Insider Selling: Safety Insurance Group (NASDAQ:SAFT) Major Shareholder Sells 2,650 Shares

Key Points

• Safety Insurance Group major shareholder Corp Srb sold 2,650 shares on July 9 at an average price of $76.51, totaling about $202,752. After the sale, the insider still held roughly 1.79 million shares.
• The stock was down slightly in Friday trading, falling 0.5% to $75.55, with volume below its average. SAFT is trading near its 50-day and 200-day moving averages and has a market cap of about $1.11 billion.
• The company recently reported a weaker-than-expected quarter, posting an EPS loss of $0.72 versus estimates for $1.45 in profit. It also pays a quarterly dividend of $0.92 per share, implying an annualized yield of 4.9%.

Safety Insurance Group, Inc. (NASDAQ:SAFT - Get Free Report) major shareholder Corp Srb sold 2,650 shares of the company's stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $76.51, for a total transaction of $202,751.50. Following the completion of the sale, the insider owned 1,792,005 shares of the company's stock, valued at approximately $137,106,302.55. This trade represents a 0.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Safety Insurance Group Trading Down 0.5%

Safety Insurance Group stock traded down $0.38 during midday trading on Friday, reaching $75.55. The stock had a trading volume of 60,598 shares, compared to its average volume of 95,457. The firm's fifty day simple moving average is $72.55 and its two-hundred day simple moving average is $74.86. Safety Insurance Group, Inc. has a twelve month low of $67.04 and a twelve month high of $81.49. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.39 and a quick ratio of 0.39. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 17.86 and a beta of 0.21.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The insurance provider reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.45 by ($2.17). The firm had revenue of $314.67 million for the quarter, compared to analyst estimates of $315.01 million. Safety Insurance Group had a net margin of 4.94% and a return on equity of 6.31%. Equities analysts anticipate that Safety Insurance Group, Inc. will post 4.75 EPS for the current fiscal year.

Safety Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Monday, June 1st were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Monday, June 1st. Safety Insurance Group's payout ratio is presently 87.00%.

Wall Street Analyst Weigh In

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

Institutional Trading of Safety Insurance Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP grew its stake in Safety Insurance Group by 74.8% in the fourth quarter. Allworth Financial LP now owns 388 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 166 shares in the last quarter. Bayban bought a new stake in shares of Safety Insurance Group in the 4th quarter valued at approximately $31,000. PNC Financial Services Group Inc. grew its stake in shares of Safety Insurance Group by 62.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 416 shares of the insurance provider's stock valued at $32,000 after buying an additional 160 shares in the last quarter. Capital Advisors Ltd. LLC increased its holdings in Safety Insurance Group by 419.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 488 shares of the insurance provider's stock worth $38,000 after buying an additional 394 shares during the last quarter. Finally, Parallel Advisors LLC raised 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 in the last quarter. 81.04% of the stock is currently owned by hedge funds and other institutional investors.

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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