Barclays upgraded shares of Safety Income & Growth (NYSE:SAFE) from an equal weight rating to an overweight rating in a research note released on Monday, February 4th, Marketbeat.com reports. They currently have $22.00 target price on the stock, up from their prior target price of $21.00.
SAFE has been the subject of a number of other reports. Zacks Investment Research lowered Safety Income & Growth from a hold rating to a strong sell rating in a report on Wednesday, January 9th. Bank of America lowered 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.
NYSE SAFE traded down $0.16 on Monday, hitting $18.99. 103,349 shares of the company were exchanged, compared to its average volume of 21,663. Safety Income & Growth has a twelve month low of $15.57 and a twelve month high of $20.17. The company has a market cap of $362.23 million, a PE ratio of 29.67 and a beta of 0.06.
Safety Income & Growth (NYSE:SAFE) last released its earnings results on Thursday, February 14th. The company reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.01). Safety Income & Growth had a net margin of 23.61% and a return on equity of 3.22%. The business had revenue of $14.81 million for the quarter, compared to analysts’ expectations of $12.74 million. On average, research analysts forecast that Safety Income & Growth will post 1.36 earnings per share for the current fiscal year.
In related news, major shareholder Istar Inc. bought 7,489 shares of the business’s stock in a transaction on Wednesday, February 27th. The shares were purchased at an average price of $19.42 per share, with a total value of $145,436.38. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders purchased 122,989 shares of company stock worth $2,363,517. 1.21% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc grew its holdings in Safety Income & Growth by 13.6% during the third quarter. Vanguard Group Inc now owns 489,102 shares of the company’s stock valued at $9,161,000 after purchasing an additional 58,531 shares during the period. Vanguard Group Inc. raised its stake in Safety Income & Growth by 13.6% during the third quarter. Vanguard Group Inc. now owns 489,102 shares of the company’s stock worth $9,161,000 after purchasing an additional 58,531 shares during the period. Renaissance Technologies LLC purchased a new position in Safety Income & Growth during the third quarter worth about $1,026,000. Foundry Partners LLC raised its stake in Safety Income & Growth by 7.9% during the third quarter. Foundry Partners LLC now owns 323,530 shares of the company’s stock worth $6,060,000 after purchasing an additional 23,730 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its stake in Safety Income & Growth by 4.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 418,916 shares of the company’s stock worth $7,880,000 after purchasing an additional 17,500 shares during the period. 35.19% of the stock is currently owned by hedge funds and other 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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