View Future GrowthSaul Centers 過去の業績過去 基準チェック /16Saul Centersの収益は年間平均-1.8%の割合で減少していますが、 Retail REITs業界の収益は年間 増加しています。収益は年間13.1% 4.7%割合で 増加しています。 Saul Centersの自己資本利益率は10.2%であり、純利益率は8.7%です。主要情報-1.81%収益成長率-2.35%EPS成長率Retail REITs 業界の成長8.45%収益成長率4.71%株主資本利益率10.23%ネット・マージン8.65%前回の決算情報31 Mar 2026最近の業績更新Reported Earnings • May 11First quarter 2026 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2026 results: FFO per share: US$1.0 (up from US$1.02 in 1Q 2025). Revenue: US$78.3m (up 8.9% from 1Q 2025). Funds from operations (FFO): US$25.2m (up 2.4% from 1Q 2025). FFO margin: 32% (down from 34% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.Reported Earnings • Mar 02Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: FFO per share: US$4.0 (down from US$4.43 in FY 2024). Revenue: US$289.8m (up 7.8% from FY 2024). Funds from operations (FFO): US$96.7m (down 9.5% from FY 2024). FFO margin: 33% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Reported Earnings • Nov 07Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: US$0.32 (down from US$0.48 in 3Q 2024). Revenue: US$72.0m (up 7.0% from 3Q 2024). Net income: US$7.69m (down 34% from 3Q 2024). Profit margin: 11% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year.Reported Earnings • Aug 10Second quarter 2025 earnings released: FFO per share: US$1.1 (vs US$1.18 in 2Q 2024)Second quarter 2025 results: FFO per share: US$1.1 (down from US$1.18 in 2Q 2024). Revenue: US$70.8m (up 5.8% from 2Q 2024). Funds from operations (FFO): US$25.4m (down 11% from 2Q 2024). FFO margin: 36% (down from 43% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings.Reported Earnings • May 09First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2025 results: FFO per share: US$1.0 (down from US$1.14 in 1Q 2024). Revenue: US$71.9m (up 7.7% from 1Q 2024). Funds from operations (FFO): US$24.6m (down 11% from 1Q 2024). FFO margin: 34% (down from 41% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.Reported Earnings • Mar 02Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: US$1.64 (down from US$1.73 in FY 2023). Revenue: US$268.8m (up 4.5% from FY 2023). Net income: US$39.5m (down 4.9% from FY 2023). Profit margin: 15% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.すべての更新を表示Recent updatesSeeking Alpha • Jun 10Saul Centers: DC Headwinds Are FadingSummary Saul Centers has rallied 15% since mid-May, benefiting from stabilized DC-area fundamentals and ramping growth projects. BFS delivered Q1 FFO of $0.71, with same-property revenue up 7% and multifamily occupancy at a robust 97.6%. High leverage (55% debt/EV, 8x EBITDA) persists, but deleveraging is expected as new properties scale and contribute to earnings. I maintain a 'hold' rating; shares are near fair value ($36.50), supported by a secure 6.5% dividend and family ownership. Read the full article on Seeking AlphaNew Risk • May 15New major risk - Revenue and earnings growthEarnings have declined by 1.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 1.8% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (8.7% net profit margin).Buy Or Sell Opportunity • May 11Now 21% undervaluedThe stock has been flat over the last 90 days, currently trading at US$34.44. The fair value is estimated to be US$43.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 7.6% in 2 years. Earnings are forecast to grow by 92% in the next 2 years.Reported Earnings • May 11First quarter 2026 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2026 results: FFO per share: US$1.0 (up from US$1.02 in 1Q 2025). Revenue: US$78.3m (up 8.9% from 1Q 2025). Funds from operations (FFO): US$25.2m (up 2.4% from 1Q 2025). FFO margin: 32% (down from 34% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.Major Estimate Revision • Apr 10Consensus EPS estimates fall by 44%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$1.02 to US$0.57 per share. Revenue forecast steady at US$304.2m. Net income forecast to grow 45% next year vs 13% decline forecast for Retail REITs industry in the US. Consensus price target down from US$45.50 to US$43.50. Share price rose 2.4% to US$33.87 over the past week.Buy Or Sell Opportunity • Apr 09Now 20% undervaluedOver the last 90 days, the stock has risen 4.2% to US$33.66. The fair value is estimated to be US$42.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.Upcoming Dividend • Apr 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 April 2026. Payment date: 30 April 2026. Trailing yield: 7.0%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.6%).お知らせ • Mar 24Saul Centers, Inc., Annual General Meeting, May 08, 2026Saul Centers, Inc., Annual General Meeting, May 08, 2026. Location: 7501 wisconsin avenue, bethesda, maryland, United StatesDeclared Dividend • Mar 19Fourth quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th April 2026 Payment date: 30th April 2026 Dividend yield will be 7.1%, which is higher than the industry average of 5.2%.お知らせ • Mar 17Saul Centers Declares Quarterly Dividend on Its Common Stock, Payable on April 30, 2026Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2026, to holders of record on April 15, 2026. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.Buy Or Sell Opportunity • Mar 10Now 20% undervaluedOver the last 90 days, the stock has risen 9.5% to US$34.06. The fair value is estimated to be US$42.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 119% in the next 2 years.Reported Earnings • Mar 02Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: FFO per share: US$4.0 (down from US$4.43 in FY 2024). Revenue: US$289.8m (up 7.8% from FY 2024). Funds from operations (FFO): US$96.7m (down 9.5% from FY 2024). FFO margin: 33% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Upcoming Dividend • Jan 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 January 2026. Payment date: 30 January 2026. Trailing yield: 7.3%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (4.9%).Price Target Changed • Dec 10Price target decreased by 9.3% to US$44.00Down from US$48.50, the current price target is provided by 1 analyst. New target price is 41% above last closing price of US$31.11. Stock is down 23% over the past year. The company is forecast to post earnings per share of US$1.21 for next year compared to US$1.64 last year.Declared Dividend • Dec 08Third quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th January 2026 Payment date: 30th January 2026 Dividend yield will be 7.8%, which is higher than the industry average of 5.2%.お知らせ • Dec 05Saul Centers Declares Quarterly Dividends, Payable on January 30, 2026Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 30, 2026, to holders of record on January 15, 2026. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.お知らせ • Nov 27Saul Centers, Inc. Announces Resignation of John E. Chapoton from the Board of Directors, Effective November 25, 2025On November 25, 2025, John E. Chapoton resigned from the Board of Directors of Saul Centers, Inc. (the “Company”), effective as of the same date. Mr. Chapoton’s resignation is not the result of any disagreement with the Company about its operations, policies or practices.Reported Earnings • Nov 07Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: US$0.32 (down from US$0.48 in 3Q 2024). Revenue: US$72.0m (up 7.0% from 3Q 2024). Net income: US$7.69m (down 34% from 3Q 2024). Profit margin: 11% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year.Upcoming Dividend • Oct 10Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 October 2025. Payment date: 31 October 2025. Trailing yield: 7.8%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (4.9%).Declared Dividend • Sep 26Second quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th October 2025 Payment date: 31st October 2025 Dividend yield will be 7.4%, which is higher than the industry average of 5.2%.お知らせ • Sep 24Saul Centers, Inc. Declares Quarterly Dividend on Common Stock, Payable on October 31, 2025Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on October 31, 2025, to holders of record on October 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.Reported Earnings • Aug 10Second quarter 2025 earnings released: FFO per share: US$1.1 (vs US$1.18 in 2Q 2024)Second quarter 2025 results: FFO per share: US$1.1 (down from US$1.18 in 2Q 2024). Revenue: US$70.8m (up 5.8% from 2Q 2024). Funds from operations (FFO): US$25.4m (down 11% from 2Q 2024). FFO margin: 36% (down from 43% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings.Upcoming Dividend • Jul 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 July 2025. Payment date: 31 July 2025. Trailing yield: 6.9%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (5.0%).Declared Dividend • Jun 16First quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th July 2025 Payment date: 31st July 2025 Dividend yield will be 6.9%, which is higher than the industry average of 5.2%.お知らせ • Jun 13Saul Centers, Inc. Declares Quarterly Dividends on Common Stock, Payable on July 31, 2025Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2025, to holders of record on July 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.Recent Insider Transactions • May 18Chairman & CEO recently bought US$335k worth of stockOn the 14th of May, Bernard Saul bought around 10k shares on-market at roughly US$33.49 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Bernard's only on-market trade for the last 12 months.Reported Earnings • May 09First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2025 results: FFO per share: US$1.0 (down from US$1.14 in 1Q 2024). Revenue: US$71.9m (up 7.7% from 1Q 2024). Funds from operations (FFO): US$24.6m (down 11% from 1Q 2024). FFO margin: 34% (down from 41% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.Buy Or Sell Opportunity • Apr 23Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.1% to US$32.91. The fair value is estimated to be US$41.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 2.5%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to decline by 20% in the next 2 years.Upcoming Dividend • Apr 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 April 2025. Payment date: 30 April 2025. Trailing yield: 7.3%. Within top quartile of American dividend payers (5.1%). Higher than average of industry peers (5.5%).Buy Or Sell Opportunity • Apr 07Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 12% to US$33.05. The fair value is estimated to be US$42.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 2.5%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to decline by 20% in the next 2 years.お知らせ • Mar 26Saul Centers, Inc., Annual General Meeting, May 09, 2025Saul Centers, Inc., Annual General Meeting, May 09, 2025. Location: hyatt regency bethesda, one bethesda metro center, bethesda, maryland, United StatesDeclared Dividend • Mar 10Fourth quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th April 2025 Payment date: 30th April 2025 Dividend yield will be 6.4%, which is higher than the industry average of 5.2%.お知らせ • Mar 07Saul Centers, Inc. Declares Quarterly Dividend, Payable on April 30, 2025Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2025, to holders of record on April 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.Seeking Alpha • Mar 06Saul Centers: Mixed Q4 And DC Headwinds Limit UpsideSummary Saul Centers has underperformed over the past decade, with shares losing 35% and facing headwinds from federal government downsizing in the DC/Baltimore area. The company’s Q4 results were impacted by project accounting, with a significant increase in costs due to the completion of Twinbrook Quarter Phase 1. High occupancy rates are offset by cost inflation and office space weakness, limiting the potential for same property growth and dividend increases. The large Saul family stake and lack of investor outreach hinder institutional demand, making meaningful multiple expansion unlikely; accordingly, shares are rated as a "hold." Read the full article on Seeking AlphaReported Earnings • Mar 02Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: US$1.64 (down from US$1.73 in FY 2023). Revenue: US$268.8m (up 4.5% from FY 2023). Net income: US$39.5m (down 4.9% from FY 2023). Profit margin: 15% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.お知らせ • Jan 17Saul Centers, Inc. Announces Resignation of J. Page Lansdale from Board of DirectorOn January 9, 2025, J. Page Lansdale resigned from the Board of Directors of Saul Centers, Inc. Mr. Lansdale’s resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.Upcoming Dividend • Jan 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 January 2025. Payment date: 31 January 2025. Trailing yield: 6.3%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (4.9%).Price Target Changed • Dec 17Price target increased by 8.0% to US$47.00Up from US$43.50, the current price target is provided by 1 analyst. New target price is 17% above last closing price of US$40.17. Stock is down 0.6% over the past year. The company is forecast to post earnings per share of US$1.71 for next year compared to US$1.73 last year.New Risk • Dec 09New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (4.3% increase in shares outstanding).Declared Dividend • Dec 08Third quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th January 2025 Payment date: 31st January 2025 Dividend yield will be 5.9%, which is higher than the industry average of 5.2%.お知らせ • Dec 06Saul Centers, Inc. Declares Quarterly Dividend, Payable on January 31, 2025Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 31, 2025, to holders of record on January 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.Seeking Alpha • Dec 04Saul Centers: Access To Affluent Shoppers Will Fuel GrowthSummary Saul Centers, a mid-cap REIT, is now trading at a discount, making it an attractive investment for its Washington DC properties. The company has a strong dividend yield of 6% and stable growth potential, primarily through rental rate increases. Saul's high insider ownership and low market communication make it unique, but also slightly riskier due to high leverage. Overall, Saul Centers is a potential buy, especially if it becomes cheaper or shows signs of imminent M&A activity. Read the full article on Seeking AlphaNew Risk • Nov 27New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (4.3% increase in shares outstanding).Reported Earnings • Nov 08Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: US$0.48 (up from US$0.42 in 3Q 2023). Revenue: US$67.3m (up 5.5% from 3Q 2023). Net income: US$11.7m (up 17% from 3Q 2023). Profit margin: 17% (up from 16% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.Upcoming Dividend • Oct 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 October 2024. Payment date: 31 October 2024. Trailing yield: 5.8%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.7%).Declared Dividend • Sep 23Second quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th October 2024 Payment date: 31st October 2024 Dividend yield will be 5.9%, which is higher than the industry average of 5.2%.New Risk • Sep 16New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding).New Risk • Sep 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding).New Risk • Aug 26New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding).Reported Earnings • Aug 02Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: US$0.48 (up from US$0.43 in 2Q 2023). Revenue: US$66.9m (up 5.1% from 2Q 2023). Net income: US$11.6m (up 12% from 2Q 2023). Profit margin: 17% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.Seeking Alpha • Aug 02Saul Centers: A 6% Yielding Shopping Center REIT Great For Income-Oriented InvestorsSummary Saul Centers is a reliable income option for income-oriented investors, offering a decent yield of roughly 6% and solid fundamentals. Despite a flat share price, Saul Centers has strong dividend coverage, growth potential, and an attractive valuation for long-term income-focused investors. The REIT's well-laddered debt maturities, strong dividend profile, and potential for growth make it a solid choice for long-term income investors. Risks with Saul Centers include their upcoming lease expirations in 2025 and their office properties leasing average below their 10-year average. Wall Street rates Saul Centers a strong buy with a price target of $43.50. Read the full article on Seeking AlphaUpcoming Dividend • Jul 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 July 2024. Payment date: 31 July 2024. Trailing yield: 6.4%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (5.3%).Declared Dividend • Jun 24First quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th July 2024 Payment date: 31st July 2024 Dividend yield will be 6.5%, which is higher than the industry average of 5.2%.お知らせ • Jun 21Saul Centers, Inc. Declares Quarterly Dividends on Common Stock, Payable on July 31, 2024Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2024, to holders of record on July 15, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.New Risk • Jun 11New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.4% increase in shares outstanding).Major Estimate Revision • May 15Consensus EPS estimates increase by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$259.5m to US$264.7m. EPS estimate increased from US$1.39 to US$1.59 per share. Net income forecast to shrink 13% next year vs 0.1% decline forecast for Retail REITs industry in the US. Consensus price target of US$43.50 unchanged from last update. Share price rose 3.4% to US$37.31 over the past week.Reported Earnings • May 03First quarter 2024 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2024 results: EPS: US$0.45 (up from US$0.45 in 1Q 2023). Revenue: US$66.7m (up 5.8% from 1Q 2023). Net income: US$13.6m (up 27% from 1Q 2023). Profit margin: 20% (up from 17% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.New Risk • Apr 11New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding).Upcoming Dividend • Apr 05Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 12 April 2024. Payment date: 30 April 2024. Trailing yield: 6.3%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (5.2%).お知らせ • Apr 03Saul Centers, Inc., Annual General Meeting, May 17, 2024Saul Centers, Inc., Annual General Meeting, May 17, 2024, at 11:00 US Eastern Standard Time. Location: Hyatt Regency Bethesda, One Bethesda Maryland United States Agenda: To consider and elect five directors to serve until the annual meeting of stockholders in 2027; to consider and ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024; to consider approve the Company's 2024 Stock Incentive Plan; and to consider other business matters.Declared Dividend • Mar 18Fourth quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 12th April 2024 Payment date: 30th April 2024 Dividend yield will be 6.4%, which is higher than the industry average of 5.2%.お知らせ • Mar 15Saul Centers, Inc. Declares Quarterly Dividends, Payable on April 30, 2024Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2024, to holders of record on April 15, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.Seeking Alpha • Mar 13Saul Centers: An Overlooked Shopping Center REIT Income Investors Should ConsiderSummary Saul Centers is a shopping center REIT with a portfolio of 61 properties, primarily located in the Northeastern US, with a focus on the metropolitan Baltimore/D.C. area. The company has shown resilience in the face of economic challenges, with increased revenue, net income, and FFO year-over-year. Saul Centers is focusing on apartment development, which is expected to strengthen its financials and cater to the growing demand for rentals. The company's balance sheet also remain strong with well-laddered debt maturities, with only $50 million debt maturing in 2024 and even less in 2025. However, they do face a decent amount of leases expiring over the next two years, which account for a sizable portion of annualized base rent. Read the full article on Seeking AlphaNew Risk • Mar 11New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding).Recent Insider Transactions • Mar 10Independent Director recently sold US$236k worth of stockOn the 7th of March, James Lansdale sold around 6k shares on-market at roughly US$37.89 per share. This transaction amounted to 92% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$1.7m more than they sold in the last 12 months.New Risk • Mar 03New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding).Reported Earnings • Mar 01Full year 2023 earnings released: EPS: US$1.73 (vs US$1.63 in FY 2022)Full year 2023 results: EPS: US$1.73 (up from US$1.63 in FY 2022). Revenue: US$257.2m (up 4.6% from FY 2022). Net income: US$41.5m (up 6.4% from FY 2022). Profit margin: 16% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.Upcoming Dividend • Jan 05Upcoming dividend of US$0.59 per share at 6.0% yieldEligible shareholders must have bought the stock before 12 January 2024. Payment date: 31 January 2024. Trailing yield: 6.0%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (5.0%).お知らせ • Dec 08Saul Centers Declares Quarterly Dividend Payable on January 31, 2024Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 31, 2024, to holders of record on January 16, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.お知らせ • Nov 17Saul Centers, Inc. Announces Executive Changes, Effective December 31, 2023On October 12, 2023, Saul Centers, Inc. filed a Current Report on Form 8-K to report that, on October 10, 2023, Christopher H. Netter announced he will retire as Executive Vice President – Leasing of the Company effective December 31, 2023. The Form 8-K is hereby amended to report that, on November 16, 2023, the Company and Mr. Netter entered into a consulting agreement pursuant to which, following his retirement, Mr. Netter will serve as a consultant to the Company from January 1, 2024 through June 30, 2024. During the Consulting Period, the Company will pay Mr. Netter a consulting fee of $470,000 for his services, which will be paid in six equal monthly installments. The Consulting Agreement also provides for certain confidentiality and non-disclosure provisions, and a release of claims for the benefit of the Company. As previously reported, the Company is conducting a retained search for Mr. Netter’s replacement. Zachary Friedlis, Senior Vice President and Director of Retail Leasing, will serve in this role in the interim.Reported Earnings • Nov 03Third quarter 2023 earnings released: EPS: US$0.42 (vs US$0.38 in 3Q 2022)Third quarter 2023 results: EPS: US$0.42 (up from US$0.38 in 3Q 2022). Revenue: US$63.8m (up 4.4% from 3Q 2022). Net income: US$10.0m (up 9.5% from 3Q 2022). Profit margin: 16% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year.お知らせ • Oct 13Saul Centers, Inc. Announces the Resignation of Christopher H. Netter as Executive Vice President – Leasing, Effective December 31, 2023Saul Centers, Inc. announced that on October 10, 2023, Christopher H. Netter tendered his resignation as Executive Vice President – Leasing of the company. Mr. Netter will retire effective December 31, 2023, for personal reasons. The Company intends to commence a retained search for his replacement.Upcoming Dividend • Oct 06Upcoming dividend of US$0.59 per share at 6.8% yieldEligible shareholders must have bought the stock before 13 October 2023. Payment date: 31 October 2023. Trailing yield: 6.8%. Within top quartile of American dividend payers (5.2%). Higher than average of industry peers (6.1%).Recent Insider Transactions • Sep 22Chairman & CEO recently bought US$369k worth of stockOn the 21st of September, Bernard Saul bought around 10k shares on-market at roughly US$36.94 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$1.8m worth in shares.Seeking Alpha • Sep 21Saul Centers: Safe Yield, Attractive UpsideSummary Saul Centers is a retail REIT that focuses on the acquisition, development, and management of shopping centers, as well as mixed-use assets. Despite the lack of specific growth drivers, the market in which it operates along with its resilient tenant base can preserve present profitability. Given its high but safe dividend yield and significant NAV discount, BFS represents a get-paid-to-wait opportunity. Read the full article on Seeking AlphaPrice Target Changed • Aug 13Price target increased by 7.9% to US$41.00Up from US$38.00, the current price target is provided by 1 analyst. New target price is 5.8% above last closing price of US$38.76. Stock is down 23% over the past year. The company posted earnings per share of US$1.63 last year.Recent Insider Transactions • Aug 13Chairman & CEO recently bought US$242k worth of stockOn the 9th of August, Bernard Saul bought around 6k shares on-market at roughly US$37.51 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$1.3m worth in shares.New Risk • Aug 05New minor risk - Dividend sustainabilityThe dividend is not well covered by earnings. Payout ratio: 137% Dividend yield: 6.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Dividend is not well covered by earnings (137% payout ratio).Reported Earnings • Aug 04Second quarter 2023 earnings released: EPS: US$0.43 (vs US$0.43 in 2Q 2022)Second quarter 2023 results: EPS: US$0.43 (up from US$0.43 in 2Q 2022). Revenue: US$63.7m (up 5.7% from 2Q 2022). Net income: US$10.4m (up 1.4% from 2Q 2022). Profit margin: 16% (in line with 2Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Jul 07Upcoming dividend of US$0.59 per share at 6.5% yieldEligible shareholders must have bought the stock before 14 July 2023. Payment date: 31 July 2023. Trailing yield: 6.5%. Within top quartile of American dividend payers (5.0%). Higher than average of industry peers (5.2%).Recent Insider Transactions • May 12President & COO recently bought US$116k worth of stockOn the 9th of May, David Pearson bought around 4k shares on-market at roughly US$33.00 per share. This transaction increased David's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$364k. This was David's only on-market trade for the last 12 months.Reported Earnings • May 06First quarter 2023 earnings released: EPS: US$0.45 (vs US$0.44 in 1Q 2022)First quarter 2023 results: EPS: US$0.45 (up from US$0.44 in 1Q 2022). Revenue: US$63.0m (up 1.5% from 1Q 2022). Net income: US$10.7m (up 1.3% from 1Q 2022). Profit margin: 17% (in line with 1Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Apr 07Upcoming dividend of US$0.59 per share at 6.2% yieldEligible shareholders must have bought the stock before 14 April 2023. Payment date: 28 April 2023. Trailing yield: 6.2%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (5.3%).Recent Insider Transactions • Mar 30Chairman & CEO recently bought US$364k worth of stockOn the 23rd of March, Bernard Saul bought around 10k shares on-market at roughly US$36.35 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$794k worth in shares.Recent Insider Transactions • Mar 24Chairman & CEO recently bought US$104k worth of stockOn the 16th of March, Bernard Saul bought around 3k shares on-market at roughly US$36.84 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$266k. Bernard has been a buyer over the last 12 months, purchasing a net total of US$430k worth in shares.Price Target Changed • Mar 10Price target decreased by 14% to US$42.00Down from US$49.00, the current price target is provided by 1 analyst. New target price is 10% above last closing price of US$38.07. Stock is down 18% over the past year. The company posted earnings per share of US$1.63 last year.Reported Earnings • Mar 03Full year 2022 earnings released: EPS: US$1.63 (vs US$1.57 in FY 2021)Full year 2022 results: EPS: US$1.63 (up from US$1.57 in FY 2021). Revenue: US$245.9m (up 2.8% from FY 2021). Net income: US$39.0m (up 4.9% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Buying Opportunity • Jan 31Now 20% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be US$51.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.8%. Revenue is forecast to grow by 2.3% in a year. Earnings is forecast to grow by 0.1% in the next year.Buying Opportunity • Jan 14Now 20% undervaluedOver the last 90 days, the stock is up 11%. The fair value is estimated to be US$51.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.8%. Revenue is forecast to grow by 2.3% in a year. Earnings is forecast to grow by 0.1% in the next year.Upcoming Dividend • Jan 06Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 13 January 2023. Payment date: 31 January 2023. Trailing yield: 6.1%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (3.9%).Seeking Alpha • Dec 09Saul Centers declares $0.59 dividendSaul Centers (NYSE:BFS) declares $0.59/share quarterly dividend, in line with previous. Forward yield 5.69% Payable Jan. 31; for shareholders of record Jan. 17; ex-div Jan. 13. See BFS Dividend Scorecard, Yield Chart, & Dividend Growth.Price Target Changed • Nov 21Price target decreased to US$49.00Down from US$53.33, the current price target is an average from 3 analysts. New target price is 13% above last closing price of US$43.38. Stock is down 19% over the past year. The company posted earnings per share of US$1.57 last year.Board Change • Nov 16Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 9 highly experienced directors. Senior VP of Residential Design, Market Research & Residential Marketing Initiatives and Director Willoughby Laycock was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Reported Earnings • Nov 09Third quarter 2022 earnings released: EPS: US$0.38 (vs US$0.44 in 3Q 2021)Third quarter 2022 results: EPS: US$0.38 (down from US$0.44 in 3Q 2021). Revenue: US$61.1m (up 1.4% from 3Q 2021). Net income: US$9.15m (down 12% from 3Q 2021). Profit margin: 15% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.Seeking Alpha • Nov 08Saul Centers reports Q3 resultsSaul Centers press release (NYSE:BFS): Q3 FFO of $0.73 per share. GAAP EPS of $0.38 Revenue of $59.95M (+1.5% Y/Y).Upcoming Dividend • Oct 07Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 14 October 2022. Payment date: 31 October 2022. Trailing yield: 6.5%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (4.1%).Seeking Alpha • Sep 22Saul Centers declares $0.59 dividendSaul Centers (NYSE:BFS) declares $0.59/share quarterly dividend, in line with previous. Forward yield 6.05% Payable Oct. 31; for shareholders of record Oct. 17; ex-div Oct. 14. See BFS Dividend Scorecard, Yield Chart, & Dividend Growth.Reported Earnings • Aug 05Second quarter 2022 earnings released: EPS: US$0.43 (vs US$0.42 in 2Q 2021)Second quarter 2022 results: EPS: US$0.43 (up from US$0.42 in 2Q 2021). Revenue: US$60.3m (flat on 2Q 2021). Net income: US$10.2m (up 2.7% from 2Q 2021). Profit margin: 17% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 4.7%, compared to a 7.9% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year.収支内訳Saul Centers の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史NYSE:BFS 収益、費用、利益 ( )USD Millions日付収益収益G+A経費研究開発費31 Mar 262962627031 Dec 252902627030 Sep 252832827030 Jun 252783226031 Mar 252743625031 Dec 242693925030 Sep 242684525030 Jun 242644324031 Mar 242614224031 Dec 232574123030 Sep 232534023030 Jun 232503923031 Mar 232473923031 Dec 222463922030 Sep 222443922030 Jun 222434121031 Mar 222434020031 Dec 212393720030 Sep 212373420030 Jun 212343119031 Mar 212272619031 Dec 202252919030 Sep 202242920030 Jun 202243121031 Mar 202293621031 Dec 192323621030 Sep 192333920030 Jun 192334019031 Mar 192314019031 Dec 182273618030 Sep 182263518030 Jun 182253318031 Mar 182253218031 Dec 172263618030 Sep 172223618030 Jun 172193518031 Mar 172163418031 Dec 162143317030 Sep 162163317030 Jun 162153317031 Mar 162143317031 Dec 152093016030 Sep 152052716030 Jun 1520327160質の高い収益: BFSは 高品質の収益 を持っています。利益率の向上: BFSの現在の純利益率 (8.7%)は、昨年(13%)よりも低くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: BFSの収益は過去 5 年間で年間1.8%減少しました。成長の加速: BFSは過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。収益対業界: BFSは過去 1 年間で収益成長率がマイナス ( -28% ) となったため、 Retail REITs業界平均 ( 38.2% ) と比較することが困難です。株主資本利益率高いROE: BFSの 自己資本利益率 ( 10.2% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YReal-estate 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/06/18 05:44終値2026/06/18 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社の Github ページ でご覧いただけます。また、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Saul Centers, Inc. 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。7 アナリスト機関Jonathan PongBairdChristopher LucasCapital One Securities, Inc.Barry OxfordD.A. Davidson & Co.4 その他のアナリストを表示
Reported Earnings • May 11First quarter 2026 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2026 results: FFO per share: US$1.0 (up from US$1.02 in 1Q 2025). Revenue: US$78.3m (up 8.9% from 1Q 2025). Funds from operations (FFO): US$25.2m (up 2.4% from 1Q 2025). FFO margin: 32% (down from 34% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
Reported Earnings • Mar 02Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: FFO per share: US$4.0 (down from US$4.43 in FY 2024). Revenue: US$289.8m (up 7.8% from FY 2024). Funds from operations (FFO): US$96.7m (down 9.5% from FY 2024). FFO margin: 33% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Reported Earnings • Nov 07Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: US$0.32 (down from US$0.48 in 3Q 2024). Revenue: US$72.0m (up 7.0% from 3Q 2024). Net income: US$7.69m (down 34% from 3Q 2024). Profit margin: 11% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year.
Reported Earnings • Aug 10Second quarter 2025 earnings released: FFO per share: US$1.1 (vs US$1.18 in 2Q 2024)Second quarter 2025 results: FFO per share: US$1.1 (down from US$1.18 in 2Q 2024). Revenue: US$70.8m (up 5.8% from 2Q 2024). Funds from operations (FFO): US$25.4m (down 11% from 2Q 2024). FFO margin: 36% (down from 43% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings.
Reported Earnings • May 09First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2025 results: FFO per share: US$1.0 (down from US$1.14 in 1Q 2024). Revenue: US$71.9m (up 7.7% from 1Q 2024). Funds from operations (FFO): US$24.6m (down 11% from 1Q 2024). FFO margin: 34% (down from 41% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.
Reported Earnings • Mar 02Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: US$1.64 (down from US$1.73 in FY 2023). Revenue: US$268.8m (up 4.5% from FY 2023). Net income: US$39.5m (down 4.9% from FY 2023). Profit margin: 15% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
Seeking Alpha • Jun 10Saul Centers: DC Headwinds Are FadingSummary Saul Centers has rallied 15% since mid-May, benefiting from stabilized DC-area fundamentals and ramping growth projects. BFS delivered Q1 FFO of $0.71, with same-property revenue up 7% and multifamily occupancy at a robust 97.6%. High leverage (55% debt/EV, 8x EBITDA) persists, but deleveraging is expected as new properties scale and contribute to earnings. I maintain a 'hold' rating; shares are near fair value ($36.50), supported by a secure 6.5% dividend and family ownership. Read the full article on Seeking Alpha
New Risk • May 15New major risk - Revenue and earnings growthEarnings have declined by 1.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 1.8% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (8.7% net profit margin).
Buy Or Sell Opportunity • May 11Now 21% undervaluedThe stock has been flat over the last 90 days, currently trading at US$34.44. The fair value is estimated to be US$43.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 7.6% in 2 years. Earnings are forecast to grow by 92% in the next 2 years.
Reported Earnings • May 11First quarter 2026 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2026 results: FFO per share: US$1.0 (up from US$1.02 in 1Q 2025). Revenue: US$78.3m (up 8.9% from 1Q 2025). Funds from operations (FFO): US$25.2m (up 2.4% from 1Q 2025). FFO margin: 32% (down from 34% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
Major Estimate Revision • Apr 10Consensus EPS estimates fall by 44%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$1.02 to US$0.57 per share. Revenue forecast steady at US$304.2m. Net income forecast to grow 45% next year vs 13% decline forecast for Retail REITs industry in the US. Consensus price target down from US$45.50 to US$43.50. Share price rose 2.4% to US$33.87 over the past week.
Buy Or Sell Opportunity • Apr 09Now 20% undervaluedOver the last 90 days, the stock has risen 4.2% to US$33.66. The fair value is estimated to be US$42.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.
Upcoming Dividend • Apr 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 April 2026. Payment date: 30 April 2026. Trailing yield: 7.0%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.6%).
お知らせ • Mar 24Saul Centers, Inc., Annual General Meeting, May 08, 2026Saul Centers, Inc., Annual General Meeting, May 08, 2026. Location: 7501 wisconsin avenue, bethesda, maryland, United States
Declared Dividend • Mar 19Fourth quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th April 2026 Payment date: 30th April 2026 Dividend yield will be 7.1%, which is higher than the industry average of 5.2%.
お知らせ • Mar 17Saul Centers Declares Quarterly Dividend on Its Common Stock, Payable on April 30, 2026Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2026, to holders of record on April 15, 2026. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
Buy Or Sell Opportunity • Mar 10Now 20% undervaluedOver the last 90 days, the stock has risen 9.5% to US$34.06. The fair value is estimated to be US$42.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 119% in the next 2 years.
Reported Earnings • Mar 02Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: FFO per share: US$4.0 (down from US$4.43 in FY 2024). Revenue: US$289.8m (up 7.8% from FY 2024). Funds from operations (FFO): US$96.7m (down 9.5% from FY 2024). FFO margin: 33% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Upcoming Dividend • Jan 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 January 2026. Payment date: 30 January 2026. Trailing yield: 7.3%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (4.9%).
Price Target Changed • Dec 10Price target decreased by 9.3% to US$44.00Down from US$48.50, the current price target is provided by 1 analyst. New target price is 41% above last closing price of US$31.11. Stock is down 23% over the past year. The company is forecast to post earnings per share of US$1.21 for next year compared to US$1.64 last year.
Declared Dividend • Dec 08Third quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th January 2026 Payment date: 30th January 2026 Dividend yield will be 7.8%, which is higher than the industry average of 5.2%.
お知らせ • Dec 05Saul Centers Declares Quarterly Dividends, Payable on January 30, 2026Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 30, 2026, to holders of record on January 15, 2026. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
お知らせ • Nov 27Saul Centers, Inc. Announces Resignation of John E. Chapoton from the Board of Directors, Effective November 25, 2025On November 25, 2025, John E. Chapoton resigned from the Board of Directors of Saul Centers, Inc. (the “Company”), effective as of the same date. Mr. Chapoton’s resignation is not the result of any disagreement with the Company about its operations, policies or practices.
Reported Earnings • Nov 07Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: US$0.32 (down from US$0.48 in 3Q 2024). Revenue: US$72.0m (up 7.0% from 3Q 2024). Net income: US$7.69m (down 34% from 3Q 2024). Profit margin: 11% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year.
Upcoming Dividend • Oct 10Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 October 2025. Payment date: 31 October 2025. Trailing yield: 7.8%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (4.9%).
Declared Dividend • Sep 26Second quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th October 2025 Payment date: 31st October 2025 Dividend yield will be 7.4%, which is higher than the industry average of 5.2%.
お知らせ • Sep 24Saul Centers, Inc. Declares Quarterly Dividend on Common Stock, Payable on October 31, 2025Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on October 31, 2025, to holders of record on October 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
Reported Earnings • Aug 10Second quarter 2025 earnings released: FFO per share: US$1.1 (vs US$1.18 in 2Q 2024)Second quarter 2025 results: FFO per share: US$1.1 (down from US$1.18 in 2Q 2024). Revenue: US$70.8m (up 5.8% from 2Q 2024). Funds from operations (FFO): US$25.4m (down 11% from 2Q 2024). FFO margin: 36% (down from 43% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings.
Upcoming Dividend • Jul 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 July 2025. Payment date: 31 July 2025. Trailing yield: 6.9%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (5.0%).
Declared Dividend • Jun 16First quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th July 2025 Payment date: 31st July 2025 Dividend yield will be 6.9%, which is higher than the industry average of 5.2%.
お知らせ • Jun 13Saul Centers, Inc. Declares Quarterly Dividends on Common Stock, Payable on July 31, 2025Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2025, to holders of record on July 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
Recent Insider Transactions • May 18Chairman & CEO recently bought US$335k worth of stockOn the 14th of May, Bernard Saul bought around 10k shares on-market at roughly US$33.49 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Bernard's only on-market trade for the last 12 months.
Reported Earnings • May 09First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2025 results: FFO per share: US$1.0 (down from US$1.14 in 1Q 2024). Revenue: US$71.9m (up 7.7% from 1Q 2024). Funds from operations (FFO): US$24.6m (down 11% from 1Q 2024). FFO margin: 34% (down from 41% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.
Buy Or Sell Opportunity • Apr 23Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.1% to US$32.91. The fair value is estimated to be US$41.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 2.5%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to decline by 20% in the next 2 years.
Upcoming Dividend • Apr 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 April 2025. Payment date: 30 April 2025. Trailing yield: 7.3%. Within top quartile of American dividend payers (5.1%). Higher than average of industry peers (5.5%).
Buy Or Sell Opportunity • Apr 07Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 12% to US$33.05. The fair value is estimated to be US$42.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 2.5%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to decline by 20% in the next 2 years.
お知らせ • Mar 26Saul Centers, Inc., Annual General Meeting, May 09, 2025Saul Centers, Inc., Annual General Meeting, May 09, 2025. Location: hyatt regency bethesda, one bethesda metro center, bethesda, maryland, United States
Declared Dividend • Mar 10Fourth quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th April 2025 Payment date: 30th April 2025 Dividend yield will be 6.4%, which is higher than the industry average of 5.2%.
お知らせ • Mar 07Saul Centers, Inc. Declares Quarterly Dividend, Payable on April 30, 2025Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2025, to holders of record on April 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
Seeking Alpha • Mar 06Saul Centers: Mixed Q4 And DC Headwinds Limit UpsideSummary Saul Centers has underperformed over the past decade, with shares losing 35% and facing headwinds from federal government downsizing in the DC/Baltimore area. The company’s Q4 results were impacted by project accounting, with a significant increase in costs due to the completion of Twinbrook Quarter Phase 1. High occupancy rates are offset by cost inflation and office space weakness, limiting the potential for same property growth and dividend increases. The large Saul family stake and lack of investor outreach hinder institutional demand, making meaningful multiple expansion unlikely; accordingly, shares are rated as a "hold." Read the full article on Seeking Alpha
Reported Earnings • Mar 02Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: US$1.64 (down from US$1.73 in FY 2023). Revenue: US$268.8m (up 4.5% from FY 2023). Net income: US$39.5m (down 4.9% from FY 2023). Profit margin: 15% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
お知らせ • Jan 17Saul Centers, Inc. Announces Resignation of J. Page Lansdale from Board of DirectorOn January 9, 2025, J. Page Lansdale resigned from the Board of Directors of Saul Centers, Inc. Mr. Lansdale’s resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Upcoming Dividend • Jan 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 January 2025. Payment date: 31 January 2025. Trailing yield: 6.3%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (4.9%).
Price Target Changed • Dec 17Price target increased by 8.0% to US$47.00Up from US$43.50, the current price target is provided by 1 analyst. New target price is 17% above last closing price of US$40.17. Stock is down 0.6% over the past year. The company is forecast to post earnings per share of US$1.71 for next year compared to US$1.73 last year.
New Risk • Dec 09New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (4.3% increase in shares outstanding).
Declared Dividend • Dec 08Third quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th January 2025 Payment date: 31st January 2025 Dividend yield will be 5.9%, which is higher than the industry average of 5.2%.
お知らせ • Dec 06Saul Centers, Inc. Declares Quarterly Dividend, Payable on January 31, 2025Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 31, 2025, to holders of record on January 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
Seeking Alpha • Dec 04Saul Centers: Access To Affluent Shoppers Will Fuel GrowthSummary Saul Centers, a mid-cap REIT, is now trading at a discount, making it an attractive investment for its Washington DC properties. The company has a strong dividend yield of 6% and stable growth potential, primarily through rental rate increases. Saul's high insider ownership and low market communication make it unique, but also slightly riskier due to high leverage. Overall, Saul Centers is a potential buy, especially if it becomes cheaper or shows signs of imminent M&A activity. Read the full article on Seeking Alpha
New Risk • Nov 27New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (4.3% increase in shares outstanding).
Reported Earnings • Nov 08Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: US$0.48 (up from US$0.42 in 3Q 2023). Revenue: US$67.3m (up 5.5% from 3Q 2023). Net income: US$11.7m (up 17% from 3Q 2023). Profit margin: 17% (up from 16% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Oct 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 October 2024. Payment date: 31 October 2024. Trailing yield: 5.8%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.7%).
Declared Dividend • Sep 23Second quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th October 2024 Payment date: 31st October 2024 Dividend yield will be 5.9%, which is higher than the industry average of 5.2%.
New Risk • Sep 16New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding).
New Risk • Sep 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding).
New Risk • Aug 26New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding).
Reported Earnings • Aug 02Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: US$0.48 (up from US$0.43 in 2Q 2023). Revenue: US$66.9m (up 5.1% from 2Q 2023). Net income: US$11.6m (up 12% from 2Q 2023). Profit margin: 17% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.
Seeking Alpha • Aug 02Saul Centers: A 6% Yielding Shopping Center REIT Great For Income-Oriented InvestorsSummary Saul Centers is a reliable income option for income-oriented investors, offering a decent yield of roughly 6% and solid fundamentals. Despite a flat share price, Saul Centers has strong dividend coverage, growth potential, and an attractive valuation for long-term income-focused investors. The REIT's well-laddered debt maturities, strong dividend profile, and potential for growth make it a solid choice for long-term income investors. Risks with Saul Centers include their upcoming lease expirations in 2025 and their office properties leasing average below their 10-year average. Wall Street rates Saul Centers a strong buy with a price target of $43.50. Read the full article on Seeking Alpha
Upcoming Dividend • Jul 08Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 15 July 2024. Payment date: 31 July 2024. Trailing yield: 6.4%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (5.3%).
Declared Dividend • Jun 24First quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 15th July 2024 Payment date: 31st July 2024 Dividend yield will be 6.5%, which is higher than the industry average of 5.2%.
お知らせ • Jun 21Saul Centers, Inc. Declares Quarterly Dividends on Common Stock, Payable on July 31, 2024Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2024, to holders of record on July 15, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
New Risk • Jun 11New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.4% increase in shares outstanding).
Major Estimate Revision • May 15Consensus EPS estimates increase by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$259.5m to US$264.7m. EPS estimate increased from US$1.39 to US$1.59 per share. Net income forecast to shrink 13% next year vs 0.1% decline forecast for Retail REITs industry in the US. Consensus price target of US$43.50 unchanged from last update. Share price rose 3.4% to US$37.31 over the past week.
Reported Earnings • May 03First quarter 2024 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2024 results: EPS: US$0.45 (up from US$0.45 in 1Q 2023). Revenue: US$66.7m (up 5.8% from 1Q 2023). Net income: US$13.6m (up 27% from 1Q 2023). Profit margin: 20% (up from 17% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.
New Risk • Apr 11New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding).
Upcoming Dividend • Apr 05Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 12 April 2024. Payment date: 30 April 2024. Trailing yield: 6.3%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (5.2%).
お知らせ • Apr 03Saul Centers, Inc., Annual General Meeting, May 17, 2024Saul Centers, Inc., Annual General Meeting, May 17, 2024, at 11:00 US Eastern Standard Time. Location: Hyatt Regency Bethesda, One Bethesda Maryland United States Agenda: To consider and elect five directors to serve until the annual meeting of stockholders in 2027; to consider and ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024; to consider approve the Company's 2024 Stock Incentive Plan; and to consider other business matters.
Declared Dividend • Mar 18Fourth quarter dividend of US$0.59 announcedDividend of US$0.59 is the same as last year. Ex-date: 12th April 2024 Payment date: 30th April 2024 Dividend yield will be 6.4%, which is higher than the industry average of 5.2%.
お知らせ • Mar 15Saul Centers, Inc. Declares Quarterly Dividends, Payable on April 30, 2024Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2024, to holders of record on April 15, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
Seeking Alpha • Mar 13Saul Centers: An Overlooked Shopping Center REIT Income Investors Should ConsiderSummary Saul Centers is a shopping center REIT with a portfolio of 61 properties, primarily located in the Northeastern US, with a focus on the metropolitan Baltimore/D.C. area. The company has shown resilience in the face of economic challenges, with increased revenue, net income, and FFO year-over-year. Saul Centers is focusing on apartment development, which is expected to strengthen its financials and cater to the growing demand for rentals. The company's balance sheet also remain strong with well-laddered debt maturities, with only $50 million debt maturing in 2024 and even less in 2025. However, they do face a decent amount of leases expiring over the next two years, which account for a sizable portion of annualized base rent. Read the full article on Seeking Alpha
New Risk • Mar 11New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding).
Recent Insider Transactions • Mar 10Independent Director recently sold US$236k worth of stockOn the 7th of March, James Lansdale sold around 6k shares on-market at roughly US$37.89 per share. This transaction amounted to 92% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$1.7m more than they sold in the last 12 months.
New Risk • Mar 03New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding).
Reported Earnings • Mar 01Full year 2023 earnings released: EPS: US$1.73 (vs US$1.63 in FY 2022)Full year 2023 results: EPS: US$1.73 (up from US$1.63 in FY 2022). Revenue: US$257.2m (up 4.6% from FY 2022). Net income: US$41.5m (up 6.4% from FY 2022). Profit margin: 16% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Jan 05Upcoming dividend of US$0.59 per share at 6.0% yieldEligible shareholders must have bought the stock before 12 January 2024. Payment date: 31 January 2024. Trailing yield: 6.0%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (5.0%).
お知らせ • Dec 08Saul Centers Declares Quarterly Dividend Payable on January 31, 2024Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 31, 2024, to holders of record on January 16, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter.
お知らせ • Nov 17Saul Centers, Inc. Announces Executive Changes, Effective December 31, 2023On October 12, 2023, Saul Centers, Inc. filed a Current Report on Form 8-K to report that, on October 10, 2023, Christopher H. Netter announced he will retire as Executive Vice President – Leasing of the Company effective December 31, 2023. The Form 8-K is hereby amended to report that, on November 16, 2023, the Company and Mr. Netter entered into a consulting agreement pursuant to which, following his retirement, Mr. Netter will serve as a consultant to the Company from January 1, 2024 through June 30, 2024. During the Consulting Period, the Company will pay Mr. Netter a consulting fee of $470,000 for his services, which will be paid in six equal monthly installments. The Consulting Agreement also provides for certain confidentiality and non-disclosure provisions, and a release of claims for the benefit of the Company. As previously reported, the Company is conducting a retained search for Mr. Netter’s replacement. Zachary Friedlis, Senior Vice President and Director of Retail Leasing, will serve in this role in the interim.
Reported Earnings • Nov 03Third quarter 2023 earnings released: EPS: US$0.42 (vs US$0.38 in 3Q 2022)Third quarter 2023 results: EPS: US$0.42 (up from US$0.38 in 3Q 2022). Revenue: US$63.8m (up 4.4% from 3Q 2022). Net income: US$10.0m (up 9.5% from 3Q 2022). Profit margin: 16% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year.
お知らせ • Oct 13Saul Centers, Inc. Announces the Resignation of Christopher H. Netter as Executive Vice President – Leasing, Effective December 31, 2023Saul Centers, Inc. announced that on October 10, 2023, Christopher H. Netter tendered his resignation as Executive Vice President – Leasing of the company. Mr. Netter will retire effective December 31, 2023, for personal reasons. The Company intends to commence a retained search for his replacement.
Upcoming Dividend • Oct 06Upcoming dividend of US$0.59 per share at 6.8% yieldEligible shareholders must have bought the stock before 13 October 2023. Payment date: 31 October 2023. Trailing yield: 6.8%. Within top quartile of American dividend payers (5.2%). Higher than average of industry peers (6.1%).
Recent Insider Transactions • Sep 22Chairman & CEO recently bought US$369k worth of stockOn the 21st of September, Bernard Saul bought around 10k shares on-market at roughly US$36.94 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$1.8m worth in shares.
Seeking Alpha • Sep 21Saul Centers: Safe Yield, Attractive UpsideSummary Saul Centers is a retail REIT that focuses on the acquisition, development, and management of shopping centers, as well as mixed-use assets. Despite the lack of specific growth drivers, the market in which it operates along with its resilient tenant base can preserve present profitability. Given its high but safe dividend yield and significant NAV discount, BFS represents a get-paid-to-wait opportunity. Read the full article on Seeking Alpha
Price Target Changed • Aug 13Price target increased by 7.9% to US$41.00Up from US$38.00, the current price target is provided by 1 analyst. New target price is 5.8% above last closing price of US$38.76. Stock is down 23% over the past year. The company posted earnings per share of US$1.63 last year.
Recent Insider Transactions • Aug 13Chairman & CEO recently bought US$242k worth of stockOn the 9th of August, Bernard Saul bought around 6k shares on-market at roughly US$37.51 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$1.3m worth in shares.
New Risk • Aug 05New minor risk - Dividend sustainabilityThe dividend is not well covered by earnings. Payout ratio: 137% Dividend yield: 6.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Dividend is not well covered by earnings (137% payout ratio).
Reported Earnings • Aug 04Second quarter 2023 earnings released: EPS: US$0.43 (vs US$0.43 in 2Q 2022)Second quarter 2023 results: EPS: US$0.43 (up from US$0.43 in 2Q 2022). Revenue: US$63.7m (up 5.7% from 2Q 2022). Net income: US$10.4m (up 1.4% from 2Q 2022). Profit margin: 16% (in line with 2Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Jul 07Upcoming dividend of US$0.59 per share at 6.5% yieldEligible shareholders must have bought the stock before 14 July 2023. Payment date: 31 July 2023. Trailing yield: 6.5%. Within top quartile of American dividend payers (5.0%). Higher than average of industry peers (5.2%).
Recent Insider Transactions • May 12President & COO recently bought US$116k worth of stockOn the 9th of May, David Pearson bought around 4k shares on-market at roughly US$33.00 per share. This transaction increased David's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$364k. This was David's only on-market trade for the last 12 months.
Reported Earnings • May 06First quarter 2023 earnings released: EPS: US$0.45 (vs US$0.44 in 1Q 2022)First quarter 2023 results: EPS: US$0.45 (up from US$0.44 in 1Q 2022). Revenue: US$63.0m (up 1.5% from 1Q 2022). Net income: US$10.7m (up 1.3% from 1Q 2022). Profit margin: 17% (in line with 1Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Apr 07Upcoming dividend of US$0.59 per share at 6.2% yieldEligible shareholders must have bought the stock before 14 April 2023. Payment date: 28 April 2023. Trailing yield: 6.2%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (5.3%).
Recent Insider Transactions • Mar 30Chairman & CEO recently bought US$364k worth of stockOn the 23rd of March, Bernard Saul bought around 10k shares on-market at roughly US$36.35 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$794k worth in shares.
Recent Insider Transactions • Mar 24Chairman & CEO recently bought US$104k worth of stockOn the 16th of March, Bernard Saul bought around 3k shares on-market at roughly US$36.84 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$266k. Bernard has been a buyer over the last 12 months, purchasing a net total of US$430k worth in shares.
Price Target Changed • Mar 10Price target decreased by 14% to US$42.00Down from US$49.00, the current price target is provided by 1 analyst. New target price is 10% above last closing price of US$38.07. Stock is down 18% over the past year. The company posted earnings per share of US$1.63 last year.
Reported Earnings • Mar 03Full year 2022 earnings released: EPS: US$1.63 (vs US$1.57 in FY 2021)Full year 2022 results: EPS: US$1.63 (up from US$1.57 in FY 2021). Revenue: US$245.9m (up 2.8% from FY 2021). Net income: US$39.0m (up 4.9% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Buying Opportunity • Jan 31Now 20% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be US$51.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.8%. Revenue is forecast to grow by 2.3% in a year. Earnings is forecast to grow by 0.1% in the next year.
Buying Opportunity • Jan 14Now 20% undervaluedOver the last 90 days, the stock is up 11%. The fair value is estimated to be US$51.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.8%. Revenue is forecast to grow by 2.3% in a year. Earnings is forecast to grow by 0.1% in the next year.
Upcoming Dividend • Jan 06Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 13 January 2023. Payment date: 31 January 2023. Trailing yield: 6.1%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (3.9%).
Seeking Alpha • Dec 09Saul Centers declares $0.59 dividendSaul Centers (NYSE:BFS) declares $0.59/share quarterly dividend, in line with previous. Forward yield 5.69% Payable Jan. 31; for shareholders of record Jan. 17; ex-div Jan. 13. See BFS Dividend Scorecard, Yield Chart, & Dividend Growth.
Price Target Changed • Nov 21Price target decreased to US$49.00Down from US$53.33, the current price target is an average from 3 analysts. New target price is 13% above last closing price of US$43.38. Stock is down 19% over the past year. The company posted earnings per share of US$1.57 last year.
Board Change • Nov 16Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 9 highly experienced directors. Senior VP of Residential Design, Market Research & Residential Marketing Initiatives and Director Willoughby Laycock was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Reported Earnings • Nov 09Third quarter 2022 earnings released: EPS: US$0.38 (vs US$0.44 in 3Q 2021)Third quarter 2022 results: EPS: US$0.38 (down from US$0.44 in 3Q 2021). Revenue: US$61.1m (up 1.4% from 3Q 2021). Net income: US$9.15m (down 12% from 3Q 2021). Profit margin: 15% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
Seeking Alpha • Nov 08Saul Centers reports Q3 resultsSaul Centers press release (NYSE:BFS): Q3 FFO of $0.73 per share. GAAP EPS of $0.38 Revenue of $59.95M (+1.5% Y/Y).
Upcoming Dividend • Oct 07Upcoming dividend of US$0.59 per shareEligible shareholders must have bought the stock before 14 October 2022. Payment date: 31 October 2022. Trailing yield: 6.5%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (4.1%).
Seeking Alpha • Sep 22Saul Centers declares $0.59 dividendSaul Centers (NYSE:BFS) declares $0.59/share quarterly dividend, in line with previous. Forward yield 6.05% Payable Oct. 31; for shareholders of record Oct. 17; ex-div Oct. 14. See BFS Dividend Scorecard, Yield Chart, & Dividend Growth.
Reported Earnings • Aug 05Second quarter 2022 earnings released: EPS: US$0.43 (vs US$0.42 in 2Q 2021)Second quarter 2022 results: EPS: US$0.43 (up from US$0.42 in 2Q 2021). Revenue: US$60.3m (flat on 2Q 2021). Net income: US$10.2m (up 2.7% from 2Q 2021). Profit margin: 17% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 4.7%, compared to a 7.9% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year.