Safety Insurance Group (NASDAQ:SAFT) Stock Passes Above 200-Day Moving Average – What’s Next?

Safety Insurance Group, Inc. (NASDAQ:SAFT) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $81.65 and traded as high as $103.67. Safety Insurance Group shares last traded at $103.55, with a volume of 93,076 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SAFT shares. Zacks Research upgraded shares of Safety Insurance Group to a “hold” rating in a report on Wednesday, May 27th. Wall Street Zen upgraded Safety Insurance Group from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, Weiss Ratings lowered Safety Insurance Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Safety Insurance Group currently has an average rating of “Moderate Buy”.

Safety Insurance Group Stock Up 0.1%

The company’s 50 day moving average price is $97.53 and its two-hundred day moving average price is $81.84. The firm has a market cap of $1.52 billion, a PE ratio of 22.33 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 quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.03. The business had revenue of $325.68 million during the quarter, compared to analyst estimates of $325.68 million. Safety Insurance Group had a return on equity of 7.23% and a net margin of 5.33%. On average, equities research analysts expect that Safety Insurance Group, Inc. will post 4.75 EPS for the current fiscal year.

Safety Insurance Group Announces Dividend

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

Insider Transactions at Safety Insurance Group

In other Safety Insurance Group news, major shareholder Corp Srb sold 1,240,352 shares of the stock in a transaction on 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 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 filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 1,316,109 shares of company stock valued at $134,654,987. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Safety Insurance Group

A number of hedge funds have recently made changes to their positions in SAFT. Engineers Gate Manager LP grew 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 in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Safety Insurance Group in the 2nd quarter worth approximately $118,000. Corient Private Wealth LP bought a new position in Safety Insurance Group in the 2nd quarter worth approximately $211,000. Susquehanna Fundamental Investments LLC grew its holdings in Safety Insurance Group by 2.6% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 7,086 shares of the insurance provider’s stock valued at $530,000 after buying an additional 181 shares in the last quarter. Finally, Archer Investment Corp purchased a new stake in Safety Insurance Group during the 2nd quarter valued at approximately $487,000. Institutional investors 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.