Safety Insurance Group (NASDAQ:SAFT) Releases Earnings Results, Beats Expectations By $0.03 EPS

Safety Insurance Group (NASDAQ:SAFT) released its quarterly earnings data on Wednesday. The insurance provider reported $2.03 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.03, FiscalAI reports. The firm had revenue of $325.68 million during the quarter, compared to the consensus estimate of $322.90 million. Safety Insurance Group had a return on equity of 6.31% and a net margin of 4.94%.

Safety Insurance Group Stock Up 0.2%

Shares of SAFT stock traded up $0.24 on Wednesday, hitting $103.50. The stock had a trading volume of 196,696 shares, compared to its average volume of 361,584. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 24.47 and a beta of 0.17. The stock’s 50 day moving average is $78.40 and its 200-day moving average is $76.28. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.39 and a current ratio of 0.39. Safety Insurance Group has a 52-week low of $67.04 and a 52-week high of $103.63.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SAFT shares. Wall Street Zen raised Safety Insurance Group from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Weiss Ratings upgraded shares of Safety Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, July 24th. Finally, Zacks Research upgraded shares of Safety Insurance Group to a “hold” rating in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Safety Insurance Group has a consensus rating of “Hold”.

Insider Transactions at Safety Insurance Group

In related news, major shareholder Corp Srb sold 1,240,352 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $103.07, for a total value of $127,843,080.64. Following the transaction, the insider owned 473,387 shares in the company, valued at approximately $48,791,998.09. The trade was a 72.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 1,316,109 shares of company stock worth $134,654,987. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Safety Insurance Group

Several large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. grew its position in shares of Safety Insurance Group by 62.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 416 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Safety Insurance Group by 1,317.1% in the second quarter. EverSource Wealth Advisors LLC now owns 496 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 461 shares during the period. Parallel Advisors LLC boosted its holdings in Safety Insurance Group by 653.0% in the fourth quarter. Parallel Advisors LLC now owns 497 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 431 shares during the period. Los Angeles Capital Management LLC bought a new stake in Safety Insurance Group during the fourth quarter valued at $52,000. Finally, Quadrant Capital Group LLC raised its holdings in shares of Safety Insurance Group by 309.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,130 shares of the insurance provider’s stock worth $88,000 after purchasing an additional 854 shares during the period. Institutional investors own 81.04% of the company’s stock.

Safety Insurance Group Company Profile

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.