Allstate Corp Lowers Stake in Safehold Inc. (NYSE:SAFE)

Allstate Corp cut its position in shares of Safehold Inc. (NYSE:SAFE) by 38.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,236 shares of the company’s stock after selling 62,522 shares during the quarter. Allstate Corp owned approximately 0.14% of Safehold worth $2,346,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fifth Third Bancorp grew its holdings in shares of Safehold by 1,240.4% during the third quarter. Fifth Third Bancorp now owns 1,394 shares of the company’s stock worth $25,000 after buying an additional 1,290 shares in the last quarter. Versant Capital Management Inc grew its holdings in Safehold by 197.7% in the fourth quarter. Versant Capital Management Inc now owns 1,402 shares of the company’s stock valued at $33,000 after purchasing an additional 931 shares during the period. GAMMA Investing LLC purchased a new stake in Safehold in the fourth quarter valued at approximately $33,000. PNC Financial Services Group Inc. grew its holdings in Safehold by 195.8% in the third quarter. PNC Financial Services Group Inc. now owns 4,523 shares of the company’s stock valued at $81,000 after purchasing an additional 2,994 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in Safehold by 22.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 9,367 shares of the company’s stock valued at $164,000 after purchasing an additional 1,700 shares during the period. 70.38% of the stock is currently owned by hedge funds and other institutional investors.

Safehold Price Performance

Shares of SAFE stock traded down $0.04 during mid-day trading on Wednesday, hitting $20.13. 184,426 shares of the stock traded hands, compared to its average volume of 339,051. Safehold Inc. has a twelve month low of $15.00 and a twelve month high of $27.00. The company has a debt-to-equity ratio of 1.78, a quick ratio of 42.51 and a current ratio of 42.51. The company’s 50-day simple moving average is $19.62 and its 200-day simple moving average is $20.39. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -44.73 and a beta of 1.48.

Safehold (NYSE:SAFE) last released its quarterly earnings data on Monday, May 6th. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.04. The business had revenue of $93.20 million during the quarter, compared to analyst estimates of $88.20 million. Safehold had a positive return on equity of 4.43% and a negative net margin of 7.87%. The company’s revenue was up 19.0% compared to the same quarter last year. During the same period last year, the company posted $0.41 EPS. As a group, equities research analysts expect that Safehold Inc. will post 1.54 earnings per share for the current year.

Safehold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.177 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.71 dividend on an annualized basis and a dividend yield of 3.52%. Safehold’s dividend payout ratio is -157.78%.

Analysts Set New Price Targets

A number of brokerages have weighed in on SAFE. Mizuho cut shares of Safehold from a “buy” rating to a “neutral” rating and reduced their price target for the company from $22.00 to $20.00 in a research report on Friday, May 10th. JMP Securities reaffirmed a “market outperform” rating and set a $35.00 price target on shares of Safehold in a research report on Thursday, May 16th. Royal Bank of Canada reduced their target price on shares of Safehold from $32.00 to $29.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Safehold from $23.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Safehold currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.22.

Safehold 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.