Safety Income & Growth (NYSE:SAFE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday.
According to Zacks, “Safety, Income and Growth, Inc. acquires, owns, manages, finances and capitalizes ground net leases. Safety, Income and Growth, Inc. is based in New York, United States. “
A number of other research analysts have also recently commented on the company. Barclays reaffirmed a “hold” rating and set a $20.00 target price on shares of Safety Income & Growth in a research note on Sunday, October 14th. Bank of America cut Safety Income & Growth from a “neutral” rating to an “underperform” rating and cut their target price for the company from $19.50 to $18.50 in a research note on Thursday, November 15th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Safety Income & Growth currently has a consensus rating of “Hold” and a consensus target price of $19.50.
Shares of SAFE stock opened at $17.35 on Wednesday. Safety Income & Growth has a 1 year low of $15.57 and a 1 year high of $20.17. The company has a market cap of $324.68 million, a price-to-earnings ratio of 53.97 and a beta of 0.27.
Safety Income & Growth (NYSE:SAFE) last issued its quarterly earnings data on Thursday, October 25th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.17). The company had revenue of $11.64 million for the quarter, compared to analysts’ expectations of $11.76 million. Safety Income & Growth had a net margin of 14.62% and a return on equity of 1.67%. As a group, equities research analysts predict that Safety Income & Growth will post 1.04 EPS for the current year.
In other news, major shareholder Istar Inc. acquired 11,554 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were bought at an average price of $17.87 per share, with a total value of $206,469.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders purchased 210,042 shares of company stock worth $3,963,661. 1.21% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in SAFE. Vanguard Group Inc boosted its position in Safety Income & Growth by 13.6% during the 3rd quarter. Vanguard Group Inc now owns 489,102 shares of the company’s stock valued at $9,161,000 after acquiring an additional 58,531 shares in the last quarter. Vanguard Group Inc. boosted its position in Safety Income & Growth by 13.6% during the 3rd quarter. Vanguard Group Inc. now owns 489,102 shares of the company’s stock valued at $9,161,000 after acquiring an additional 58,531 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Safety Income & Growth during the 3rd quarter valued at $1,026,000. GSA Capital Partners LLP bought a new stake in Safety Income & Growth during the 3rd quarter valued at $328,000. Finally, Pinnacle Associates Ltd. boosted its position in Safety Income & Growth by 58.2% during the 3rd quarter. Pinnacle Associates Ltd. now owns 17,400 shares of the company’s stock valued at $326,000 after acquiring an additional 6,400 shares in the last quarter. 34.88% of the stock is currently owned by institutional investors.
About Safety Income & Growth
Safety, Income & Growth Inc (NYSE:SAFE) is the first publicly traded company focused on ground leases. The Company seeks to provide real estate owners with better, lower cost capital through its modern ground lease structure, while delivering safe, growing income and long-term capital appreciation to its shareholders.
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