Safehold (NYSE:SAFE) Issues Earnings Results, Hits Estimates

Key Points

• Safehold reported a quarterly EPS of $0.39, meeting analyst expectations, with a net margin of 28.20% and a return on equity of 4.76%.
• The company announced a quarterly dividend of $0.177 per share, resulting in an annualized dividend yield of 5.0% and a payout ratio of 48.63%.
• Several analysts have updated their price targets for Safehold, with an average target of $22.33, indicating mixed ratings among five "hold" and four "buy" recommendations.

Safehold (NYSE:SAFE - Get Free Report) posted its quarterly earnings results on Tuesday. The company reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39, Zacks reports. Safehold had a net margin of 27.45% and a return on equity of 4.73%. The business had revenue of $93.84 million for the quarter, compared to analysts' expectations of $94.05 million. During the same period in the previous year, the company posted $0.41 EPS. Safehold's revenue was up 4.3% on a year-over-year basis.

Safehold Price Performance

SAFE traded down $0.33 during trading on Thursday, reaching $13.74. The stock had a trading volume of 202,378 shares, compared to its average volume of 431,007. 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 business has a 50-day moving average of $15.18 and a 200-day moving average of $16.15. The stock has a market cap of $985.43 million, a PE ratio of 9.64, a PEG ratio of 1.40 and a beta of 1.83. Safehold has a one year low of $13.68 and a one year high of $28.80.

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 paid a $0.177 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.71 annualized dividend and a yield of 5.2%. Safehold's dividend payout ratio is presently 49.65%.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Safehold by 21.1% in the 1st quarter. Royal Bank of Canada now owns 44,462 shares of the company's stock valued at $833,000 after acquiring an additional 7,743 shares during the period. Amundi grew its position in shares of Safehold by 2.6% in the 1st quarter. Amundi now owns 50,855 shares of the company's stock valued at $906,000 after buying an additional 1,306 shares during the last quarter. AQR Capital Management LLC boosted its stake in Safehold by 1,106.2% during the 1st quarter. AQR Capital Management LLC now owns 195,530 shares of the company's stock worth $3,660,000 after purchasing an additional 179,319 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Safehold by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,778 shares of the company's stock worth $576,000 after acquiring an additional 1,308 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Safehold by 3.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 433,761 shares of the company's stock worth $8,120,000 after acquiring an additional 15,280 shares during the period. Hedge funds and other institutional investors own 70.38% of the company's stock.

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.