Safety Insurance Group (NASDAQ:SAFT) Sets New 1-Year High on Strong Earnings

Shares of Safety Insurance Group, Inc. (NASDAQ:SAFT) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $103.63 and last traded at $103.50, with a volume of 196696 shares. The stock had previously closed at $103.26.

The insurance provider reported $2.03 EPS for the quarter, topping the consensus estimate of $2.00 by $0.03. Safety Insurance Group had a net margin of 5.33% and a return on equity of 7.23%. The firm had revenue of $325.68 million for the quarter, compared to analysts’ expectations of $325.68 million.

Safety Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.92 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.68 annualized dividend and a yield of 3.6%. Safety Insurance Group’s dividend payout ratio is currently 79.31%.

Analysts Set New Price Targets

SAFT has been the topic of several recent research reports. Weiss Ratings upgraded shares of Safety Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 24th. Zacks Research raised Safety Insurance Group to a “hold” rating in a report on Wednesday, May 27th. Finally, Wall Street Zen upgraded Safety Insurance Group from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Safety Insurance Group presently has an average rating of “Hold”.

Insider Activity

In related news, major shareholder Corp Srb sold 1,240,352 shares of the company’s stock in a transaction that occurred 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 sale, the insider owned 473,387 shares in the company, valued at approximately $48,791,998.09. This represents a 72.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 1,316,109 shares of company stock worth $134,654,987 in the last quarter. 2.20% of the stock is owned by insiders.

Institutional Trading of Safety Insurance Group

Several large investors have recently added to or reduced their stakes in the company. Allworth Financial LP boosted its position in shares of Safety Insurance Group by 74.8% in the fourth quarter. Allworth Financial LP now owns 388 shares of the insurance provider’s stock worth $30,000 after buying an additional 166 shares during the period. Bayban acquired a new position in Safety Insurance Group during the fourth quarter valued at $31,000. PNC Financial Services Group Inc. raised its position in Safety Insurance Group by 62.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 416 shares of the insurance provider’s stock valued at $32,000 after buying an additional 160 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Safety Insurance Group by 1,317.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 496 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 461 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in Safety Insurance Group by 653.0% in the 4th quarter. Parallel Advisors LLC now owns 497 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 431 shares in the last quarter. 81.04% of the stock is owned by institutional investors and hedge funds.

Safety Insurance Group Price Performance

The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 22.31 and a beta of 0.17. The company has a current ratio of 0.41, a quick ratio of 0.39 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $79.73 and a 200 day simple moving average of $76.66.

About Safety Insurance Group

Safety Insurance Group, Inc is a publicly traded property and casualty insurance holding company incorporated in Massachusetts in 1994. Its principal subsidiary, Safety Insurance Company, traces its roots back to 1923 and has since evolved into a regional personal lines insurer. The company is headquartered in Boston, Massachusetts, and trades on the Nasdaq under the symbol SAFT.

Safety Insurance Group focuses primarily on private passenger automobile and homeowners insurance products, along with dwelling fire, umbrella liability, and certain commercial auto coverages.