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

Shares of Safehold Inc. (NYSE:SAFE) gapped up prior to trading 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 changing hands.

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

Safehold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.177 dividend. This represents a $0.71 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date was Wednesday, March 27th. Safehold’s payout ratio is presently -87.65%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SAFE. JPMorgan Chase & Co. decreased their price objective on shares of Safehold from $23.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. The Goldman Sachs Group boosted their price target on shares of Safehold from $25.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Royal Bank of Canada reduced their price target on shares of Safehold from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Mizuho dropped their price objective on shares of Safehold from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, March 7th. Finally, JMP Securities started coverage on shares of Safehold in a research note on Tuesday, January 23rd. They set an “outperform” rating and a $35.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.78.

Hedge Funds Weigh In On Safehold

A number of large investors have recently added to or reduced their stakes in SAFE. Vanguard Group Inc. boosted its position in Safehold by 11.8% in the third quarter. Vanguard Group Inc. now owns 7,709,773 shares of the company’s stock valued at $137,234,000 after buying an additional 816,033 shares during the last quarter. UBS Group AG boosted its position in 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 buying an additional 2,006,133 shares during the last quarter. Aew Capital Management L P purchased a new stake in Safehold in the fourth quarter valued at approximately $25,605,000. Mesirow Institutional Investment Management Inc. boosted its position in Safehold by 33.5% in the fourth quarter. Mesirow Institutional Investment Management Inc. now owns 664,542 shares of the company’s stock valued at $15,550,000 after buying an additional 166,846 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Safehold by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 613,450 shares of the company’s stock valued at $14,355,000 after buying an additional 40,556 shares during the last quarter. 70.38% of the stock is currently owned by institutional investors.

Safehold Trading Up 2.4 %

The stock has a 50-day moving average of $19.69 and a 200 day moving average of $20.06. The stock has a market cap of $1.39 billion, a PE ratio of -24.69 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 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.