Allstate Corp Cuts Stake in Safehold Inc. (NYSE:SAFE)

Allstate Corp cut its position in Safehold Inc. (NYSE:SAFE) by 7.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 89,960 shares of the company’s stock after selling 7,286 shares during the period. Allstate Corp’s holdings in Safehold were worth $1,662,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SAFE. Intech Investment Management LLC raised its holdings in Safehold by 76.4% in the 3rd quarter. Intech Investment Management LLC now owns 21,711 shares of the company’s stock worth $569,000 after acquiring an additional 9,400 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Safehold by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 687,718 shares of the company’s stock worth $18,039,000 after purchasing an additional 39,320 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Safehold by 5.8% in the third quarter. Daiwa Securities Group Inc. now owns 14,893 shares of the company’s stock worth $391,000 after purchasing an additional 823 shares during the last quarter. FMR LLC lifted its holdings in shares of Safehold by 24.9% during the third quarter. FMR LLC now owns 5,840 shares of the company’s stock valued at $153,000 after purchasing an additional 1,163 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Safehold by 266.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 349,631 shares of the company’s stock valued at $9,171,000 after purchasing an additional 254,227 shares in the last quarter. Institutional investors own 70.38% of the company’s stock.

Safehold Price Performance

NYSE:SAFE opened at $18.06 on Friday. The business’s 50-day simple moving average is $17.61 and its two-hundred day simple moving average is $20.34. Safehold Inc. has a 52 week low of $15.55 and a 52 week high of $28.80. The stock has a market cap of $1.29 billion, a PE ratio of 12.20 and a beta of 1.75. The company has a quick ratio of 36.59, a current ratio of 36.59 and a debt-to-equity ratio of 1.82.

Safehold (NYSE:SAFE) last issued its earnings results on Wednesday, February 5th. The company reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. Safehold had a return on equity of 4.76% and a net margin of 28.92%. During the same quarter in the prior year, the firm posted $0.36 EPS. As a group, analysts forecast that Safehold Inc. will post 1.58 EPS for the current fiscal year.

Safehold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.177 dividend. This represents a $0.71 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Monday, March 31st. Safehold’s dividend payout ratio (DPR) is presently 47.30%.

Analyst Upgrades and Downgrades

SAFE has been the subject of a number of recent analyst reports. The Goldman Sachs Group decreased their target price on Safehold from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. JMP Securities reissued a “market outperform” rating and set a $35.00 price objective on shares of Safehold in a report on Thursday, February 6th. Morgan Stanley cut shares of Safehold from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $30.00 to $19.00 in a report on Wednesday, January 15th. Finally, Wedbush reiterated a “neutral” rating and set a $19.00 target price (down from $20.00) on shares of Safehold in a research note on Friday, February 7th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $25.56.

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.