Safehold (NYSE:SAFE) Lowered to Strong Sell at Zacks Investment Research

Safehold (NYSE:SAFE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday, 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. “

Several other brokerages have also issued reports on SAFE. ValuEngine upgraded Safehold from a “hold” rating to a “buy” rating in a research report on Wednesday, April 24th. Barclays lowered Safehold from an “overweight” rating to an “underweight” rating and boosted their price objective for the company from $23.00 to $25.00 in a research report on Tuesday. They noted that the move was a valuation call.

Shares of SAFE opened at $33.75 on Wednesday. The company has a 50 day simple moving average of $31.18. Safehold has a 52-week low of $16.13 and a 52-week high of $34.14. The firm has a market cap of $611.04 million, a price-to-earnings ratio of 52.73 and a beta of 0.26.

Safehold (NYSE:SAFE) last issued its quarterly earnings data on Friday, July 26th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.12). Safehold had a net margin of 32.29% and a return on equity of 4.57%. The business had revenue of $19.68 million during the quarter, compared to analyst estimates of $19.77 million. As a group, analysts anticipate that Safehold will post 1.27 EPS for the current fiscal year.

In other news, major shareholder Istar Inc. purchased 8,286 shares of Safehold stock in a transaction on Thursday, May 9th. The stock was purchased at an average price of $26.52 per share, with a total value of $219,744.72. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders purchased a total of 294,548 shares of company stock valued at $8,805,011 over the last quarter. 1.47% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA acquired a new position in Safehold during the 2nd quarter worth approximately $36,000. Nisa Investment Advisors LLC boosted its holdings in shares of Safehold by 83.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,561 shares of the company’s stock valued at $47,000 after buying an additional 711 shares during the last quarter. Barclays PLC boosted its holdings in shares of Safehold by 46.3% in the 4th quarter. Barclays PLC now owns 5,193 shares of the company’s stock valued at $97,000 after buying an additional 1,643 shares during the last quarter. Optimum Investment Advisors acquired a new stake in shares of Safehold in the 2nd quarter valued at approximately $103,000. Finally, Bessemer Group Inc. acquired a new stake in shares of Safehold in the 2nd quarter valued at approximately $184,000. 33.22% of the stock is owned by hedge funds and other institutional investors.

About Safehold

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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