Zacks Investment Research Lowers Safehold (NYSE:SAFE) to Sell

Zacks Investment Research lowered shares of Safehold (NYSE:SAFE) from a hold rating to a sell rating in a research report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Safety, Income and Growth, Inc. acquires, owns, manages, finances and capitalizes ground net leases. Safety, Income and Growth, Inc. is based in New York, United States. “

A number of other brokerages also recently weighed in on SAFE. Bank of America started coverage on shares of Safehold in a report on Thursday, June 11th. They issued a buy rating and a $70.00 price target on the stock. Berenberg Bank began coverage on Safehold in a research note on Tuesday, June 30th. They issued a buy rating and a $80.00 price objective on the stock. SunTrust Banks began coverage on Safehold in a research note on Sunday, April 19th. They issued a hold rating and a $52.00 price objective on the stock. Finally, TheStreet upgraded Safehold from a c- rating to a b rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Safehold presently has a consensus rating of Hold and an average price target of $55.00.

SAFE opened at $52.77 on Wednesday. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 51.43 and a beta of -0.40. The firm’s fifty day moving average price is $57.91 and its two-hundred day moving average price is $51.81. Safehold has a 1 year low of $26.61 and a 1 year high of $67.18.

Safehold (NYSE:SAFE) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.03). The company had revenue of $40.20 million during the quarter, compared to analysts’ expectations of $41.24 million. Safehold had a return on equity of 4.39% and a net margin of 34.42%. As a group, sell-side analysts forecast that Safehold will post 1.29 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.162 per share. This is a positive change from Safehold’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Monday, June 29th. This represents a $0.65 annualized dividend and a dividend yield of 1.23%. Safehold’s payout ratio is presently 73.03%.

In other Safehold news, major shareholder Istar Inc. acquired 1,759,651 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was bought at an average price of $57.16 per share, with a total value of $100,581,651.16. 0.53% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Capital Analysts LLC bought a new stake in Safehold in the fourth quarter worth $29,000. PNC Financial Services Group Inc. lifted its stake in Safehold by 1,040.9% in the first quarter. PNC Financial Services Group Inc. now owns 753 shares of the company’s stock worth $49,000 after purchasing an additional 687 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in Safehold by 24.2% in the first quarter. Ameritas Investment Partners Inc. now owns 1,102 shares of the company’s stock worth $70,000 after purchasing an additional 215 shares during the last quarter. Advisor Group Inc. lifted its stake in Safehold by 27.4% in the fourth quarter. Advisor Group Inc. now owns 2,484 shares of the company’s stock worth $100,000 after purchasing an additional 534 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Safehold in the first quarter worth $122,000. Institutional investors own 24.33% of the company’s stock.

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. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk.

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