Zacks Investment Research upgraded shares of Safehold (NYSE:SAFE) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. The firm currently has $80.00 price objective on the stock.
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. “
A number of other research analysts have also issued reports on SAFE. The Goldman Sachs Group lowered their target price on shares of Safehold from $112.00 to $95.00 and set a buy rating on the stock in a research note on Wednesday, March 31st. Mizuho raised their price objective on shares of Safehold from $75.00 to $85.00 and gave the stock a buy rating in a report on Friday, February 12th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $77.00.
Safehold (NYSE:SAFE) last announced its earnings results on Thursday, February 11th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $39.91 million for the quarter, compared to analyst estimates of $39.46 million. Safehold had a return on equity of 4.60% and a net margin of 38.08%. Equities research analysts anticipate that Safehold will post 1.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st will be issued a $0.1623 dividend. The ex-dividend date of this dividend is Tuesday, March 30th. This represents a $0.65 annualized dividend and a yield of 0.93%. Safehold’s dividend payout ratio (DPR) is presently 73.03%.
In related news, Director Dean S. Adler sold 39,241 shares of the stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $76.51, for a total transaction of $3,002,328.91. Also, Director Dean S. Adler sold 8,792 shares of the firm’s stock in a transaction that occurred on Thursday, March 18th. The stock was sold at an average price of $76.54, for a total transaction of $672,939.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,233 shares of company stock valued at $6,383,029. 0.53% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in SAFE. American International Group Inc. raised its stake in shares of Safehold by 1.4% in the 4th quarter. American International Group Inc. now owns 11,777 shares of the company’s stock valued at $854,000 after purchasing an additional 162 shares during the period. Louisiana State Employees Retirement System lifted its stake in Safehold by 3.1% in the 4th quarter. Louisiana State Employees Retirement System now owns 6,600 shares of the company’s stock valued at $478,000 after acquiring an additional 200 shares in the last quarter. Van ECK Associates Corp boosted its position in Safehold by 38.8% during the 4th quarter. Van ECK Associates Corp now owns 723 shares of the company’s stock worth $52,000 after acquiring an additional 202 shares during the last quarter. State of Tennessee Treasury Department grew its stake in shares of Safehold by 3.1% during the 3rd quarter. State of Tennessee Treasury Department now owns 7,878 shares of the company’s stock worth $489,000 after acquiring an additional 238 shares in the last quarter. Finally, Huntington National Bank raised its holdings in shares of Safehold by 87.5% in the fourth quarter. Huntington National Bank now owns 585 shares of the company’s stock valued at $42,000 after purchasing an additional 273 shares during the last quarter. Hedge funds and other institutional investors own 26.40% of the company’s stock.
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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