Safety Insurance Group (NASDAQ:SAFT) Sets New 52-Week High – Here’s Why

Shares of Safety Insurance Group, Inc. (NASDAQ:SAFT) hit a new 52-week high during trading on Monday . The stock traded as high as $103.88 and last traded at $103.8340, with a volume of 16058 shares changing hands. The stock had previously closed at $103.51.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SAFT. Wall Street Zen upgraded shares of Safety Insurance Group from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Weiss Ratings raised shares of Safety Insurance Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 17th. Finally, Zacks Research upgraded shares of Safety Insurance Group to a “hold” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

Safety Insurance Group Price Performance

The stock has a market capitalization of $1.52 billion, a P/E ratio of 22.33 and a beta of 0.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.41 and a current ratio of 0.41. The business has a fifty day simple moving average of $99.22 and a 200-day simple moving average of $82.41.

Safety Insurance Group (NASDAQ:SAFT) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.03. The business had revenue of $325.68 million during the quarter, compared to analysts’ expectations of $325.68 million. Safety Insurance Group had a net margin of 5.33% and a return on equity of 7.23%. Sell-side analysts expect that Safety Insurance Group, Inc. will post 4.75 earnings per share for the current fiscal year.

Safety Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 1st. Safety Insurance Group’s dividend payout ratio (DPR) is 79.31%.

Insiders Place Their Bets

In other Safety Insurance Group news, major shareholder Corp Srb sold 1,240,352 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $103.07, for a total transaction of $127,843,080.64. Following the completion of the sale, the insider directly owned 473,387 shares of the company’s stock, valued at approximately $48,791,998.09. The trade was a 72.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 1,316,109 shares of company stock valued at $134,654,987. 2.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Safety Insurance Group

Several large investors have recently bought and sold shares of the stock. Engineers Gate Manager LP grew its stake in shares of Safety Insurance Group by 148.0% in the 2nd quarter. Engineers Gate Manager LP now owns 11,283 shares of the insurance provider’s stock worth $845,000 after acquiring an additional 6,733 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Safety Insurance Group during the 2nd quarter worth approximately $118,000. Corient Private Wealth LP bought a new position in shares of Safety Insurance Group during the 2nd quarter worth approximately $211,000. Susquehanna Fundamental Investments LLC boosted its stake in shares of Safety Insurance Group by 2.6% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 7,086 shares of the insurance provider’s stock worth $530,000 after buying an additional 181 shares during the last quarter. Finally, Archer Investment Corp purchased a new position in shares of Safety Insurance Group in the 2nd quarter worth approximately $487,000. 81.04% of the stock is currently owned by institutional investors.

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.