Safety Income & Growth Inc (SAFE) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its position in Safety Income & Growth Inc (NYSE:SAFE) by 58.2% during the third quarter, Holdings Channel reports. The fund owned 17,400 shares of the company’s stock after purchasing an additional 6,400 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Safety Income & Growth were worth $326,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Paloma Partners Management Co acquired a new position in Safety Income & Growth in the second quarter valued at $222,000. Acadian Asset Management LLC acquired a new position in Safety Income & Growth in the second quarter valued at $230,000. Bank of America Corp DE boosted its holdings in Safety Income & Growth by 21.0% in the second quarter. Bank of America Corp DE now owns 84,134 shares of the company’s stock valued at $1,596,000 after acquiring an additional 14,581 shares during the last quarter. Foundry Partners LLC boosted its holdings in Safety Income & Growth by 7.9% in the third quarter. Foundry Partners LLC now owns 323,530 shares of the company’s stock valued at $6,060,000 after acquiring an additional 23,730 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its holdings in Safety Income & Growth by 3.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 401,416 shares of the company’s stock valued at $7,519,000 after acquiring an additional 15,000 shares during the last quarter. Hedge funds and other institutional investors own 35.19% of the company’s stock.

Shares of Safety Income & Growth stock opened at $19.74 on Friday. Safety Income & Growth Inc has a twelve month low of $15.57 and a twelve month high of $20.17. The firm has a market capitalization of $360.04 million, a P/E ratio of 59.85 and a beta of 0.08.

Safety Income & Growth (NYSE:SAFE) last released its quarterly earnings data on Thursday, October 25th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.17). Safety Income & Growth had a net margin of 14.62% and a return on equity of 1.67%. The company had revenue of $11.64 million during the quarter, compared to analysts’ expectations of $11.76 million. Equities analysts forecast that Safety Income & Growth Inc will post 1.04 EPS for the current fiscal year.

In related news, major shareholder Istar Inc. acquired 3,924 shares of the business’s stock in a transaction on Thursday, September 13th. The shares were bought at an average cost of $16.90 per share, with a total value of $66,315.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired 235,575 shares of company stock worth $4,076,156 over the last three months. 1.21% of the stock is currently owned by corporate insiders.

A number of brokerages recently weighed in on SAFE. Bank of America cut Safety Income & Growth from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $19.50 to $18.50 in a report on Thursday, November 15th. Barclays reiterated a “hold” rating and issued a $21.00 target price on shares of Safety Income & Growth in a report on Friday, August 17th. Finally, Zacks Investment Research cut Safety Income & Growth from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Safety Income & Growth currently has a consensus rating of “Hold” and a consensus target price of $19.50.

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Safety Income & Growth Profile

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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Institutional Ownership by Quarter for Safety Income & Growth (NYSE:SAFE)

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