Safehold Inc. (NYSE:SAFE – Get Rating) announced a quarterly dividend on Thursday, June 16, reports The Wall Street Journal. Shareholders of record on Thursday, June 30 will receive a dividend of 0.177 per share on Friday, July 15. This represents an annualized dividend of $0.71 and a dividend yield of 2.03%. The ex-dividend date is Wednesday, June 29. This is an increase from Safehold’s previous quarterly dividend of $0.17.
Safehold has increased its dividend payout by an average of 3.9% per year over the past three years and has increased its dividend every year for the past 3 years. Safehold has a payout ratio of 36.8%, which means its dividend is sufficiently covered by earnings. Research analysts expect Safehold to earn $1.86 per share next year, meaning the company should continue to be able to cover its $0.68 annual dividend with a payout ratio. expected future of 36.6%.
Shares of NYSE:SAFE traded down $1.35 in Thursday’s midday session, hitting $34.94. 209,377 shares were traded, against an average volume of 232,920. The stock has a market capitalization of $2.16 billion, a price-earnings ratio of 23.91 and a beta of 0.06. The company’s 50-day moving average price is $44.32 and its 200-day moving average price is $57.73. Safehold has a 12-month low of $34.47 and a 12-month high of $95.29.
Safehold (NYSE:SAFE – Get Rating) last released its quarterly results on Thursday, April 21. The company reported earnings per share of $0.43 for the quarter, beating the consensus estimate of $0.42 by $0.01. Safehold had a return on equity of 4.78% and a net margin of 39.77%. The company posted revenue of $60.40 million for the quarter, compared to $59.38 million expected by analysts. In the same period a year earlier, the company posted earnings per share of $0.32. The company’s quarterly revenue increased by 38.9% compared to the same quarter last year. Research analysts expect Safehold to post 1.7 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently increased or reduced their holdings in SAFE. BlackRock Inc. increased its stake in Safehold by 0.9% in Q1. BlackRock Inc. now owns 2,884,020 shares of the company valued at $159,921,000 after purchasing an additional 24,790 shares during the period. State Street Corp increased its stake in shares of Safehold by 21.5% in the 1st quarter. State Street Corp now owns 982,513 shares of the company valued at $54,645,000 after acquiring an additional 173,541 shares last quarter. Geode Capital Management LLC increased its equity stake in Safehold by 11.6% in the 4th quarter. Geode Capital Management LLC now owns 358,365 shares of the company valued at $28,615,000 after acquiring an additional 37,320 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Safehold by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 187,299 shares of the company valued at $10,385,000 after acquiring 1,511 additional shares last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Safehold shares by 2.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 182,675 shares of the company valued at $10,130,000 after acquiring an additional 5,164 shares last quarter. 25.61% of the shares are held by institutional investors and hedge funds.
Several analysts have recently commented on SAFE shares. TheStreet upgraded Safehold from a “b-” to a “c+” rating in a Monday, April 18 report. Truist Financial cut its target price on Safehold from $68.00 to $46.00 and gave the stock an “na” rating in a Monday, May 16 report. B. Riley reduced his target price on Safehold from $110.00 to $80.00 in a Tuesday, April 26 report. Morgan Stanley cut its price target on Safehold from $150.00 to $140.00 and set an “overweight” rating on the stock in a Tuesday, March 15 report. Finally, JPMorgan Chase & Co. cut its price target on Safehold from $66.00 to $52.00 in a Wednesday, May 18 report. One research analyst has assigned the stock a hold rating and two have issued the company’s stock a buy rating. According to MarketBeat.com, Safehold has a consensus rating of “Buy” and a consensus target price of $78.60.
Safehold Company Profile (Get a rating)
Safehold Inc (NYSE:SAFE) is revolutionizing real estate ownership by providing owners with a new and better way to unlock the value of the land beneath their buildings. With its modern land lease solution, Safehold helps owners of high-quality multi-family, office, industrial, hotel and mixed-use properties in major U.S. markets generate higher returns with less risk.
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