Zacks Investment Research lowered shares of Safety Income & Growth (NYSE:SAFE) from a hold rating to a strong sell rating in a report published on Wednesday morning.

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. “

Several other equities research analysts also recently issued reports on SAFE. Bank of America downgraded shares of Safety Income & Growth from a neutral rating to an underperform rating and lowered their price objective for the stock from $19.50 to $18.50 in a research note on Thursday, November 15th. Barclays restated a hold rating and issued a $20.00 price objective on shares of Safety Income & Growth in a research note on Sunday, October 14th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Safety Income & Growth currently has a consensus rating of Hold and an average target price of $19.50.

Shares of SAFE stock opened at $17.32 on Wednesday. Safety Income & Growth has a 12 month low of $15.57 and a 12 month high of $20.17. The company has a market cap of $316.84 million, a price-to-earnings ratio of 52.67 and a beta of 0.27.

Safety Income & Growth (NYSE:SAFE) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $11.76 million. Equities research analysts forecast that Safety Income & Growth will post 1.04 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.60 annualized dividend and a dividend yield of 3.46%.

In related news, major shareholder Istar Inc. acquired 2,318 shares of the stock in a transaction dated Monday, November 26th. The shares were acquired at an average price of $19.17 per share, for a total transaction of $44,436.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders bought 210,042 shares of company stock worth $3,963,661. 1.21% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Paloma Partners Management Co acquired a new stake in shares of Safety Income & Growth in the second quarter worth $222,000. Pinnacle Associates Ltd. boosted its stake in Safety Income & Growth by 58.2% during the third quarter. Pinnacle Associates Ltd. now owns 17,400 shares of the company’s stock worth $326,000 after buying an additional 6,400 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Safety Income & Growth during the third quarter worth $328,000. Renaissance Technologies LLC acquired a new stake in Safety Income & Growth during the third quarter worth $1,026,000. Finally, Bank of America Corp DE boosted its stake in Safety Income & Growth by 21.0% during the second quarter. Bank of America Corp DE now owns 84,134 shares of the company’s stock worth $1,596,000 after buying an additional 14,581 shares in the last quarter. Institutional investors and hedge funds own 34.88% of the company’s stock.

Safety Income & Growth Company 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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