Safehold (NYSE:SAFE) Price Target Raised to $29.00

Safehold (NYSE:SAFE) had its price objective raised by The Goldman Sachs Group from $25.00 to $29.00 in a research note released on Friday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other research firms have also recently commented on SAFE. JMP Securities restated a market outperform rating and set a $35.00 target price on shares of Safehold in a research report on Thursday, May 16th. Mizuho cut Safehold from a buy rating to a neutral rating and reduced their target price for the stock from $22.00 to $20.00 in a research report on Friday, May 10th. Royal Bank of Canada reduced their target price on Safehold from $32.00 to $29.00 and set an outperform rating for the company in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. dropped their price target on Safehold from $23.00 to $21.00 and set a neutral rating for the company in a research note on Wednesday, April 17th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Safehold presently has a consensus rating of Moderate Buy and a consensus target price of $27.22.

Safehold Stock Performance

NYSE:SAFE opened at $19.29 on Friday. The company has a debt-to-equity ratio of 1.78, a current ratio of 42.51 and a quick ratio of 42.51. The business has a fifty day simple moving average of $19.16 and a two-hundred day simple moving average of $20.27. Safehold has a 1 year low of $15.00 and a 1 year high of $26.33. The company has a market capitalization of $1.38 billion, a P/E ratio of -42.87 and a beta of 1.66.

Safehold (NYSE:SAFE) last released its earnings results on Monday, May 6th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. Safehold had a positive return on equity of 4.43% and a negative net margin of 7.87%. The business had revenue of $93.20 million during the quarter, compared to the consensus estimate of $88.20 million. During the same period last year, the business posted $0.41 earnings per share. The business’s revenue for the quarter was up 19.0% on a year-over-year basis. On average, analysts expect that Safehold will post 1.53 earnings per share for the current year.

Safehold Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.177 dividend. This represents a $0.71 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date is Friday, June 28th. Safehold’s dividend payout ratio (DPR) is presently -155.56%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Paralel Advisors LLC purchased a new position in Safehold during the 4th quarter valued at about $1,944,000. Natixis Advisors L.P. grew its holdings in shares of Safehold by 372.6% during the 4th quarter. Natixis Advisors L.P. now owns 59,278 shares of the company’s stock worth $1,386,000 after acquiring an additional 46,735 shares during the period. Heitman Real Estate Securities LLC purchased a new position in shares of Safehold during the 4th quarter worth approximately $5,005,000. Russell Investments Group Ltd. grew its holdings in shares of Safehold by 544,990.9% during the 4th quarter. Russell Investments Group Ltd. now owns 179,880 shares of the company’s stock worth $4,209,000 after acquiring an additional 179,847 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Safehold by 11.8% during the 3rd quarter. Vanguard Group Inc. now owns 7,709,773 shares of the company’s stock worth $137,234,000 after acquiring an additional 816,033 shares during the period. Hedge funds and other institutional investors own 70.38% 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. 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.