Arrowstreet Capital Limited Partnership Purchases 21,018 Shares of Safety Insurance Group, Inc. $SAFT

Key Points

• Arrowstreet Capital increased its Safety Insurance Group position by 44.8% in the first quarter, purchasing 21,018 shares and bringing its holdings to 67,915 shares worth approximately $4.93 million. Institutional investors collectively own 81.04% of the company.
• A major shareholder sold 1.24 million shares for approximately $127.8 million, reducing its stake by 72.38%; insiders have sold about $134.7 million in stock over the past quarter.
• Safety Insurance shares opened at $103.19, near their 12-month high, while the company reported a quarterly loss of $0.72 per share versus analyst expectations for $1.45 in earnings. The company maintains a quarterly dividend of $0.92, equating to a 3.6% yield, and analysts have a consensus “Hold” rating.

Arrowstreet Capital Limited Partnership raised its position in shares of Safety Insurance Group, Inc. (NASDAQ:SAFT - Free Report) by 44.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,915 shares of the insurance provider's stock after purchasing an additional 21,018 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.46% of Safety Insurance Group worth $4,933,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in shares of Safety Insurance Group by 9.9% during the 1st quarter. Royal Bank of Canada now owns 10,148 shares of the insurance provider's stock valued at $801,000 after buying an additional 914 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Safety Insurance Group by 19.7% during the 1st quarter. AQR Capital Management LLC now owns 34,093 shares of the insurance provider's stock valued at $2,689,000 after purchasing an additional 5,619 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Safety Insurance Group by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,734 shares of the insurance provider's stock worth $689,000 after purchasing an additional 389 shares during the period. Millennium Management LLC raised its position in Safety Insurance Group by 284.9% in the 1st quarter. Millennium Management LLC now owns 85,761 shares of the insurance provider's stock worth $6,765,000 after purchasing an additional 63,480 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Safety Insurance Group by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,747 shares of the insurance provider's stock worth $2,662,000 after purchasing an additional 3,011 shares during the last quarter. Institutional investors own 81.04% of the company's stock.

Insider Transactions at Safety Insurance Group

In other Safety Insurance Group news, major shareholder Corp Srb sold 1,240,352 shares of the business'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 transaction, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 1,316,109 shares of company stock worth $134,654,987. 2.20% of the stock is currently owned by insiders.

Safety Insurance Group Price Performance

Shares of Safety Insurance Group stock opened at $103.19 on Tuesday. The company's fifty day simple moving average is $77.13 and its two-hundred day simple moving average is $75.89. Safety Insurance Group, Inc. has a 12-month low of $67.04 and a 12-month high of $103.57. The firm has a market cap of $1.52 billion, a PE ratio of 24.39 and a beta of 0.21. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.06.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last posted its earnings results on Wednesday, May 6th. The insurance provider reported ($0.72) earnings per share for the quarter, missing analysts' consensus estimates of $1.45 by ($2.17). Safety Insurance Group had a return on equity of 6.31% and a net margin of 4.94%.The firm had revenue of $314.67 million for the quarter, compared to analysts' expectations of $315.01 million. As a group, equities analysts expect that Safety Insurance Group, Inc. will post 4.75 EPS for the current year.

Safety Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Monday, June 1st were issued a $0.92 dividend. The ex-dividend date was Monday, June 1st. This represents a $3.68 annualized dividend and a yield of 3.6%. Safety Insurance Group's payout ratio is 87.00%.

Wall Street Analysts Forecast Growth

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

Safety Insurance Group 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.

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