State of Alaska Department of Revenue Trims Stock Holdings in Safehold Inc. (NYSE:SAFE)

Posted by Defense World Staff on Oct 17th, 2023

State of Alaska Department of Revenue reduced its stake in shares of Safehold Inc. (NYSE:SAFE – Free Report) by 13.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 40,449 shares of the company’s stock after selling 6,258 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of Safehold worth $958,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC acquired a new stake in Safehold during the 2nd quarter worth about $3,207,000. Louisiana State Employees Retirement System grew its position in shares of Safehold by 19.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the company’s stock valued at $503,000 after acquiring an additional 3,419 shares during the period. Maryland State Retirement & Pension System acquired a new stake in shares of Safehold during the 2nd quarter valued at about $368,000. State Board of Administration of Florida Retirement System grew its position in shares of Safehold by 33.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 25,867 shares of the company’s stock valued at $760,000 after acquiring an additional 6,439 shares during the period. Finally, Macquarie Group Ltd. grew its position in shares of Safehold by 37.9% during the 1st quarter. Macquarie Group Ltd. now owns 5,505 shares of the company’s stock valued at $162,000 after acquiring an additional 1,513 shares during the period. 71.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Jay Sugarman purchased 65,420 shares of Safehold stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average price of $21.40 per share, with a total value of $1,399,988.00. Following the transaction, the chief executive officer now owns 156,446 shares in the company, valued at $3,347,944.40. The purchase was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 4.50% of the company’s stock.

Safehold Trading Up 3.1 %

SAFE opened at $16.93 on Tuesday. The company has a debt-to-equity ratio of 1.78, a current ratio of 39.19 and a quick ratio of 39.19. The company’s 50 day simple moving average is $19.21 and its two-hundred day simple moving average is $23.63. Safehold Inc. has a 1-year low of $15.72 and a 1-year high of $36.76. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -3.41 and a beta of 1.34.

Safehold (NYSE:SAFE – Get Free Report) last released its earnings results on Tuesday, August 1st. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Safehold had a positive return on equity of 0.35% and a negative net margin of 14.88%. The business had revenue of $85.70 million during the quarter, compared to analysts’ expectations of $82.90 million. The company’s revenue for the quarter was up 41.9% compared to the same quarter last year. During the same period last year, the business earned ($4.00) earnings per share. Analysts expect that Safehold Inc. will post 1.27 EPS for the current fiscal year.

Safehold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were given a dividend of $0.177 per share. This represents a $0.71 annualized dividend and a dividend yield of 4.18%. The ex-dividend date was Thursday, September 28th. Safehold’s payout ratio is presently -14.11%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SAFE shares. Royal Bank of Canada dropped their target price on Safehold from $41.00 to $38.00 and set an “outperform” rating on the stock in a research report on Monday, August 14th. Truist Financial dropped their target price on Safehold from $31.00 to $24.00 and set a “hold” rating on the stock in a research report on Monday, August 21st. Wedbush initiated coverage on Safehold in a report on Tuesday, October 3rd. They issued a “neutral” rating and a $19.00 price objective on the stock. Mizuho lowered their price objective on Safehold from $31.00 to $25.00 in a report on Thursday, August 10th. Finally, B. Riley lowered their price objective on Safehold from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, September 6th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.86.

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About Safehold

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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.