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

Safety Insurance Group (NASDAQ:SAFT) released its quarterly earnings data on Wednesday. The insurance provider reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.03, FiscalAI reports. Safety Insurance Group had a return on equity of 7.22% and a net margin of 5.33%.The company had revenue of $325.68 million for the quarter, compared to the consensus estimate of $322.90 million.

Safety Insurance Group Stock Up 0.1%

Shares of NASDAQ SAFT traded up $0.09 during trading on Friday, reaching $103.58. 122,491 shares of the stock were exchanged, compared to its average volume of 132,397. The business’s 50-day moving average price is $79.06 and its 200 day moving average price is $76.47. Safety Insurance Group has a twelve month low of $67.04 and a twelve month high of $103.75. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 22.32 and a beta of 0.17.

Safety Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.92 per share. The ex-dividend date is Tuesday, September 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 3.6%. Safety Insurance Group’s dividend payout ratio (DPR) is currently 79.31%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, major shareholder Corp Srb sold 1,240,352 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were 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. This trade represents a 72.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 1,316,109 shares of company stock worth $134,654,987. 2.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Safety Insurance Group

A number of hedge funds have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV raised its position in shares of Safety Insurance Group by 36.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,559 shares of the insurance provider’s stock valued at $745,000 after purchasing an additional 2,546 shares in the last quarter. XTX Topco Ltd grew its position in shares of Safety Insurance Group by 2.8% during the fourth quarter. XTX Topco Ltd now owns 4,745 shares of the insurance provider’s stock worth $370,000 after buying an additional 127 shares in the last quarter. Engineers Gate Manager LP increased its stake in shares of Safety Insurance Group by 3.3% in the fourth quarter. Engineers Gate Manager LP now owns 9,004 shares of the insurance provider’s stock worth $702,000 after buying an additional 287 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Safety Insurance Group by 62.6% in the fourth quarter. AQR Capital Management LLC now owns 304,724 shares of the insurance provider’s stock worth $23,741,000 after buying an additional 117,261 shares during the last quarter. Finally, Dean Investment Associates LLC raised its holdings in Safety Insurance Group by 531.9% in the fourth quarter. Dean Investment Associates LLC now owns 48,900 shares of the insurance provider’s stock valued at $3,810,000 after acquiring an additional 41,161 shares in the last quarter. Institutional investors and hedge funds 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.