Safehold (NYSE:SAFE) Rating Increased to Buy at Zacks Investment Research

Safehold (NYSE:SAFE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The firm currently has a $44.00 price target on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 3.63% from the company’s previous close.

According to Zacks, “Safety, Income and Growth, Inc. acquires, owns, manages, finances and capitalizes ground net leases. Safety, Income and Growth, Inc. is based in New York, United States. “

Other equities analysts have also recently issued research reports about the stock. TheStreet raised shares of Safehold from a “c” rating to a “b-” rating in a report on Wednesday, August 7th. ValuEngine cut Safehold from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, Barclays reiterated a “sell” rating and set a $29.00 price objective on shares of Safehold in a research note on Sunday, October 13th.

Shares of NYSE:SAFE traded up $0.33 during mid-day trading on Wednesday, reaching $42.46. The company had a trading volume of 290,728 shares, compared to its average volume of 421,621. Safehold has a one year low of $16.53 and a one year high of $42.29. The company’s 50-day moving average price is $35.73 and its 200-day moving average price is $31.63. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 66.34 and a beta of 0.46.

Safehold (NYSE:SAFE) last issued its earnings results on Thursday, October 24th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.03. The firm had revenue of $22.31 million for the quarter, compared to analyst estimates of $21.74 million. Safehold had a return on equity of 4.70% and a net margin of 32.27%. On average, equities analysts expect that Safehold will post 1.03 EPS for the current fiscal year.

In other Safehold news, CEO Jay Sugarman bought 2,700 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $39.00 per share, with a total value of $105,300.00. Following the purchase, the chief executive officer now owns 34,464 shares of the company’s stock, valued at $1,344,096. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Istar Inc. purchased 87,450 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average cost of $28.51 per share, for a total transaction of $2,493,199.50. In the last 90 days, insiders have purchased 350,620 shares of company stock worth $10,930,652. 1.47% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its position in shares of Safehold by 7.7% during the 1st quarter. FMR LLC now owns 484,299 shares of the company’s stock valued at $10,563,000 after acquiring an additional 34,628 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Safehold by 83.6% during the second quarter. Nisa Investment Advisors LLC now owns 1,561 shares of the company’s stock valued at $47,000 after purchasing an additional 711 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Safehold during the second quarter valued at $293,000. Optimum Investment Advisors purchased a new position in shares of Safehold in the 2nd quarter worth $103,000. Finally, BNP Paribas Arbitrage SA purchased a new position in shares of Safehold in the 2nd quarter worth $36,000. 20.97% of the stock is owned by institutional investors and hedge funds.

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. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk.

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