Safety Insurance Group (NASDAQ:SAFT) Hits New 1-Year High – Here’s What Happened

Safety Insurance Group, Inc. (NASDAQ:SAFT)’s stock price reached a new 52-week high on Tuesday. The company traded as high as $104.41 and last traded at $104.3750, with a volume of 1,338 shares changing hands. The stock had previously closed at $104.27.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Safety Insurance Group from a “buy (b-)” rating to a “buy (b)” rating in a research report 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy”.

Safety Insurance Group Stock Down 0.1%

The firm has a fifty day moving average price of $103.81 and a 200-day moving average price of $85.81. The company has a quick ratio of 0.41, a current ratio of 0.39 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 21.91 and a beta of 0.17.

Safety Insurance Group (NASDAQ:SAFT) last issued its quarterly earnings results on Wednesday, November 4th. The insurance provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.25 by $0.70. Safety Insurance Group had a net margin of 5.46% and a return on equity of 8.09%. The firm had revenue of $327.77 million during the quarter, compared to analyst estimates of $327.77 million. As a group, sell-side analysts forecast that Safety Insurance Group, Inc. will post 4.15 EPS for the current year.

Safety Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a $0.92 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $3.68 annualized dividend and a yield of 3.5%. Safety Insurance Group’s dividend payout ratio (DPR) is 76.99%.

Hedge Funds Weigh In On Safety Insurance Group

Several institutional investors have recently made changes to their positions in SAFT. Global Retirement Partners LLC acquired a new position in Safety Insurance Group during the 2nd quarter worth $42,000. Allworth Financial LP acquired a new stake in shares of Safety Insurance Group during the second quarter valued at approximately $44,000. Richardson Financial Services Inc. acquired a new stake in shares of Safety Insurance Group in the third quarter worth $64,000. Signaturefd LLC grew its stake in Safety Insurance Group by 613.5% during the 3rd quarter. Signaturefd LLC now owns 792 shares of the insurance provider’s stock valued at $82,000 after acquiring an additional 681 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Safety Insurance Group by 588.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 998 shares of the insurance provider’s stock valued at $103,000 after buying an additional 853 shares during the period. 81.04% of the stock is owned by institutional investors.

About Safety Insurance Group

Safety Insurance Group, Inc. is a property and casualty insurance holding company that provides coverage through its insurance subsidiaries. Its core products include private passenger automobile, commercial automobile and homeowners insurance. The company also offers additional property and casualty products, including dwelling fire, businessowners and commercial umbrella coverage. It distributes its policies through a network of independent insurance agents. Founded in 1979, Safety Insurance serves customers in Massachusetts, New Hampshire and Maine.