Zacks: Analysts Anticipate Safehold Inc. (NYSE:SAFE) Will Post Quarterly Sales of $63.97 Million

Brokerages expect Safehold Inc. (NYSE:SAFEGet Rating) to report sales of $63.97 million for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Safehold’s earnings, with estimates ranging from $61.13 million to $69.00 million. Safehold posted sales of $44.21 million during the same quarter last year, which indicates a positive year-over-year growth rate of 44.7%. The business is expected to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Safehold will report full year sales of $265.17 million for the current year, with estimates ranging from $256.11 million to $281.60 million. For the next financial year, analysts expect that the company will post sales of $336.07 million, with estimates ranging from $313.97 million to $363.20 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Safehold.

Safehold (NYSE:SAFEGet Rating) last announced its earnings results on Thursday, April 21st. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The company had revenue of $60.40 million for the quarter, compared to analyst estimates of $59.38 million. Safehold had a return on equity of 4.78% and a net margin of 39.77%. The firm’s quarterly revenue was up 38.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.32 earnings per share.

A number of equities research analysts have recently commented on the stock. B. Riley reduced their target price on shares of Safehold from $110.00 to $80.00 in a report on Tuesday, April 26th. Zacks Investment Research lowered shares of Safehold from a “hold” rating to a “sell” rating in a research report on Friday, April 22nd. TheStreet lowered shares of Safehold from a “b-” rating to a “c+” rating in a research report on Monday, April 18th. Morgan Stanley decreased their target price on shares of Safehold from $150.00 to $140.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 15th. Finally, Mizuho downgraded shares of Safehold from a “buy” rating to a “neutral” rating and cut their price target for the stock from $96.00 to $75.00 in a research note on Thursday, January 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $91.20.

Shares of SAFE stock opened at $43.05 on Monday. Safehold has a 12 month low of $42.94 and a 12 month high of $95.29. The firm has a market capitalization of $2.67 billion, a P/E ratio of 29.29 and a beta of -0.13. The stock’s fifty day moving average price is $54.15.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 15th. Stockholders of record on Thursday, March 31st were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Wednesday, March 30th. Safehold’s dividend payout ratio is presently 46.26%.

In other news, major shareholder Istar Inc. purchased 3,240,000 shares of the stock in a transaction that occurred on Monday, March 7th. The stock was acquired at an average cost of $59.00 per share, with a total value of $191,160,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.56% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Wealth LLC grew its holdings in Safehold by 154.9% during the 3rd quarter. NewEdge Wealth LLC now owns 1,277,803 shares of the company’s stock worth $91,861,000 after acquiring an additional 776,597 shares in the last quarter. BlackRock Inc. grew its holdings in Safehold by 14.0% during the 4th quarter. BlackRock Inc. now owns 2,859,230 shares of the company’s stock worth $228,309,000 after acquiring an additional 351,663 shares in the last quarter. Hood River Capital Management LLC acquired a new position in Safehold during the 3rd quarter worth $16,143,000. Alliancebernstein L.P. grew its holdings in Safehold by 21.8% during the 3rd quarter. Alliancebernstein L.P. now owns 1,092,787 shares of the company’s stock worth $78,560,000 after acquiring an additional 195,805 shares in the last quarter. Finally, Norges Bank acquired a new position in Safehold during the 4th quarter worth $13,545,000. 25.61% of the stock is owned by institutional investors and hedge funds.

About Safehold (Get Rating)

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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Earnings History and Estimates for Safehold (NYSE:SAFE)

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