Safehold Inc. $SAFE Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its stake in Safehold Inc. (NYSE:SAFE) by 28.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,863 shares of the company’s stock after purchasing an additional 2,408 shares during the period. PNC Financial Services Group Inc.’s holdings in Safehold were worth $203,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SAFE. Wells Fargo & Company MN lifted its holdings in shares of Safehold by 39.2% in the 4th quarter. Wells Fargo & Company MN now owns 39,719 shares of the company’s stock worth $734,000 after purchasing an additional 11,184 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Safehold by 308.1% in the 4th quarter. Invesco Ltd. now owns 646,222 shares of the company’s stock worth $11,942,000 after purchasing an additional 487,886 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Safehold in the 4th quarter worth approximately $3,414,000. Barclays PLC lifted its holdings in shares of Safehold by 6.7% in the 4th quarter. Barclays PLC now owns 91,652 shares of the company’s stock worth $1,693,000 after purchasing an additional 5,720 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Safehold in the 4th quarter worth approximately $489,000. Institutional investors own 70.38% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SAFE. JPMorgan Chase & Co. cut their price target on Safehold from $20.00 to $19.00 and set a “neutral” rating on the stock in a report on Wednesday, July 9th. Morgan Stanley reduced their price objective on Safehold from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 29th. Truist Financial reduced their price objective on Safehold from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Monday, May 19th. JMP Securities reduced their price objective on Safehold from $32.00 to $28.00 and set a “market outperform” rating for the company in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group reduced their price objective on Safehold from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $21.89.

Safehold Stock Performance

SAFE opened at $15.25 on Monday. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 10.66, a price-to-earnings-growth ratio of 1.50 and a beta of 1.83. The company has a debt-to-equity ratio of 1.85, a current ratio of 36.02 and a quick ratio of 36.02. Safehold Inc. has a 1-year low of $13.43 and a 1-year high of $28.80. The business has a 50 day moving average price of $15.11 and a two-hundred day moving average price of $16.07.

Safehold (NYSE:SAFE) last released its earnings results on Tuesday, August 5th. The company reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $93.84 million during the quarter, compared to the consensus estimate of $94.05 million. Safehold had a return on equity of 4.70% and a net margin of 27.45%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. Research analysts predict that Safehold Inc. will post 1.58 EPS for the current fiscal year.

Safehold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.177 dividend. This represents a $0.71 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Monday, June 30th. Safehold’s dividend payout ratio is 49.65%.

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.