Stock Analysis Report

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Executive Summary

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) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) three land and development properties. More Details

Snowflake Analysis

Established dividend payer and fair value.

Similar Companies

Share Price & News

How has Saul Centers's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: BFS is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: BFS's weekly volatility (7%) has been stable over the past year.

Market Performance

7 Day Return






US Market

1 Year Return






US Market

Return vs Industry: BFS underperformed the US REITs industry which returned -9.9% over the past year.

Return vs Market: BFS underperformed the US Market which returned 22.8% over the past year.

Shareholder returns

7 Day-2.1%2.2%1.4%
30 Day-2.5%1.5%4.9%
90 Day18.1%5.4%14.6%
1 Year-41.2%-45.1%-6.9%-11.1%25.4%22.6%
3 Year-37.6%-46.2%24.6%9.3%46.8%37.0%
5 Year-23.4%-38.1%55.4%23.6%132.0%106.1%

Long-Term Price Volatility Vs. Market

How volatile is Saul Centers's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Saul Centers undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: BFS ($31.29) is trading below our estimate of fair value ($44.72)

Significantly Below Fair Value: BFS is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: BFS is good value based on its PE Ratio (25.1x) compared to the US REITs industry average (38.5x).

PE vs Market: BFS is poor value based on its PE Ratio (25.1x) compared to the US market (21.1x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BFS's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: BFS is overvalued based on its PB Ratio (4x) compared to the US REITs industry average (1.6x).

Next Steps

Future Growth

How is Saul Centers forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Real Estate industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Saul Centers has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

Past Performance

How has Saul Centers performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BFS has high quality earnings.

Growing Profit Margin: BFS's current net profit margins (13%) are lower than last year (16.8%).

Past Earnings Growth Analysis

Earnings Trend: BFS's earnings have grown by 2.7% per year over the past 5 years.

Accelerating Growth: BFS's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BFS had negative earnings growth (-25.7%) over the past year, making it difficult to compare to the REITs industry average (2.9%).

Return on Equity

High ROE: BFS's Return on Equity (12.4%) is considered low.

Next Steps

Financial Health

How is Saul Centers's financial position?

Financial Position Analysis

Short Term Liabilities: BFS's short term assets ($128.4M) exceed its short term liabilities ($50.8M).

Long Term Liabilities: BFS's short term assets ($128.4M) do not cover its long term liabilities ($1.2B).

Debt to Equity History and Analysis

Debt Level: BFS's debt to equity ratio (272.4%) is considered high.

Reducing Debt: BFS's debt to equity ratio has increased from 250.7% to 272.4% over the past 5 years.

Debt Coverage: BFS's debt is not well covered by operating cash flow (7.7%).

Interest Coverage: BFS's interest payments on its debt are not well covered by EBIT (2.2x coverage).

Balance Sheet

Next Steps


What is Saul Centers's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BFS's dividend (6.78%) is higher than the bottom 25% of dividend payers in the US market (1.37%).

High Dividend: BFS's dividend (6.78%) is in the top 25% of dividend payers in the US market (3.86%)

Stability and Growth of Payments

Stable Dividend: BFS's dividends per share have been stable in the past 10 years.

Growing Dividend: BFS's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (69.8%), BFS's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Bernard Saul (87 yo)





Mr. Bernard Francis Saul, II has been Chairman and Chief Executive Officer of Saul Centers Inc., since June 1993 and has been its President since October 1, 2019. Mr. Saul has been the President, Chief Ope...

CEO Compensation Analysis

Compensation vs Market: Bernard's total compensation ($USD268.62K) is below average for companies of similar size in the US market ($USD2.39M).

Compensation vs Earnings: Bernard's compensation has been consistent with company performance over the past year.

Leadership Team

Bernard Saul
$ 14.6m
Scott Schneider
Executive VP28yrsUS$847.92k0.077%
$ 769.4k
Christine Kearns
Executive VP and Chief Legal & Administrative Officer6.75yrsUS$667.93k0%
$ 0
Christopher Netter
Executive Vice President of Retail Leasing23yrsUS$827.65k0.011%
$ 105.1k
John Collich
Senior VP and Chief Acquisitions & Development Officer21yrsUS$742.08k0.16%
$ 1.6m
Willoughby Laycock
Senior VP of Residential & Director1.83yrsUS$53.94k0.010%
$ 102.5k
Joel Friedman
Senior VP & Chief Accounting Officer11.33yrsno data0.045%
$ 447.5k
Ted Koutris
Senior VP & Chief Information Officer2yrsno datano data
Dee Russo
Shareholder Relations Representative9yrsno datano data
Ken Kovach
Senior Vice President of Human Resourcesno datano datano data
Charles Sherren
Senior Vice President of Property Management21yrsno data0.051%
$ 508.0k
Mary Avedesian
Senior Vice President of Acquisitionsno datano datano data


Average Tenure


Average Age

Experienced Management: BFS's management team is seasoned and experienced (16.2 years average tenure).

Board Members

Bernard Saul
$ 14.6m
Willoughby Laycock
Senior VP of Residential & Director1.83yrsUS$53.94k0.010%
$ 102.5k
Philip Caraci
Independent Vice Chairman of the Board17.83yrsUS$149.84k0.54%
$ 5.4m
Mark Sullivan
Independent Director12.75yrsUS$63.74k0.062%
$ 622.9k
John Whitmore
$ 25.7k
John Chapoton
Independent Director18.25yrsUS$63.74k0.030%
$ 302.0k
George Clancy
Independent Director8.83yrsUS$97.54k0.021%
$ 205.9k
Howard Platts
Independent Director8.83yrsUS$79.44k0.0098%
$ 98.3k
James Lansdale
$ 265.0k
Earl Powell
Independent Director2.83yrsUS$63.74k0.0026%
$ 25.7k
Andrew Saul
$ 975.5k


Average Tenure


Average Age

Experienced Board: BFS's board of directors are considered experienced (8.8 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: BFS insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Saul Centers, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Saul Centers, Inc.
  • Ticker: BFS
  • Exchange: NYSE
  • Founded: 1993
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$998.452m
  • Market Cap: US$730.878m
  • Shares outstanding: 31.26m
  • Website: https://www.saulcenters.com

Number of Employees


  • Saul Centers, Inc.
  • 7501 Wisconsin Avenue
  • Suite 1500E
  • Bethesda
  • Maryland
  • 20814
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BFSNYSE (New York Stock Exchange)YesCommon StockUSUSDAug 1993
SA4DB (Deutsche Boerse AG)YesCommon StockDEEURAug 1993
BFS.PRDNYSE (New York Stock Exchange)6.125% PFD CUM DUSUSDJan 2018
BFS.PRENYSE (New York Stock Exchange)6% DP SH PFD EUSUSDSep 2019


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) 50 ...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/22 00:05
End of Day Share Price2021/01/21 00:00
Annual Earnings2019/12/31

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.