Safehold (NYSE:SAFE) PT Lowered to $29.00

Safehold (NYSE:SAFE) had its price target dropped by Royal Bank of Canada from $32.00 to $29.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 45.51% from the company’s previous close.

Several other research firms have also commented on SAFE. JMP Securities reaffirmed a “market outperform” rating and set a $35.00 target price on shares of Safehold in a report on Tuesday. The Goldman Sachs Group upped their target price on Safehold from $25.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, January 11th. JPMorgan Chase & Co. lowered their target price on Safehold from $23.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Finally, Mizuho lowered their target price on Safehold from $25.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, March 7th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Safehold has an average rating of “Moderate Buy” and a consensus target price of $27.44.

Safehold Trading Up 3.4 %

Shares of NYSE SAFE opened at $19.93 on Wednesday. The stock’s 50 day moving average price is $19.68 and its two-hundred day moving average price is $20.09. Safehold has a 52-week low of $15.00 and a 52-week high of $29.11. The stock has a market capitalization of $1.42 billion, a P/E ratio of -44.29 and a beta of 1.48. The company has a quick ratio of 36.61, a current ratio of 36.61 and a debt-to-equity ratio of 1.78.

Safehold (NYSE:SAFE) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.04. The firm had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $88.20 million. Safehold had a positive return on equity of 4.31% and a negative net margin of 15.59%. Safehold’s revenue for the quarter was up 19.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. On average, analysts anticipate that Safehold will post 1.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Safehold

A number of institutional investors and hedge funds have recently modified their holdings of SAFE. State Board of Administration of Florida Retirement System lifted its holdings in shares of Safehold by 104.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 25,867 shares of the company’s stock valued at $533,000 after purchasing an additional 13,221 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Safehold by 7.5% in the first quarter. ProShare Advisors LLC now owns 9,728 shares of the company’s stock valued at $200,000 after purchasing an additional 676 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Safehold by 6.0% in the first quarter. Russell Investments Group Ltd. now owns 190,667 shares of the company’s stock valued at $3,928,000 after purchasing an additional 10,787 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Safehold by 62.4% in the first 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 in the last quarter. Finally, Illinois Municipal Retirement Fund lifted its holdings in shares of Safehold by 4.7% in the first quarter. Illinois Municipal Retirement Fund now owns 25,658 shares of the company’s stock valued at $529,000 after purchasing an additional 1,156 shares in the last quarter. Institutional investors and hedge funds own 70.38% of the company’s stock.

About Safehold

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.