Nuveen LLC Takes $2.93 Million Position in Safety Insurance Group, Inc. $SAFT

Key Points

• Nuveen LLC acquired 37,162 shares of Safety Insurance Group worth approximately $2.93 million, representing about 0.25% ownership in the company.
• Safety Insurance Group announced a new quarterly dividend of $0.92, which reflects an increase from the previous dividend of $0.90, resulting in a 5.0% dividend yield.
• Wall Street analysts have downgraded Safety Insurance Group from a "buy" rating to a "hold" rating, indicating a more cautious outlook for the stock.

Nuveen LLC bought a new stake in Safety Insurance Group, Inc. (NASDAQ:SAFT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 37,162 shares of the insurance provider's stock, valued at approximately $2,931,000. Nuveen LLC owned about 0.25% of Safety Insurance Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in shares of Safety Insurance Group by 169.9% during the first quarter. Parallel Advisors LLC now owns 448 shares of the insurance provider's stock worth $35,000 after purchasing an additional 282 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Safety Insurance Group by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,345 shares of the insurance provider's stock worth $688,000 after purchasing an additional 318 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Safety Insurance Group by 67.9% during the first quarter. GAMMA Investing LLC now owns 811 shares of the insurance provider's stock worth $64,000 after purchasing an additional 328 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Safety Insurance Group during the fourth quarter worth about $34,000. Finally, Mariner LLC lifted its stake in shares of Safety Insurance Group by 6.3% during the fourth quarter. Mariner LLC now owns 7,360 shares of the insurance provider's stock worth $606,000 after purchasing an additional 439 shares in the last quarter. Institutional investors and hedge funds own 81.04% of the company's stock.

Safety Insurance Group Stock Up 0.4%

Shares of NASDAQ SAFT traded up $0.32 during midday trading on Friday, reaching $74.01. 151,313 shares of the company's stock were exchanged, compared to its average volume of 96,212. Safety Insurance Group, Inc. has a 52-week low of $68.76 and a 52-week high of $90.00. The stock has a market capitalization of $1.10 billion, a PE ratio of 12.96 and a beta of 0.26. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.42 and a current ratio of 0.42. The business's fifty day moving average price is $73.63 and its two-hundred day moving average price is $76.69.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The insurance provider reported $1.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.60 by ($0.15). Safety Insurance Group had a return on equity of 8.34% and a net margin of 7.07%.The business had revenue of $345.83 million for the quarter.

Safety Insurance Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.92 dividend. This is an increase from Safety Insurance Group's previous quarterly dividend of $0.90. This represents a $3.68 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Safety Insurance Group's dividend payout ratio is presently 63.05%.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Safety Insurance Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th.

Insiders Place Their Bets

In other news, Director Dennis J. Langwell acquired 2,000 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average cost of $71.49 per share, with a total value of $142,980.00. Following the completion of the acquisition, the director directly owned 6,000 shares in the company, valued at $428,940. This represents a 50.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

About Safety Insurance Group

Safety Insurance Group, Inc provides private passenger and commercial automobile, and homeowner insurance in the United States. The company's private passenger automobile policies offer coverage for bodily injury and property damage to others, no-fault personal injury coverage for the insured/insured's car occupants, and physical damage coverage for an insured's own vehicle for collision or other perils.