Geode Capital Management LLC Purchases 40,060 Shares of Safehold Inc (NYSE:SAFE)

Geode Capital Management LLC raised its stake in Safehold Inc (NYSE:SAFE) by 25.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 197,710 shares of the company’s stock after buying an additional 40,060 shares during the period. Geode Capital Management LLC owned about 0.39% of Safehold worth $12,501,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SAFE. Goldman Sachs Group Inc. increased its holdings in shares of Safehold by 640.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,042,041 shares of the company’s stock worth $41,995,000 after buying an additional 901,336 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Safehold by 248.9% in the 1st quarter. Nuveen Asset Management LLC now owns 165,992 shares of the company’s stock worth $10,495,000 after buying an additional 118,420 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Safehold by 6.0% in the 1st quarter. BlackRock Inc. now owns 1,909,754 shares of the company’s stock worth $120,754,000 after buying an additional 108,514 shares during the last quarter. State Street Corp increased its holdings in shares of Safehold by 34.0% in the 1st quarter. State Street Corp now owns 410,496 shares of the company’s stock worth $26,019,000 after buying an additional 104,265 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Safehold by 114.7% in the 4th quarter. Bank of New York Mellon Corp now owns 162,859 shares of the company’s stock valued at $6,564,000 after purchasing an additional 87,019 shares in the last quarter. 24.33% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SAFE opened at $55.85 on Wednesday. The firm has a fifty day simple moving average of $56.50 and a two-hundred day simple moving average of $50.98. Safehold Inc has a twelve month low of $26.61 and a twelve month high of $67.18. The stock has a market capitalization of $2.85 billion, a P/E ratio of 59.42 and a beta of -0.40.

Safehold (NYSE:SAFE) last posted its earnings results on Thursday, April 23rd. The company reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.03). Safehold had a return on equity of 4.39% and a net margin of 34.42%. The company had revenue of $40.20 million during the quarter, compared to analysts’ expectations of $41.24 million. On average, analysts predict that Safehold Inc will post 1.29 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.162 dividend. This represents a $0.65 annualized dividend and a dividend yield of 1.16%. This is a boost from Safehold’s previous quarterly dividend of $0.16. The ex-dividend date is Monday, June 29th. Safehold’s dividend payout ratio (DPR) is currently 69.66%.

A number of equities research analysts have recently issued reports on the stock. SunTrust Banks assumed coverage on shares of Safehold in a research note on Sunday, April 19th. They issued a “hold” rating and a $52.00 price objective for the company. TheStreet raised shares of Safehold from a “c-” rating to a “b” rating in a research note on Monday, June 22nd. Zacks Investment Research raised shares of Safehold from a “sell” rating to a “hold” rating in a research note on Wednesday, June 10th. Berenberg Bank assumed coverage on shares of Safehold in a research report on Tuesday. They set a “buy” rating and a $80.00 price target for the company. Finally, Bank of America assumed coverage on shares of Safehold in a research report on Thursday, June 11th. They set a “buy” rating and a $70.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $55.00.

In related news, major shareholder Istar Inc. bought 1,759,651 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was purchased at an average cost of $57.16 per share, with a total value of $100,581,651.16. Company insiders own 0.53% of the company’s stock.

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.

Further Reading: Short Selling

Institutional Ownership by Quarter for Safehold (NYSE:SAFE)

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