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

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

The company reported $0.43 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $88.20 million. During the same quarter in the prior year, the company earned $0.41 EPS. The firm’s revenue was up 19.0% on a year-over-year basis.

Safehold Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Safehold

A number of hedge funds have recently modified their holdings of the company. Illinois Municipal Retirement Fund grew 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 worth $529,000 after purchasing an additional 1,156 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Safehold in the first quarter worth about $1,979,000. Daiwa Securities Group Inc. grew its holdings in shares of Safehold by 7.0% in the first quarter. Daiwa Securities Group Inc. now owns 14,463 shares of the company’s stock worth $298,000 after purchasing an additional 949 shares during the last quarter. Peregrine Capital Management LLC bought a new position in shares of Safehold in the first quarter worth about $7,227,000. Finally, Naviter Wealth LLC grew its holdings in Safehold by 15.9% during the 1st quarter. Naviter Wealth LLC now owns 14,567 shares of the company’s stock worth $303,000 after acquiring an additional 2,000 shares in the last quarter. 70.38% of the stock is currently owned by institutional investors.

Safehold Trading Up 2.4 %

The firm has a market capitalization of $1.39 billion, a PE ratio of -24.69 and a beta of 1.48. The company’s 50-day simple moving average is $19.69 and its 200 day simple moving average is $20.06. 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.