Connor Clark & Lunn Investment Management Ltd. bought a new position in Safety Insurance Group, Inc. (NASDAQ:SAFT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 33,721 shares of the insurance provider's stock, valued at approximately $2,524,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.23% of Safety Insurance Group as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the business. Ieq Capital LLC bought a new position in Safety Insurance Group in the 2nd quarter worth approximately $1,647,000. Allworth Financial LP bought a new stake in Safety Insurance Group during the 2nd quarter valued at $44,000. Virtus Advisers LLC bought a new stake in Safety Insurance Group during the 2nd quarter valued at $235,000. Great Lakes Advisors LLC purchased a new stake in shares of Safety Insurance Group during the second quarter worth $968,000. Finally, BlackRock Inc. purchased a new stake in shares of Safety Insurance Group during the second quarter worth $171,385,000. 81.04% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
SAFT has been the subject of several recent research reports. Zacks Research upgraded Safety Insurance Group to a "hold" rating in a research report on Wednesday, May 27th. Wall Street Zen raised Safety Insurance Group from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Finally, Weiss Ratings upgraded Safety Insurance Group from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy".
Read Our Latest Report on Safety Insurance Group
Safety Insurance Group Stock Performance
NASDAQ SAFT opened at $103.64 on Friday. The company's 50 day simple moving average is $89.68 and its two-hundred day simple moving average is $79.40. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.41 and a quick ratio of 0.41. Safety Insurance Group, Inc. has a 1 year low of $67.04 and a 1 year high of $103.80. The stock has a market capitalization of $1.52 billion, a PE ratio of 22.34 and a beta of 0.17.
Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.03 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.03. Safety Insurance Group had a net margin of 5.33% and a return on equity of 7.23%. The firm had revenue of $325.68 million for the quarter, compared to analysts' expectations of $325.68 million. Analysts predict that Safety Insurance Group, Inc. will post 4.75 earnings per share for the current fiscal 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 paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. Safety Insurance Group's dividend payout ratio is currently 79.31%.
Insider Buying and Selling at Safety Insurance Group
In other Safety Insurance Group news, major shareholder Corp Srb sold 1,240,352 shares of the firm's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $103.07, for a total value of $127,843,080.64. Following the sale, the insider owned 473,387 shares of the company's stock, valued at $48,791,998.09. This trade represents a 72.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 1,316,109 shares of company stock valued at $134,654,987. Company insiders own 2.20% of the company's stock.
About Safety Insurance Group
(
Free Report)
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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