Truist 'not overly concerned' by Safehold earnings miss » 10:5607/2207/22/21
Truist analyst Ki Bin Kim…
Truist analyst Ki Bin Kim is "not overly concerned" by the earnings miss reported by Safehold, attributing it to "modeling nuances." Bin Kim says he did not model in the recent bond issuance, which makes up 2c of the miss, and he notes that revenue was lower than modeled despite Safehold executing on more deals than expected. This is likely a timing element of when the deals closed, which should resolve itself by next quarter, Bin Kim tells investors in a research note. He keeps a Hold rating on the shares with a $70 price target.
Safehold reports Q2 EPS 28c, consensus 33c » 07:3307/2207/22/21
Reports Q2 revenue…
Reports Q2 revenue $44.2M, consensus $45.57M. "During Q2, Safehold grew its portfolio by over $200M, while innovatively expanding its suite of products to capture pre-development opportunities," said CEO Jay Sugarman. "With ample liquidity on hand, a robust pipeline, and a lower cost of capital, Safehold is well positioned to continue to drive growth and deliver modern ground lease capital to a broader customer base."
|Over a month ago|
Fly Intel: Top five analyst initiations » 09:5806/2306/23/21
SAFE, CARR, TTGT, CMBM, CEVA
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Safehold (SAFE) initiated with a Buy at B. Riley. 2. Carrier Global (CARR) initiated with a Buy at Deutsche Bank. 3. TechTarget (TTGT) initiated with a Buy at Deutsche Bank. 4. Cambium Networks (CMBM) initiated with an Outperform at Barrington. 5. Ceva (CEVA) initiated with a Neutral at Rosenblatt. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Safehold initiated with a Buy, $100 target at B. Riley » 05:5206/2306/23/21
B. Riley analyst Matt…
B. Riley analyst Matt Howlett last night initiated coverage of Safehold with a Buy rating and $100 price target. The analyst estimates the company creates 40c for every $1 of equity it deploys, or effectively a 40% accretion to its investment. When this "value-creating" operating model is coupled with Safehold's "substantial premium to GAAP book value," a "virtuous cycle" is created in which "substantial accretion can be realized by issuing stock," Howlett tells investors in a research note. He expects Safehold and iStar (STAR) will merge by mid 2023 with Safehold being the surviving entity, "which will likely create further synergies."
Safehold initiated with a Buy at B. Riley » 20:2306/2206/22/21
B. Riley analyst Matthew…
B. Riley analyst Matthew Howlett initiated coverage of Safehold with a Buy rating and $100 price target.
Safehold increases quarterly stock dividend by 4.8% to 17c per share » 07:3606/1406/14/21
Safehold announced that…
Safehold announced that the Company's Board of Directors has declared common stock dividends of 17c per share for the second quarter of 2021. The dividend represents an annualized rate of 68c per share and is payable on July 15 to holders of record on June 30.
Fly Insider: Goedeker, AMC among week's notable insider trades » 14:1806/0706/07/21
SAFE, GOED, FEYE, OPK, ABNB, AFL, AMC
Welcome to "Fly Insider,"…
Safehold announces Jeremy Fox-Green to step down as CFO » 12:2405/0705/07/21
Safehold announced that…
Safehold announced that CFO Jeremy Fox-Geen will be leaving Safehold's manager, iStar Inc., this month to join a company in the cryptocurrency infrastructure space. Jay Sugarman, CEO, commented, "We thank Jeremy for his contributions at Safehold, and wish him well in his next endeavor. Given our strong capital markets and investor relations teams, as well as our deep accounting and tax team, we will not seek a replacement in the near term, while we continue to execute upon our strategy of scaling the ground lease ecosystem and ensuring the full value of our portfolio is recognized by investors."
|Over a quarter ago|
Safehold reports Q1 EPS 32c, consensus 33c » 07:3604/2204/22/21
Reports Q1 revenue…
Reports Q1 revenue $43.5M, consensus $43.02M. "Following our recent investment grade ratings from Moody's and Fitch, Safehold recast a new $1.0 billion revolving credit facility, which will allow us to more efficiently deliver better ground lease capital to our customers," said Jay Sugarman, Chairman and Chief Executive Officer. "With our ample liquidity and growing pipeline, we are excited to see the markets opening up as we continue to lead the expansion of the modern ground lease industry."
Safehold participates in a conference call with Truist » 10:2503/3103/31/21
Conference call with…
Conference call with Chairman & CEO Sugarman will be held on March 31 at 11 am.