Safehold (NYSE:SAFE) Shares Gap Up on Earnings Beat

Safehold Inc. (NYSE:SAFE)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. 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 analysts’ consensus estimates of $0.39 by $0.04. The business had revenue of $93.20 million during the quarter, compared to the consensus estimate of $88.20 million. Safehold had a positive return on equity of 4.31% and a negative net margin of 15.59%. Safehold’s quarterly revenue was up 19.0% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share.

Safehold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.177 dividend. This represents a $0.71 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date was Wednesday, March 27th. Safehold’s dividend payout ratio is presently -155.56%.

Analyst Upgrades and Downgrades

SAFE has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price target on shares of Safehold from $23.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. The Goldman Sachs Group lifted their target price on Safehold from $25.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. JMP Securities reissued a “market outperform” rating and set a $35.00 price target on shares of Safehold in a research report on Tuesday. Mizuho decreased their price target on Safehold from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Thursday, March 7th. Finally, Royal Bank of Canada dropped their price objective on Safehold from $32.00 to $29.00 and set an “outperform” rating on the stock in a research note on Wednesday. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.44.

Institutional Investors Weigh In On Safehold

Several hedge funds have recently added to or reduced their stakes in the business. UBS Group AG raised its position in shares of Safehold by 1,002.8% in the fourth quarter. UBS Group AG now owns 2,206,178 shares of the company’s stock valued at $51,625,000 after purchasing an additional 2,006,133 shares during the period. Aew Capital Management L P bought a new position in Safehold in the 4th quarter valued at about $25,605,000. Vanguard Group Inc. lifted its position in Safehold by 11.8% during the third quarter. Vanguard Group Inc. now owns 7,709,773 shares of the company’s stock worth $137,234,000 after acquiring an additional 816,033 shares during the last quarter. Peregrine Capital Management LLC bought a new stake in shares of Safehold during the first quarter worth approximately $7,227,000. Finally, Sei Investments Co. grew its position 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 during the last quarter. Institutional investors and hedge funds own 70.38% of the company’s stock.

Safehold Stock Down 2.6 %

The company has a market cap of $1.37 billion, a price-to-earnings ratio of -42.84 and a beta of 1.48. The firm has a 50-day moving average price of $19.68 and a 200 day moving average price of $20.09. The company has a debt-to-equity ratio of 1.78, a current ratio of 36.61 and a quick ratio of 36.61.

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.