Safehold (NYSE:SAFE) Sets New 1-Year Low Following Analyst Downgrade

Key Points

• Safehold hit a new 52-week low, trading as low as $10.41 after RBC cut its price target from $13 to $12 while maintaining a Sector Perform rating. Analysts overall have a consensus Hold rating and a $14 average target.
• Quarterly EPS of $0.41 fell short of the $0.43 consensus estimate, while revenue of $118.68 million topped forecasts of $117.38 million.
• Safehold’s quarterly dividend of $0.177 per share equates to about $0.71 annually and a reported yield of 6.8%.

Safehold Inc. (NYSE:SAFE - Get Free Report)'s stock price reached a new 52-week low on Thursday after Royal Bank Of Canada lowered their price target on the stock from $13.00 to $12.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Safehold traded as low as $10.41 and last traded at $10.44, with a volume of 124,331 shares changing hands. The stock had previously closed at $10.77.

Several other research firms have also issued reports on SAFE. Weiss Ratings lowered Safehold from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, October 6th. Zacks Research upgraded shares of Safehold from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. Raymond James Financial started coverage on shares of Safehold in a research note on Wednesday, August 19th. They set a "market perform" rating on the stock. Truist Financial decreased their price objective 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. Finally, Morgan Stanley set a $12.00 target price on shares of Safehold and gave the company an "equal weight" rating in a research note on Monday, October 26th. Two equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $14.00.

Insider Activity at Safehold

In other Safehold news, Director Robin Josephs sold 9,500 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $14.56, for a total transaction of $138,320.00. Following the sale, the director directly owned 89,068 shares in the company, valued at approximately $1,296,830.08. This trade represents a 9.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SAFE. BlackRock Inc. boosted its stake in shares of Safehold by 2.1% during 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 position in shares of Safehold in the 2nd quarter valued at about $10,529,000. Bank of New York Mellon Corp increased its position in shares of Safehold by 4.0% in the second quarter. Bank of New York Mellon Corp now owns 411,971 shares of the company's stock valued at $6,468,000 after acquiring an additional 16,016 shares during the last quarter. Bank of America Corp DE increased its position 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 valued at $4,563,000 after acquiring an additional 177,001 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Safehold by 51.3% in the first quarter. First Trust Advisors LP now owns 317,170 shares of the company's stock valued at $4,291,000 after acquiring an additional 107,544 shares during the last quarter. 70.38% of the stock is owned by institutional investors and hedge funds.

Safehold Stock Down 3.3%

The firm has a market cap of $737.55 million, a P/E ratio of 6.44, a price-to-earnings-growth ratio of 3.36 and a beta of 1.82. The company has a quick ratio of 34.36, a current ratio of 34.37 and a debt-to-equity ratio of 1.77. The firm has a fifty day moving average of $12.72 and a 200-day moving average of $14.65.

Safehold (NYSE:SAFE - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.02). The company had revenue of $118.68 million for the quarter, compared to analyst estimates of $117.38 million. Safehold had a net margin of 26.19% and a return on equity of 4.70%. On average, equities research analysts anticipate that Safehold Inc. will post 1.64 earnings per share for the current year.

Safehold Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.1770 per share. The ex-dividend date was Wednesday, September 30th. This represents a $0.71 dividend on an annualized basis and a dividend yield of 6.8%. Safehold's dividend payout ratio is currently 43.21%.

Safehold Company Profile

Safehold Inc NYSE: SAFE is a real estate investment trust that owns and manages ground leases for commercial, multifamily, and other income-producing properties. Under a ground lease, Safehold owns the land beneath a building while the property owner leases the land for a long term and retains ownership of the improvements on it.

The company's business model is designed to provide property owners with access to capital while allowing them to maintain control of their buildings. Safehold's ground lease investments are generally structured as long-duration leases that can support the development, acquisition, refinancing, or recapitalization of real estate assets.

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