Safety Insurance Group (NASDAQ:SAFT) Sets New 52-Week High – Here’s Why

Safety Insurance Group, Inc. (NASDAQ:SAFT) hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $103.90 and last traded at $103.8220, with a volume of 117045 shares. The stock had previously closed at $103.58.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SAFT shares. Wall Street Zen raised shares of Safety Insurance Group from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Weiss Ratings raised shares of Safety Insurance Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 17th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Safety Insurance Group Trading Up 0.2%

The company has a fifty day moving average of $102.82 and a 200-day moving average of $83.69. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 22.37 and a beta of 0.16. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.06.

Safety Insurance Group (NASDAQ:SAFT) last released its earnings results on Wednesday, August 5th. The insurance provider reported $2.03 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.03. The business had revenue of $325.68 million for the quarter, compared to the consensus estimate of $325.68 million. Safety Insurance Group had a return on equity of 7.23% and a net margin of 5.33%. As a group, equities research analysts anticipate that Safety Insurance Group, Inc. will post 4.75 earnings per share for the current fiscal year.

Safety Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 1st. Safety Insurance Group’s payout ratio is 79.31%.

Insider Activity at Safety Insurance Group

In other news, major shareholder Corp Srb sold 1,240,352 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $103.07, for a total value of $127,843,080.64. Following the transaction, the insider directly owned 473,387 shares of the company’s stock, valued at approximately $48,791,998.09. This trade represents a 72.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 1,316,109 shares of company stock valued at $134,654,987 in the last ninety days. 2.20% of the stock is owned by corporate insiders.

Institutional Trading of Safety Insurance Group

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Safety Insurance Group in the 2nd quarter worth approximately $171,385,000. Dimensional Fund Advisors LP grew its position in shares of Safety Insurance Group by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 711,806 shares of the insurance provider’s stock valued at $51,708,000 after purchasing an additional 3,319 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Safety Insurance Group in the second quarter valued at approximately $10,513,000. Renaissance Technologies LLC increased its holdings in shares of Safety Insurance Group by 0.3% in the first quarter. Renaissance Technologies LLC now owns 140,400 shares of the insurance provider’s stock valued at $10,199,000 after purchasing an additional 400 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Safety Insurance Group by 2.0% during the first quarter. Principal Financial Group Inc. now owns 72,384 shares of the insurance provider’s stock worth $5,258,000 after buying an additional 1,406 shares in the last quarter. Institutional investors and hedge funds own 81.04% of the company’s stock.

About Safety Insurance Group

Safety Insurance Group, Inc is a property and casualty insurance holding company headquartered in Boston, Massachusetts. Through its insurance subsidiaries, the company provides personal and commercial insurance products primarily through a network of independent agents.

Its personal insurance offerings include private-passenger automobile, homeowners, dwelling fire, and umbrella coverage. Safety also provides commercial automobile, business owners, commercial property, and workers’ compensation insurance for businesses and other organizations.

Founded in 1979, Safety Insurance Group primarily serves customers in Massachusetts, New Hampshire, and Maine.