Bank of New York Mellon Corp Decreases Position in Safety Insurance Group, Inc. (NASDAQ:SAFT)

Bank of New York Mellon Corp cut its holdings in Safety Insurance Group, Inc. (NASDAQ:SAFT - Free Report) by 5.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 208,656 shares of the insurance provider's stock after selling 11,304 shares during the quarter. Bank of New York Mellon Corp owned about 1.40% of Safety Insurance Group worth $16,459,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of Safety Insurance Group by 13,144.7% in the 1st quarter. GAMMA Investing LLC now owns 63,972 shares of the insurance provider's stock valued at $5,046,000 after buying an additional 63,489 shares in the last quarter. Norges Bank acquired a new stake in shares of Safety Insurance Group during the 4th quarter worth about $4,023,000. JPMorgan Chase & Co. increased its position in shares of Safety Insurance Group by 21.4% during the 4th quarter. JPMorgan Chase & Co. now owns 212,354 shares of the insurance provider's stock worth $17,498,000 after purchasing an additional 37,495 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Safety Insurance Group during the 4th quarter worth about $1,215,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Safety Insurance Group during the 4th quarter worth about $1,200,000. 81.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Safety Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd.

Safety Insurance Group Trading Up 0.3%

NASDAQ:SAFT traded up $0.21 on Friday, reaching $73.03. 82,339 shares of the stock traded hands, compared to its average volume of 59,249. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 14.93 and a beta of 0.26. The company's 50 day moving average is $78.79 and its 200-day moving average is $78.18. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.04. Safety Insurance Group, Inc. has a 1-year low of $70.71 and a 1-year high of $90.00.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The insurance provider reported $1.28 EPS for the quarter, beating the consensus estimate of $1.25 by $0.03. The business had revenue of $298.97 million for the quarter. Safety Insurance Group had a net margin of 6.29% and a return on equity of 7.99%.

Safety Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 4.93%. The ex-dividend date was Monday, June 2nd. Safety Insurance Group's dividend payout ratio is currently 73.62%.

Safety Insurance Group Profile

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.