Wedbush Has Negative Outlook for Safehold FY2024 Earnings

Safehold Inc. (NYSE:SAFE - Free Report) - Investment analysts at Wedbush lowered their FY2024 earnings per share estimates for shares of Safehold in a research report issued on Monday, November 4th. Wedbush analyst R. Anderson now expects that the company will post earnings per share of $1.55 for the year, down from their previous estimate of $1.56. Wedbush currently has a "Neutral" rating and a $23.00 price target on the stock. The consensus estimate for Safehold's current full-year earnings is $1.57 per share. Wedbush also issued estimates for Safehold's Q4 2024 earnings at $0.34 EPS, Q3 2025 earnings at $0.39 EPS, Q4 2025 earnings at $0.39 EPS and FY2025 earnings at $1.61 EPS.

Several other analysts also recently weighed in on SAFE. Mizuho lifted their target price on Safehold from $20.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. JMP Securities reaffirmed a "market outperform" rating and set a $35.00 target price on shares of Safehold in a research note on Tuesday, October 29th. Royal Bank of Canada lifted their target price on Safehold from $30.00 to $31.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Raymond James upgraded Safehold from a "market perform" rating to an "outperform" rating and set a $34.00 price target on the stock in a research report on Thursday, September 19th. Finally, The Goldman Sachs Group lowered their price target on Safehold from $38.00 to $30.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Safehold presently has an average rating of "Moderate Buy" and an average target price of $28.22.

Safehold Stock Performance

Safehold stock traded down $0.01 during mid-day trading on Thursday, hitting $20.56. 446,810 shares of the company's stock traded hands, compared to its average volume of 348,664. The firm has a 50 day moving average price of $24.70 and a 200 day moving average price of $22.03. The company has a quick ratio of 37.83, a current ratio of 37.83 and a debt-to-equity ratio of 1.85. The company has a market cap of $1.47 billion, a PE ratio of 12.10 and a beta of 1.68. Safehold has a one year low of $16.27 and a one year high of $28.80.

Safehold (NYSE:SAFE - Get Free Report) last announced its earnings results on Monday, October 28th. The company reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. The firm had revenue of $90.70 million for the quarter, compared to the consensus estimate of $89.45 million. Safehold had a return on equity of 4.79% and a net margin of 32.08%. The firm's revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 EPS.

Safehold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.177 dividend. This represents a $0.71 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Monday, September 30th. Safehold's payout ratio is 41.18%.

Hedge Funds Weigh In On Safehold

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Safehold by 1.8% in the first quarter. Vanguard Group Inc. now owns 7,861,603 shares of the company's stock worth $161,949,000 after buying an additional 141,245 shares during the period. Sei Investments Co. boosted 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 worth $13,381,000 after buying an additional 249,500 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Safehold in the first quarter worth $4,400,000. SG Americas Securities LLC acquired a new stake in shares of Safehold in the first quarter worth $1,979,000. Finally, Angeles Wealth Management LLC acquired a new stake in shares of Safehold in the second quarter worth $585,000. 70.38% of the stock is currently owned by institutional investors and hedge funds.

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.