Zacks Investment Research Lowers Safehold (NYSE:SAFE) to Hold

Safehold (NYSE:SAFE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

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. “

Several other research firms have also issued reports on SAFE. ValuEngine lowered Safehold from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Barclays reissued a “sell” rating and set a $29.00 target price on shares of Safehold in a report on Sunday, October 13th.

SAFE opened at $41.11 on Thursday. The firm has a market cap of $1.69 billion, a P/E ratio of 64.23 and a beta of 0.47. Safehold has a 52-week low of $16.53 and a 52-week high of $43.01. The business’s fifty day moving average is $36.97 and its 200-day moving average is $32.17.

Safehold (NYSE:SAFE) last released its earnings results on Thursday, October 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.03. The company 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%. As a group, equities analysts anticipate that Safehold will post 1.03 EPS for the current year.

In other Safehold news, major shareholder Istar Inc. acquired 43,319 shares of Safehold stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average cost of $29.88 per share, with a total value of $1,294,371.72. Also, CEO Jay Sugarman acquired 2,700 shares of Safehold stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost of $39.00 per share, for a total transaction of $105,300.00. Following the completion of the purchase, the chief executive officer now directly owns 34,464 shares of the company’s stock, valued at $1,344,096. The disclosure for this purchase can be found here. Insiders purchased 236,580 shares of company stock worth $7,678,918 over the last ninety days. 1.47% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Morgan Stanley boosted its stake in shares of Safehold by 7.1% during the second quarter. Morgan Stanley now owns 59,907 shares of the company’s stock valued at $1,808,000 after purchasing an additional 3,951 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Safehold during the third quarter worth about $492,000. Vanguard Group Inc. raised its position in shares of Safehold by 14.3% during the second quarter. Vanguard Group Inc. now owns 568,043 shares of the company’s stock worth $17,154,000 after acquiring an additional 71,109 shares during the last quarter. NJ State Employees Deferred Compensation Plan bought a new position in shares of Safehold during the third quarter worth about $305,000. Finally, Strs Ohio raised its position in shares of Safehold by 33.3% during the third quarter. Strs Ohio now owns 15,185 shares of the company’s stock worth $463,000 after acquiring an additional 3,796 shares during the last quarter. 20.97% of the stock is currently owned by institutional investors and hedge funds.

Safehold Company Profile

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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