Safehold (NYSE:SAFE) Hits New 12-Month Low After Analyst Downgrade

Shares of Safehold Inc. (NYSE:SAFE) reached a new 52-week low during mid-day trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $29.00 to $24.00. The Goldman Sachs Group currently has a buy rating on the stock. Safehold traded as low as $16.87 and last traded at $16.97, with a volume of 667060 shares. The stock had previously closed at $18.01.

A number of other research firms have also recently commented on SAFE. Raymond James upgraded Safehold from a “market perform” rating to an “outperform” rating and set a $34.00 target price for the company in a research note on Thursday, September 19th. Wedbush restated a “neutral” rating and set a $23.00 target price (down previously from $25.00) on shares of Safehold in a report on Monday, November 4th. Royal Bank of Canada upped their target price on shares of Safehold from $30.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. JMP Securities reissued a “market outperform” rating and set a $35.00 price target on shares of Safehold in a research report on Tuesday, October 29th. Finally, Mizuho upped their price objective on shares of Safehold from $20.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.88.

Hedge Funds Weigh In On Safehold

A number of hedge funds have recently bought and sold shares of the company. Long Pond Capital LP increased its holdings in shares of Safehold by 14.9% in the 2nd quarter. Long Pond Capital LP now owns 2,662,579 shares of the company’s stock worth $51,361,000 after purchasing an additional 345,661 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Safehold by 266.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 349,631 shares of the company’s stock valued at $9,171,000 after buying an additional 254,227 shares during the last quarter. Heitman Real Estate Securities LLC bought a new stake in Safehold in the 3rd quarter worth about $3,683,000. JPMorgan Chase & Co. raised its position in Safehold by 16.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 662,179 shares of the company’s stock worth $17,369,000 after buying an additional 91,965 shares during the last quarter. Finally, HGI Capital Management LLC lifted its stake in Safehold by 74.5% during the 3rd quarter. HGI Capital Management LLC now owns 212,887 shares of the company’s stock valued at $5,584,000 after acquiring an additional 90,866 shares during the period. Institutional investors own 70.38% of the company’s stock.

Safehold Stock Down 5.8 %

The company’s 50 day simple moving average is $20.21 and its 200-day simple moving average is $22.33. The firm has a market cap of $1.21 billion, a P/E ratio of 9.98 and a beta of 1.67. The company has a current ratio of 37.83, a quick ratio of 37.83 and a debt-to-equity ratio of 1.85.

Safehold (NYSE:SAFE) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.37 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.37. Safehold had a net margin of 32.08% and a return on equity of 4.79%. The company had revenue of $90.70 million for the quarter, compared to the consensus estimate of $89.45 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. Research analysts forecast that Safehold Inc. will post 1.56 earnings per share for the current fiscal year.

Safehold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be issued a $0.177 dividend. This represents a $0.71 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend is Monday, December 30th. Safehold’s payout ratio is currently 41.18%.

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.