BlackRock Inc. Acquires Shares of 2,289,410 Safety Insurance Group, Inc. $SAFT

Key Points

• BlackRock acquired 2.29 million Safety Insurance Group shares worth approximately $171.4 million, giving it a 15.59% stake. Institutional investors collectively own 81.04% of the company.
• Insider selling outweighed institutional buying activity, with a major shareholder selling 1.24 million shares for about $127.8 million; insiders now own only 2.20% of the stock.
• Safety Insurance reported quarterly EPS of $2.03, exceeding estimates by $0.03, and announced a $0.92 quarterly dividend, equivalent to a 3.6% yield. Analysts’ consensus rating is “Moderate Buy.”

BlackRock Inc. acquired a new position in Safety Insurance Group, Inc. (NASDAQ:SAFT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,289,410 shares of the insurance provider's stock, valued at approximately $171,385,000. BlackRock Inc. owned approximately 15.59% of Safety Insurance Group as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SAFT. Vanguard Group Inc. raised its position in Safety Insurance Group by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 1,661,343 shares of the insurance provider's stock valued at $129,435,000 after purchasing an additional 29,511 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Safety Insurance Group by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 711,806 shares of the insurance provider's stock valued at $51,708,000 after purchasing an additional 3,319 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Safety Insurance Group by 353.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 306,554 shares of the insurance provider's stock worth $23,884,000 after purchasing an additional 238,946 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Safety Insurance Group by 62.6% in the 4th quarter. AQR Capital Management LLC now owns 304,724 shares of the insurance provider's stock worth $23,741,000 after purchasing an additional 117,261 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Safety Insurance Group by 20.7% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 300,000 shares of the insurance provider's stock valued at $23,373,000 after purchasing an additional 51,400 shares during the last quarter. 81.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, major shareholder Corp Srb sold 1,240,352 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $103.07, for a total value of $127,843,080.64. Following the completion of the sale, the insider owned 473,387 shares of the company's stock, valued at approximately $48,791,998.09. This represents a 72.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 1,316,109 shares of company stock worth $134,654,987. Company insiders own 2.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Weiss Ratings upgraded Safety Insurance Group from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Zacks Research upgraded shares of Safety Insurance Group to a "hold" rating in a report on Wednesday, May 27th. Finally, Wall Street Zen upgraded shares of Safety Insurance Group from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy".

Safety Insurance Group Stock Down 0.1%

NASDAQ:SAFT opened at $103.64 on Friday. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 22.34 and a beta of 0.17. Safety Insurance Group, Inc. has a twelve month low of $67.04 and a twelve month high of $103.80. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $89.68 and a 200-day simple moving average of $79.40.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last issued its 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 for the quarter, compared to the consensus estimate of $325.68 million. Safety Insurance Group had a net margin of 5.33% and a return on equity of 7.23%. Analysts anticipate that Safety Insurance Group, Inc. will post 4.75 EPS for the current year.

Safety Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. Safety Insurance Group's dividend payout ratio is presently 79.31%.

About Safety Insurance Group

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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