Saul Centers
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Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties which includes (a) 49 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.3 million square feet of leasable area and (b) four land and development properties. The last earnings update was 46 days ago. More info.
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BFS Share Price and Events
7 Day Returns
1 Year Returns
BFS Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Saul Centers (BFS) | 2.1% | 5% | 13.4% | 12.1% | -1.3% | 16.6% |
| US REITs | 0.6% | 1.6% | 5% | 12.9% | 10.5% | 25.8% |
| US Market | 0.3% | 0.4% | 0.6% | 0.7% | 37.2% | 37.4% |
1 Year Return vs Industry and Market
- BFS outperformed the Market in United States of America which returned 0.7% over the past year.
BFS Value
Is Saul Centers undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Saul Centers
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Saul Centers.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 2 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.6% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.5 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.499 (1 + (1- 21%) (58.76%)) |
0.819 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.82 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.819 * 5.96%) |
7.61% |
Discounted Cash Flow Calculation for NYSE:BFS using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Saul Centers is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Saul Centers is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.61%) |
|
|---|---|---|---|
| 2019 | 82.18 | Analyst x2 | 76.37 |
| 2020 | 83.41 | Analyst x3 | 72.03 |
| 2021 | 88.33 | Analyst x1 | 70.88 |
| 2022 | 91.29 | Est @ 3.36% | 68.08 |
| 2023 | 94.18 | Est @ 3.17% | 65.27 |
| 2024 | 97.05 | Est @ 3.04% | 62.49 |
| 2025 | 99.90 | Est @ 2.94% | 59.78 |
| 2026 | 102.78 | Est @ 2.88% | 57.15 |
| 2027 | 105.69 | Est @ 2.84% | 54.62 |
| 2028 | 108.66 | Est @ 2.8% | 52.18 |
| Present value of next 10 years cash flows | $638.83 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $108.66 × (1 + 2.73%) ÷ (7.61% – 2.73%) |
$2,286.55 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $2,286.55 ÷ (1 + 7.61%)10 |
$1,097.95 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $638.83 + $1,097.95 |
$1,736.78 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $1,736.78 / 30.63 |
$56.71 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $56.71 |
| Current discount | Discount to share price of
$57.09
= -1 x ($57.09 - $56.71) / $56.71 |
-0.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Saul Centers is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Saul Centers's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Saul Centers's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $1.76 |
| NYSE:BFS Share Price ** | NYSE (2019-06-17) in USD | $57.09 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.95x |
| United States of America Market PE Ratio | Median Figure of 3,093 Publicly-Listed Companies | 17.68x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Saul Centers.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:BFS Share Price ÷ EPS (both in USD) = 57.09 ÷ 1.76 |
32.5x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Saul Centers is good value based on earnings compared to the US REITs industry average.
- Saul Centers is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Saul Centers's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 32.5x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
5.5%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 142 Publicly-Listed REITs Companies | 2.42x |
| United States of America Market PEG Ratio | Median Figure of 2,125 Publicly-Listed Companies | 1.52x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 32.5x ÷ 5.5% |
5.86x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Saul Centers is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Saul Centers's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $7.91 |
| NYSE:BFS Share Price * | NYSE (2019-06-17) in USD | $57.09 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.87x |
| United States of America Market PB Ratio | Median Figure of 5,245 Publicly-Listed Companies | 1.79x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:BFS Share Price ÷ Book Value per Share (both in USD) = 57.09 ÷ 7.91 |
7.22x |
* Primary Listing of Saul Centers.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Saul Centers is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess Saul Centers's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Saul Centers has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
BFS Future Performance
How is Saul Centers expected to perform in the next 1 to 3 years based on estimates from 2 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Saul Centers's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Saul Centers's earnings growth is positive but not above the United States of America market average.
- Saul Centers's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:BFS Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | 5.5% |
| NYSE:BFS Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | 3.7% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 6.1% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.5% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.8% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 259 | 1 | ||
| 2020-12-31 | 242 | 43 | 2 | |
| 2019-12-31 | 238 | 39 | 1 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 232 | 116 | 40 |
| 2018-12-31 | 228 | 110 | 36 |
| 2018-09-30 | 226 | 104 | 35 |
| 2018-06-30 | 225 | 99 | 33 |
| 2018-03-31 | 225 | 98 | 32 |
| 2017-12-31 | 227 | 103 | 36 |
| 2017-09-30 | 222 | 93 | 36 |
| 2017-06-30 | 219 | 93 | 35 |
| 2017-03-31 | 216 | 89 | 34 |
| 2016-12-31 | 214 | 89 | 33 |
| 2016-09-30 | 216 | 95 | 33 |
| 2016-06-30 | 215 | 94 | 33 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from Saul Centers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | ||||
| 2020-12-31 | ||||
| 2019-12-31 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 1.76 |
| 2018-12-31 | 1.61 |
| 2018-09-30 | 1.58 |
| 2018-06-30 | 1.51 |
| 2018-03-31 | 1.46 |
| 2017-12-31 | 1.64 |
| 2017-09-30 | 1.64 |
| 2017-06-30 | 1.59 |
| 2017-03-31 | 1.56 |
| 2016-12-31 | 1.53 |
| 2016-09-30 | 1.53 |
| 2016-06-30 | 1.55 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if Saul Centers will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Saul Centers's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Saul Centers has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
BFS Past Performance
How has Saul Centers performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Saul Centers's year on year earnings growth rate has been positive over the past 5 years.
- Saul Centers's 1-year earnings growth exceeds its 5-year average (23.3% vs 4.9%)
- Saul Centers's earnings growth has exceeded the US REITs industry average in the past year (23.3% vs 16%).
Earnings and Revenue History
All data from Saul Centers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 231.55 | 39.60 | 18.85 | |
| 2018-12-31 | 227.90 | 35.96 | 18.46 | |
| 2018-09-30 | 225.97 | 35.12 | 18.21 | |
| 2018-06-30 | 225.19 | 33.30 | 18.43 | |
| 2018-03-31 | 224.85 | 32.13 | 18.30 | |
| 2017-12-31 | 227.21 | 35.88 | 18.18 | |
| 2017-09-30 | 221.78 | 35.79 | 18.17 | |
| 2017-06-30 | 218.78 | 34.54 | 17.84 | |
| 2017-03-31 | 215.61 | 33.66 | 17.74 | |
| 2016-12-31 | 214.02 | 32.90 | 17.50 | |
| 2016-09-30 | 215.77 | 32.69 | 17.14 | |
| 2016-06-30 | 214.91 | 33.07 | 16.91 | |
| 2016-03-31 | 213.92 | 32.83 | 16.64 | |
| 2015-12-31 | 209.08 | 30.09 | 16.35 | |
| 2015-09-30 | 205.04 | 27.21 | 16.13 | |
| 2015-06-30 | 203.36 | 26.59 | 16.17 | |
| 2015-03-31 | 203.93 | 32.13 | 16.05 | |
| 2014-12-31 | 203.59 | 32.10 | 15.86 | |
| 2014-09-30 | 204.87 | 33.52 | 15.56 | |
| 2014-06-30 | 203.94 | 32.81 | 15.23 | |
| 2014-03-31 | 200.46 | 23.35 | 15.13 | |
| 2013-12-31 | 197.90 | 11.66 | 14.95 | |
| 2013-09-30 | 196.04 | 6.91 | 14.80 | |
| 2013-06-30 | 193.73 | 4.93 | 14.57 | |
| 2013-03-31 | 192.29 | 5.83 | 14.43 | |
| 2012-12-31 | 190.09 | 14.52 | 14.27 | |
| 2012-09-30 | 188.29 | 19.93 | 14.16 | |
| 2012-06-30 | 183.73 | 17.44 | 14.18 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Saul Centers has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Saul Centers used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
- Saul Centers's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Saul Centers's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Saul Centers has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
BFS Health
How is Saul Centers's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Saul Centers's finances.
The net worth of a company is the difference between its assets and liabilities.
- Saul Centers is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Saul Centers's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Saul Centers Company Filings, last reported 2 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 430.33 | 1,025.72 | 11.46 |
| 2018-12-31 | 425.22 | 1,022.25 | 14.58 |
| 2018-09-30 | 416.80 | 1,013.21 | 9.77 |
| 2018-06-30 | 406.33 | 967.38 | 6.43 |
| 2018-03-31 | 393.36 | 964.69 | 8.98 |
| 2017-12-31 | 393.10 | 958.62 | 10.91 |
| 2017-09-30 | 388.13 | 963.65 | 9.39 |
| 2017-06-30 | 384.46 | 965.36 | 12.40 |
| 2017-03-31 | 379.31 | 971.44 | 9.67 |
| 2016-12-31 | 373.25 | 900.29 | 8.32 |
| 2016-09-30 | 370.01 | 870.51 | 9.84 |
| 2016-06-30 | 366.43 | 860.52 | 10.98 |
| 2016-03-31 | 358.02 | 868.79 | 15.35 |
| 2015-12-31 | 353.73 | 866.51 | 10.00 |
| 2015-09-30 | 348.00 | 873.00 | 8.92 |
| 2015-06-30 | 345.82 | 856.49 | 11.71 |
| 2015-03-31 | 342.99 | 856.45 | 12.12 |
| 2014-12-31 | 339.26 | 857.39 | 12.13 |
| 2014-09-30 | 339.29 | 849.27 | 13.02 |
| 2014-06-30 | 336.66 | 823.35 | 21.83 |
| 2014-03-31 | 320.41 | 817.54 | 15.35 |
| 2013-12-31 | 315.13 | 820.07 | 17.30 |
| 2013-09-30 | 308.60 | 828.72 | 11.70 |
| 2013-06-30 | 302.83 | 829.62 | 12.95 |
| 2013-03-31 | 299.40 | 833.19 | 8.48 |
| 2012-12-31 | 307.29 | 827.78 | 12.13 |
| 2012-09-30 | 298.92 | 834.26 | 33.50 |
| 2012-06-30 | 296.77 | 839.20 | 37.25 |
- Saul Centers's level of debt (237.8%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (255% vs 237.8% today).
- Debt is not well covered by operating cash flow (11.4%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Saul Centers's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Saul Centers has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
BFS Dividends
What is Saul Centers's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Saul Centers
shares you are expected to receive
$74
in your first year as a dividend.
Dividend Amount
- Saul Centers's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
- Saul Centers's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 185 Stocks | 3.7% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2011 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 2.28 | 1.00 |
| 2020-12-31 | 2.14 | 2.00 |
| 2019-12-31 | 2.12 | 2.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-14 | 2.120 | 3.962 |
| 2018-12-06 | 2.120 | 4.040 |
| 2018-09-20 | 2.080 | 4.008 |
| 2018-06-21 | 2.080 | 3.746 |
| 2018-03-15 | 2.080 | 4.180 |
| 2017-12-08 | 2.080 | 3.779 |
| 2017-09-21 | 2.040 | 3.255 |
| 2017-06-22 | 2.040 | 3.407 |
| 2017-03-17 | 2.040 | 3.381 |
| 2016-12-09 | 2.040 | 3.160 |
| 2016-09-22 | 1.880 | 2.961 |
| 2016-06-23 | 1.880 | 2.894 |
| 2016-03-03 | 1.880 | 3.458 |
| 2015-12-03 | 1.720 | 3.408 |
| 2015-09-17 | 1.720 | 3.184 |
| 2015-06-18 | 1.720 | 3.386 |
| 2015-03-05 | 1.720 | 3.232 |
| 2014-12-04 | 1.600 | 2.835 |
| 2014-09-18 | 1.600 | 3.131 |
| 2014-06-19 | 1.600 | 3.264 |
| 2014-03-04 | 1.600 | 3.399 |
| 2013-12-05 | 1.440 | 3.059 |
| 2013-09-19 | 1.440 | 3.031 |
| 2013-06-20 | 1.440 | 3.176 |
| 2013-03-11 | 1.440 | 3.248 |
| 2012-12-06 | 1.440 | 3.336 |
| 2012-09-20 | 1.440 | 3.311 |
| 2012-06-21 | 1.440 | 3.369 |
| 2012-03-08 | 1.440 | 3.583 |
| 2011-12-02 | 1.440 | 4.025 |
| 2011-09-22 | 1.440 | 4.191 |
| 2011-06-23 | 1.440 | 3.935 |
| 2011-03-17 | 1.440 | 3.481 |
| 2010-12-02 | 1.440 | 3.136 |
| 2010-09-23 | 1.440 | 3.317 |
| 2010-06-24 | 1.440 | 3.406 |
| 2010-03-11 | 1.440 | 3.596 |
| 2009-12-04 | 1.440 | 4.224 |
| 2009-09-21 | 1.440 | 4.591 |
| 2009-06-18 | 1.560 | 4.969 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Saul Centers's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.7x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (49x coverage).
Income/ dividend checks
We assess Saul Centers's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Saul Centers afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Saul Centers has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
BFS Management
CEO
| COMPENSATION | $362,464 |
| AGE | 85 |
| TENURE AS CEO | 26 years |
CEO Bio
Mr. Bernard Francis Saul, II, has been the Chairman and Chief Executive Officer of Saul Centers Inc., since June 1993. Mr. Saul has been the President, Chief Operating Officer and Chairman at B.F. Saul Company Inc since 1969. He has been the Chief Executive Officer and Chairman of the Board of Trustees at B.F. Saul Real Estate Investment Trust since 1969. Mr. Saul served as the Chairman, President and Chief Executive Officer of Chevy Chase Preferred Capital Corp since 1996. He served as Chairman and Chief Executive Officer of Chevy Chase Bank, F.S.B from 1969 to 2009. He serves as Chairman of the Board of Dearborn, L.L.C. Mr. Saul is the Chairman of the Board of Directors at Chevy Chase Financial Limited and Chevy Chase Property Company Limited. He serves as a Director at ASB Capital Management LLC. Mr. Saul has been Trustee at B.F. Saul Real Estate Investment Trust since 1964. He serves as Director at Derwood Investment Corporation. He has been a Director of Saul Centers Inc., since June 1993. Mr. Saul also is a Director Emeritus at Colonial Williamsburg Hotel Properties, Inc. and a member of the Folger Shakespeare Library. He is a member of the Trustees Council of the National Gallery of Art, Johns Hopkins Medicine Board and an Honorary Trustee of the Brookings Institute. He served as a Trustee of the National Geographic Society. Mr. Saul is Board of Visitors and Governors of Washington College.
CEO Compensation
- Bernard's compensation has been consistent with company performance over the past year, both up more than 20%.
- Bernard's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Saul Centers management team in years:
- The average tenure for the Saul Centers management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Bernard Saul
Chairman & CEO
$362K
85
26 yrs
James Lansdale
President
$1M
61
5.1 yrs
Scott Schneider
Senior VP
$734K
60
26.4 yrs
Christopher Netter
Senior Vice President of Retail Leasing
$736K
63
21.4 yrs
John Collich
Senior Vice President of Acquisitions & Development
$692K
58
Joel Friedman
Senior VP & Chief Accounting Officer
60
9.8 yrs
Ted Koutris
Senior VP & Chief Information Officer
0.4 yrs
Tina Kearns
Executive VP and Chief Legal & Administrative Officer
58
5.2 yrs
Dee Dee Russo
Shareholder Relations Representative
7.4 yrs
Ken Kovach
Senior Vice President of Human Resources
Board of Directors Tenure
Average tenure and age of the Saul Centers board of directors in years:
- The tenure for the Saul Centers board of directors is about average.
Board of Directors
Bernard Saul
Chairman & CEO
$362K
85
26 yrs
Philip Caraci
Vice Chairman of the Board
$159K
79
16.3 yrs
James Lansdale
President
$1M
61
5 yrs
Willoughby Laycock
Senior VP of Residential & Director
30
0.3 yrs
George Clancy
Director
$67K
74
7.3 yrs
H. Platts
Director
$68K
70
7.3 yrs
Mark Sullivan
Director
$51K
76
11.2 yrs
John Whitmore
Director
$51K
85
26 yrs
John Chapoton
Director
$51K
81
16.7 yrs
Andrew Saul
Director
$51K
52
5 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by Saul Centers insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 03. Jun 19 | Buy | Bernard Saul | Individual | 31. May 19 | 31. May 19 | 750 | $53.77 | $40,328 | ||
| 20. Nov 18 | Sell | Scott Schneider | Individual | 19. Nov 18 | 19. Nov 18 | -805 | $54.04 | $-43,500 | ||
| 29. Aug 18 | Sell | Scott Schneider | Individual | 28. Aug 18 | 28. Aug 18 | -1,433 | $59.67 | $-85,478 | ||
| 28. Aug 18 | Sell | Philip Caraci | Individual | 24. Aug 18 | 24. Aug 18 | -300 | $59.44 | $-17,832 | ||
| 16. Aug 18 | Sell | Philip Caraci | Individual | 15. Aug 18 | 15. Aug 18 | -1,100 | $58.00 | $-63,800 | ||
Management checks
We assess Saul Centers's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Saul Centers has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
BFS News
Simply Wall St News
How Should You Analyze REIT Stock Saul Centers, Inc. (NYSE:BFS)?
View our latest analysis for Saul Centers REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … The ratio is typically calculated using EBIT, but for a REIT stock, it's better to use FFO divided by net interest. … Next Steps: As a REIT, Saul Centers offers some unique characteristics which could help diversify your portfolio.
Simply Wall St - – Full articleIs Now The Time To Put Saul Centers (NYSE:BFS) On Your Watchlist?
If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Saul Centers (NYSE:BFS). … See our latest analysis for Saul Centers Saul Centers's Earnings Per Share Are Growing. … Although Saul Centers certainly looks good to me, I would like it more if insiders were buying up shares.
Simply Wall St - – Full articleA Spotlight On Saul Centers, Inc.'s (NYSE:BFS) Fundamentals
For those interested in understanding where the figures come from and want to see the analysis, take a look at the report on Saul Centers here. … NYSE:BFS Historical Dividend Yield, May 24th 2019 Next Steps: For Saul Centers, I've compiled three important aspects you should further research: Future Outlook: What are well-informed industry analysts predicting for BFS’s future growth? … Take a look at our free research report of analyst consensus for BFS’s outlook.
Simply Wall St - – Full articleBoasting A 15% Return On Equity, Is Saul Centers, Inc. (NYSE:BFS) A Top Quality Stock?
This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.15 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleUpdate: Saul Centers (NYSE:BFS) Stock Gained 16% In The Last Five Years
(NYSE:BFS) has fallen short of that second goal, with a share price rise of 16% over five years, which is below the market return. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over half a decade, Saul Centers managed to grow its earnings per share at 23% a year.
Simply Wall St - – Full articleDoes Saul Centers, Inc.'s (NYSE:BFS) CEO Salary Compare Well With Others?
This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Bernard Saul's Compensation Compare With Similar Sized Companies. … is worth US$1.6b, and total annual CEO compensation is US$362k.
Simply Wall St - – Full articleShould You Invest In Saul Centers, Inc. (NYSE:BFS)?
real estate investment trust (REIT) based in Bethesda, United States. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of BFS’s daily operations
Simply Wall St - – Full articleShould You Investigate Saul Centers, Inc. (NYSE:BFS) At US$57.12?
As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Is there still an opportunity here to buy. … Today I will analyse the most recent data on Saul Centers’s outlook and valuation to see if the opportunity still exists
Simply Wall St - – Full articleIs Saul Centers, Inc. (NYSE:BFS) A High Quality Stock To Own?
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every $1 worth of shareholders' equity, it generated $0.15 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleHave Insiders Been Selling Saul Centers, Inc. (NYSE:BFS) Shares This Year?
So shareholders might well want to know whether insiders have been buying or selling shares in Saul Centers, Inc. … The Last 12 Months Of Insider Transactions At Saul Centers. … In total, Saul Centers insiders sold more than they bought over the last year.
Simply Wall St - – Full articleBFS Company Info
Description
Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties which includes (a) 49 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.3 million square feet of leasable area and (b) four land and development properties. Over 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area.
Details
| Name: | Saul Centers, Inc. |
| BFS | |
| Exchange: | NYSE |
| Founded: | 1993 |
| $1,745,680,860 | |
| $1,301,652,000 | |
| 30,625,980 | |
| Website: | http://www.saulcenters.com |
| Address: |
Saul Centers, Inc. 7501 Wisconsin Avenue, Suite 1500E, Bethesda, Maryland, 20814, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | BFS | Common Stock | New York Stock Exchange | US | USD | 19. Aug 1993 | |
| DB | SA4 | Common Stock | Deutsche Boerse AG | DE | EUR | 19. Aug 1993 | |
| NYSE | BFS.PRC | DEP 1/100 PFD | New York Stock Exchange | US | USD | 05. Feb 2013 | |
| NYSE | BFS.PRD | 6.125% PFD CUM D | New York Stock Exchange | US | USD | 18. Jan 2018 |
Number of employees
Current staff
Industry
| Retail REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/06/17 23:45 |
| End of day share price update: | 2019/06/17 00:00 |
| Last estimates confirmation: | 2019/05/17 |
| Last earnings filing: | 2019/05/02 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
