Zacks Investment Research Downgrades Safety Income & Growth (SAFE) to Strong Sell

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Zacks Investment Research cut shares of Safety Income & Growth (NYSE:SAFE) from a hold rating to a strong sell rating in a research report released on Wednesday morning, Zacks.com reports.

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. “

Other research analysts also recently issued reports about the stock. ValuEngine upgraded shares of Safety Income & Growth from a hold rating to a buy rating in a research note on Tuesday, February 19th. Barclays upgraded shares of Safety Income & Growth from an equal weight rating to an overweight rating and upped their target price for the company from $21.00 to $22.00 in a research note on Monday, February 4th.

Safety Income & Growth stock opened at $23.17 on Wednesday. Safety Income & Growth has a 52-week low of $16.13 and a 52-week high of $23.56. The firm has a market capitalization of $421.81 million, a PE ratio of 36.20 and a beta of 0.17.

Safety Income & Growth (NYSE:SAFE) last released its quarterly earnings data on Thursday, February 14th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). Safety Income & Growth had a return on equity of 3.22% and a net margin of 23.61%. The business had revenue of $14.81 million during the quarter, compared to analyst estimates of $12.74 million. Research analysts forecast that Safety Income & Growth will post 1.24 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.60 annualized dividend and a dividend yield of 2.59%. Safety Income & Growth’s dividend payout ratio (DPR) is presently 93.75%.

In other news, major shareholder Istar Inc. bought 8,180 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was acquired at an average cost of $19.13 per share, for a total transaction of $156,483.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 104,663 shares of company stock valued at $2,169,820 over the last 90 days. Insiders own 1.21% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of SAFE. Vanguard Group Inc boosted its stake 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 during the last quarter. Vanguard Group Inc. boosted its stake 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 during the last quarter. Renaissance Technologies LLC bought a new position in Safety Income & Growth during the 3rd quarter valued at $1,026,000. GSA Capital Partners LLP bought a new position in Safety Income & Growth during the 3rd quarter valued at $328,000. Finally, State of New Jersey Common Pension Fund D boosted its stake in Safety Income & Growth by 4.4% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 418,916 shares of the company’s stock valued at $7,880,000 after acquiring an additional 17,500 shares during the last quarter. Hedge funds and other institutional investors own 34.63% of the company’s stock.

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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