Safehold (NYSE:SAFE) Given New $29.00 Price Target at Royal Bank of Canada

Safehold (NYSE:SAFE) had its price target reduced by Royal Bank of Canada from $32.00 to $29.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also issued reports on SAFE. JPMorgan Chase & Co. cut 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. JMP Securities reissued a market outperform rating and issued a $35.00 price target on shares of Safehold in a report on Tuesday. The Goldman Sachs Group upped their price target on Safehold from $25.00 to $29.00 and gave the stock a buy rating in a research note on Thursday, January 11th. Finally, Mizuho dropped their target price on shares of Safehold from $25.00 to $22.00 and set a buy rating for the company in a research report on Thursday, March 7th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $27.44.

Safehold Stock Performance

SAFE traded up $0.65 during midday trading on Wednesday, reaching $19.93. The company had a trading volume of 510,683 shares, compared to its average volume of 342,596. Safehold has a 1 year low of $15.00 and a 1 year high of $29.11. The company has a quick ratio of 36.61, a current ratio of 36.61 and a debt-to-equity ratio of 1.78. The company has a market cap of $1.42 billion, a P/E ratio of -44.29 and a beta of 1.48. The business has a 50-day moving average of $19.68 and a two-hundred day moving average of $20.09.

Safehold (NYSE:SAFE) last released its earnings results on Monday, May 6th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. Safehold had a negative net margin of 15.59% and a positive return on equity of 4.31%. The company had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $88.20 million. During the same quarter last year, the business earned $0.41 EPS. The firm’s revenue was up 19.0% compared to the same quarter last year. As a group, equities research analysts predict that Safehold will post 1.53 earnings per share for the current fiscal year.

Safehold Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.177 dividend. This represents a $0.71 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Wednesday, March 27th. Safehold’s payout ratio is -155.56%.

Institutional Trading of Safehold

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Strs Ohio lifted its stake in Safehold by 0.4% in the fourth quarter. Strs Ohio now owns 145,864 shares of the company’s stock worth $3,413,000 after purchasing an additional 600 shares during the last quarter. ProShare Advisors LLC increased its stake in Safehold by 7.5% in the first quarter. ProShare Advisors LLC now owns 9,728 shares of the company’s stock worth $200,000 after purchasing an additional 676 shares during the period. Oregon Public Employees Retirement Fund lifted its position in shares of Safehold by 5.6% during the third quarter. Oregon Public Employees Retirement Fund now owns 13,269 shares of the company’s stock worth $236,000 after purchasing an additional 700 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Safehold by 6.8% during the fourth quarter. Handelsbanken Fonder AB now owns 11,043 shares of the company’s stock valued at $258,000 after purchasing an additional 700 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Safehold by 49.3% in the first quarter. GAMMA Investing LLC now owns 2,126 shares of the company’s stock worth $44,000 after purchasing an additional 702 shares during the last quarter. 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.