity of 4.76%. The company had revenue of $97.68 million for the quarter, compared to the consensus estimate of $95.55 million. During the same period in the previous year, the firm earned $0.43 EPS. The firm's quarterly revenue was up 4.8% on a year-over-year basis. Research analysts predict that Safehold Inc. will post 1.58 EPS for the current fiscal year.

Safehold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.177 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.71 annualized dividend and a yield of 5.0%. Safehold's dividend payout ratio (DPR) is 48.63%.

Safehold 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. 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.

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