Safehold (NYSE:SAFE) Sets New 12-Month Low Following Analyst Downgrade

Safehold Inc. (NYSE:SAFE)’s stock price hit 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 trading hands. The stock had previously closed at $18.01.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in shares of Safehold by 16.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 662,179 shares of the company’s stock valued at $17,369,000 after buying an additional 91,965 shares during the period. Franklin Resources Inc. raised its holdings in Safehold by 17.5% in the third quarter. Franklin Resources Inc. now owns 16,631 shares of the company’s stock valued at $407,000 after acquiring an additional 2,472 shares in the last quarter. Tidal Investments LLC acquired a new stake in Safehold in the third quarter valued at approximately $370,000. Geode Capital Management LLC lifted its stake in Safehold by 3.1% in the third quarter. Geode Capital Management LLC now owns 1,247,740 shares of the company’s stock worth $32,734,000 after acquiring an additional 38,074 shares during the last quarter. Finally, Vestcor Inc acquired a new position in Safehold during the 3rd quarter worth approximately $110,000. 70.38% of the stock is currently owned by hedge funds and other institutional investors.

Safehold Stock Performance

The stock’s 50-day simple moving average is $20.10 and its 200 day simple moving average is $22.29. The company has a market capitalization of $1.18 billion, a PE ratio of 9.71 and a beta of 1.67. The company has a debt-to-equity ratio of 1.85, a quick ratio of 37.83 and a current ratio of 37.83.

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

Safehold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be paid a $0.177 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.71 annualized dividend and a yield of 4.29%. Safehold’s dividend 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.