Safety Insurance Group, Inc. $SAFT Shares Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Safety Insurance Group by 41.8% by acquiring an additional 64,000 shares, owning approximately 1.46% of the company valued at $17.1 million.
• Safety Insurance Group announced a quarterly dividend increase from $0.90 to $0.92, representing a yield of 5.1% and an annualized dividend of $3.68.
• Wall Street Zen downgraded Safety Insurance Group's stock rating from "buy" to "hold" in early August.

Adage Capital Partners GP L.L.C. boosted its position in Safety Insurance Group, Inc. (NASDAQ:SAFT - Free Report) by 41.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 217,000 shares of the insurance provider's stock after purchasing an additional 64,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 1.46% of Safety Insurance Group worth $17,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Safety Insurance Group by 18.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,585 shares of the insurance provider's stock worth $1,285,000 after acquiring an additional 2,425 shares during the last quarter. Northern Trust Corp increased its stake in Safety Insurance Group by 6.9% in the fourth quarter. Northern Trust Corp now owns 166,223 shares of the insurance provider's stock worth $13,697,000 after purchasing an additional 10,768 shares during the period. Bank of America Corp DE lifted its position in shares of Safety Insurance Group by 12.2% during the fourth quarter. Bank of America Corp DE now owns 17,790 shares of the insurance provider's stock worth $1,466,000 after purchasing an additional 1,930 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Safety Insurance Group during the fourth quarter valued at $453,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Safety Insurance Group during the fourth quarter valued at $181,000. Institutional investors own 81.04% of the company's stock.

Insider Buying and Selling at Safety Insurance Group

In other news, Director Dennis J. Langwell purchased 2,000 shares of the stock in a transaction dated Friday, September 5th. The shares were acquired at an average cost of $72.39 per share, for a total transaction of $144,780.00. Following the acquisition, the director owned 8,000 shares of the company's stock, valued at approximately $579,120. This represents a 33.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.00% of the company's stock.

Safety Insurance Group Stock Down 0.5%

Safety Insurance Group stock traded down $0.39 during midday trading on Tuesday, hitting $73.13. 74,573 shares of the company's stock were exchanged, compared to its average volume of 69,343. 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 company has a market cap of $1.09 billion, a PE ratio of 12.81 and a beta of 0.28. The firm has a 50-day moving average of $72.82 and a two-hundred day moving average of $76.47. Safety Insurance Group, Inc. has a 12 month low of $68.76 and a 12 month high of $90.00.

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

Safety Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.92 dividend. This is a boost from Safety Insurance Group's previous quarterly dividend of $0.90. This represents a $3.68 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Tuesday, September 2nd. Safety Insurance Group's dividend payout ratio is presently 64.45%.

Wall Street Analysts Forecast Growth

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

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.