Safety Insurance Group, Inc. $SAFT Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 28,587 shares of Safety Insurance Group in the second quarter, worth approximately $2.14 million, joining other institutional investors that collectively own 81.04% of the company.
• Safety Insurance reported quarterly EPS of $2.03, beating estimates by $0.03, on revenue of $325.68 million. Analysts’ consensus view is “Moderate Buy,” with projected full-year EPS of $4.75.
• The company maintains a quarterly dividend of $0.92, equivalent to $3.68 annually and a 3.6% yield, although insiders recently sold more than 1.3 million shares worth approximately $134.7 million.

Bank of America Corp DE bought a new stake in Safety Insurance Group, Inc. (NASDAQ:SAFT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 28,587 shares of the insurance provider's stock, valued at approximately $2,140,000. Bank of America Corp DE owned 0.19% of Safety Insurance Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Bayban acquired a new stake in shares of Safety Insurance Group in the 4th quarter valued at $31,000. Global Retirement Partners LLC bought a new position in shares of Safety Insurance Group in the 2nd quarter valued at $42,000. Allworth Financial LP acquired a new position in shares of Safety Insurance Group during the 2nd quarter worth $44,000. Motiv8 Investments LLC acquired a new position in shares of Safety Insurance Group during the 4th quarter worth $58,000. Finally, Virtus Advisers LLC bought a new stake in shares of Safety Insurance Group during the 2nd quarter worth $235,000. Institutional investors own 81.04% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Corp Srb sold 1,240,352 shares of the firm's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $103.07, for a total transaction of $127,843,080.64. Following the completion of the transaction, the insider directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 1,316,109 shares of company stock valued at $134,654,987 in the last three months. Corporate insiders own 2.20% of the company's stock.

Wall Street Analyst Weigh In

SAFT has been the topic of several research analyst reports. Wall Street Zen raised Safety Insurance Group from a "sell" rating to a "hold" rating in a research note on Saturday, June 6th. Weiss Ratings raised shares of Safety Insurance Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 17th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Safety Insurance Group presently has a consensus rating of "Moderate Buy".

Safety Insurance Group Stock Performance

Shares of SAFT stock opened at $103.58 on Thursday. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 22.32 and a beta of 0.16. 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 business's 50-day moving average price is $102.82 and its 200-day moving average price is $83.69. Safety Insurance Group, Inc. has a 12 month low of $67.04 and a 12 month high of $103.88.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.03. The company had revenue of $325.68 million during the quarter, compared to the consensus estimate of $325.68 million. Safety Insurance Group had a return on equity of 7.23% and a net margin of 5.33%. Equities research analysts forecast that Safety Insurance Group, Inc. will post 4.75 EPS for the current year.

Safety Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, September 1st. Safety Insurance Group's dividend payout ratio is presently 79.31%.

Safety Insurance Group Profile

Safety Insurance Group, Inc is a property and casualty insurance holding company headquartered in Boston, Massachusetts. Through its insurance subsidiaries, the company provides personal and commercial insurance products primarily through a network of independent agents.

Its personal insurance offerings include private-passenger automobile, homeowners, dwelling fire, and umbrella coverage. Safety also provides commercial automobile, business owners, commercial property, and workers' compensation insurance for businesses and other organizations.

Founded in 1979, Safety Insurance Group primarily serves customers in Massachusetts, New Hampshire, and Maine.

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