Shares of Safety Insurance Group, Inc. (NASDAQ:SAFT – Get Free Report) hit a new 52-week high during trading on Monday. The stock traded as high as $104.01 and last traded at $103.97, with a volume of 59,696 shares trading hands. The stock had previously closed at $103.82.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings raised shares of Safety Insurance Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 17th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Safety Insurance Group presently has an average rating of “Moderate Buy”.
Get Our Latest Stock Analysis on SAFT
Safety Insurance Group Trading Up 0.0%
Safety Insurance Group (NASDAQ:SAFT – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.03. The business had revenue of $325.68 million for the quarter, compared to analysts’ expectations of $325.68 million. Safety Insurance Group had a return on equity of 7.23% and a net margin of 5.33%. On average, research analysts predict that Safety Insurance Group, Inc. will post 4.15 EPS for the current year.
Safety Insurance Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 1st. Safety Insurance Group’s dividend payout ratio is 79.31%.
Insider Activity
In related news, major shareholder Corp Srb sold 1,240,352 shares of the firm’s stock in a transaction on 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 completion of 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.20% of the company’s stock.
Institutional Investors Weigh In On Safety Insurance Group
Several institutional investors have recently modified their holdings of SAFT. Sound Income Strategies LLC purchased a new position in Safety Insurance Group during the third quarter worth $220,000. GAMMA Investing LLC lifted its stake in shares of Safety Insurance Group by 21.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,622 shares of the insurance provider’s stock worth $272,000 after acquiring an additional 464 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Safety Insurance Group by 588.3% during the third quarter. Farther Finance Advisors LLC now owns 998 shares of the insurance provider’s stock worth $103,000 after purchasing an additional 853 shares during the last quarter. Engineers Gate Manager LP lifted its position in shares of Safety Insurance Group by 148.0% during the second quarter. Engineers Gate Manager LP now owns 11,283 shares of the insurance provider’s stock worth $845,000 after purchasing an additional 6,733 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in Safety Insurance Group during the 2nd quarter valued at about $118,000. 81.04% of the stock is owned by institutional investors.
About Safety Insurance Group
Safety Insurance Group, Inc (NASDAQ:SAFT) is an insurance holding company headquartered in Boston, Massachusetts. Through its subsidiaries, including Safety Insurance Company, the company provides property and casualty insurance products to individuals and businesses.
Its principal offerings include private passenger and commercial automobile insurance, homeowners insurance, businessowners policies, dwelling fire coverage, umbrella insurance and workers’ compensation insurance. Safety distributes its products primarily through a network of independent insurance agents and provides related policy administration and claims services.
The company primarily serves customers in New England, with operations focused on Massachusetts, New Hampshire and Maine.
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