New York State Teachers Retirement System Sells 14,019 Shares of Safety Insurance Group, Inc. $SAFT

Key Points

• New York State Teachers Retirement System cut its stake in Safety Insurance Group by 73.9% in the first quarter, selling 14,019 shares and ending with 4,952 shares valued at about $360,000.
• Safety Insurance Group reported weaker-than-expected quarterly results, posting EPS of -$0.72 versus an expected $1.45, though revenue was roughly in line with estimates at $314.67 million.
• The company recently paid a quarterly dividend of $0.92, which annualizes to $3.68 per share and reflects a dividend yield of about 4.9%.

New York State Teachers Retirement System decreased its stake in Safety Insurance Group, Inc. (NASDAQ:SAFT - Free Report) by 73.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,952 shares of the insurance provider's stock after selling 14,019 shares during the quarter. New York State Teachers Retirement System's holdings in Safety Insurance Group were worth $360,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SAFT. Allworth Financial LP raised its holdings in Safety Insurance Group by 74.8% during the 4th quarter. Allworth Financial LP now owns 388 shares of the insurance provider's stock valued at $30,000 after buying an additional 166 shares during the period. Bayban purchased a new position in Safety Insurance Group during the fourth quarter worth $31,000. PNC Financial Services Group Inc. boosted its stake in Safety Insurance Group by 62.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 416 shares of the insurance provider's stock worth $32,000 after buying an additional 160 shares during the period. Capital Advisors Ltd. LLC increased its position in Safety Insurance Group by 419.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 488 shares of the insurance provider's stock valued at $38,000 after acquiring an additional 394 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Safety Insurance Group by 653.0% during the fourth quarter. Parallel Advisors LLC now owns 497 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 431 shares during the last quarter. Institutional investors own 81.04% of the company's stock.

Safety Insurance Group Price Performance

SAFT opened at $74.82 on Wednesday. The business has a fifty day moving average of $72.57 and a 200 day moving average of $74.78. Safety Insurance Group, Inc. has a 52-week low of $67.04 and a 52-week high of $81.49. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1.10 billion, a P/E ratio of 17.69 and a beta of 0.21.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The insurance provider reported ($0.72) EPS for the quarter, missing the consensus estimate of $1.45 by ($2.17). Safety Insurance Group had a net margin of 4.94% and a return on equity of 6.31%. The business had revenue of $314.67 million during the quarter, compared to the consensus estimate of $315.01 million. As a group, sell-side analysts anticipate 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. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.9%. Safety Insurance Group's dividend payout ratio is presently 87.00%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SAFT shares. Wall Street Zen upgraded shares of Safety Insurance Group from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Zacks Research upgraded shares of Safety Insurance Group to a "hold" rating in a report on Wednesday, May 27th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Safety Insurance Group in a research report on Friday, May 29th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Hold".

Insider Activity at Safety Insurance Group

In related news, major shareholder Corp Srb sold 2,650 shares of the firm's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $76.51, for a total value of $202,751.50. Following the transaction, the insider owned 1,792,005 shares of the company's stock, valued at $137,106,302.55. This trade represents a 0.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.20% of the company's stock.

Safety Insurance Group Company 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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