Safehold (NYSE:SAFE) Shares Gap Up Following Better-Than-Expected Earnings

Safehold Inc. (NYSE:SAFE)’s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $19.09, but opened at $20.03. Safehold shares last traded at $19.65, with a volume of 35,001 shares traded.

The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.04. Safehold had a positive return on equity of 4.31% and a negative net margin of 15.59%. The firm had revenue of $93.20 million during the quarter, compared to analysts’ expectations of $88.20 million. During the same quarter last year, the business posted $0.41 earnings per share. The firm’s revenue was up 19.0% on a year-over-year basis.

Safehold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $0.177 dividend. This represents a $0.71 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend was Wednesday, March 27th. Safehold’s dividend payout ratio (DPR) is presently -87.65%.

Analyst Upgrades and Downgrades

SAFE has been the subject of several research analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $35.00 target price on shares of Safehold in a research note on Tuesday. JPMorgan Chase & Co. reduced their target price on Safehold from $23.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. Royal Bank of Canada decreased their target price on Safehold from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. The Goldman Sachs Group raised their price target on Safehold from $25.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Finally, Mizuho lowered their target price on Safehold from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, March 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.78.

Institutional Investors Weigh In On Safehold

Several institutional investors have recently modified their holdings of the stock. Sei Investments Co. increased its position in shares of Safehold by 62.4% during the 1st quarter. Sei Investments Co. now owns 649,582 shares of the company’s stock valued at $13,381,000 after purchasing an additional 249,500 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in Safehold by 4.7% during the first quarter. Illinois Municipal Retirement Fund now owns 25,658 shares of the company’s stock worth $529,000 after buying an additional 1,156 shares during the period. SG Americas Securities LLC bought a new position in Safehold during the first quarter valued at $1,979,000. Daiwa Securities Group Inc. raised its stake in shares of Safehold by 7.0% in the first quarter. Daiwa Securities Group Inc. now owns 14,463 shares of the company’s stock valued at $298,000 after acquiring an additional 949 shares during the period. Finally, Peregrine Capital Management LLC bought a new stake in shares of Safehold in the 1st quarter worth about $7,227,000. 70.38% of the stock is owned by institutional investors.

Safehold Stock Performance

The stock has a market capitalization of $1.41 billion, a PE ratio of -24.44 and a beta of 1.48. The business’s 50 day moving average is $19.69 and its 200 day moving average is $20.10. The company has a current ratio of 36.61, a quick ratio of 36.61 and a debt-to-equity ratio of 1.78.

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.