Safety Income & Growth (SAFE) Hits New 12-Month High After Insider Buying Activity

Shares of Safety Income & Growth Inc (NYSE:SAFE) reached a new 52-week high during mid-day trading on Friday after an insider bought additional shares in the company. The stock traded as high as $20.21 and last traded at $20.18, with a volume of 300 shares. The stock had previously closed at $19.93.

Specifically, major shareholder Istar Inc. acquired 7,225 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was purchased at an average cost of $19.42 per share, with a total value of $140,309.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders purchased 116,378 shares of company stock valued at $2,243,208. 1.21% of the stock is owned by corporate insiders.

A number of equities analysts have commented on SAFE shares. ValuEngine upgraded Safety Income & Growth from a “hold” rating to a “buy” rating in a research note on Tuesday, February 19th. Zacks Investment Research upgraded Safety Income & Growth from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 16th. Finally, Barclays upgraded Safety Income & Growth from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $21.00 to $22.00 in a research note on Monday, February 4th.

The company has a market cap of $355.47 million, a P/E ratio of 32.25 and a beta of 0.13.

Safety Income & Growth (NYSE:SAFE) last issued its earnings results on Thursday, February 14th. The company reported $0.24 EPS for the quarter, missing the Zacks’ 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 company had revenue of $14.81 million during the quarter, compared to analyst estimates of $12.74 million. On average, analysts anticipate that Safety Income & Growth Inc will post 1.36 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of SAFE. Pinnacle Associates Ltd. boosted its stake in Safety Income & Growth by 58.2% in the third 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 during the period. GSA Capital Partners LLP acquired a new position in Safety Income & Growth in the third quarter valued at approximately $328,000. Renaissance Technologies LLC acquired a new position in Safety Income & Growth in the third quarter valued at approximately $1,026,000. Vanguard Group Inc. boosted its stake in Safety Income & Growth by 13.6% in the third 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 period. Finally, Vanguard Group Inc boosted its stake in Safety Income & Growth by 13.6% in the third 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 period. Institutional investors own 34.63% of the company’s stock.

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About Safety Income & Growth (NYSE:SAFE)

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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