Safety Insurance Group (NASDAQ:SAFT) Reaches New 1-Year High - Here's What Happened

Key Points

• Safety Insurance Group reached a new 52-week high, trading as high as $103.90 and closing near $103.82, giving the company a market capitalization of approximately $1.52 billion.
• Analysts maintain a consensus rating of “Moderate Buy”, while the company’s latest quarterly earnings exceeded expectations with EPS of $2.03 versus the $2.00 estimate.
• Safety Insurance announced a quarterly dividend of $0.92 per share, equal to an annualized $3.68 dividend and a 3.5% yield; however, insiders have sold more than $134 million worth of shares over the past 90 days.

Safety Insurance Group, Inc. (NASDAQ:SAFT - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday. The company traded as high as $103.90 and last traded at $103.8220, with a volume of 117045 shares trading hands. The stock had previously closed at $103.58.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SAFT. 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. Wall Street Zen raised Safety Insurance Group from a "sell" rating to a "hold" rating in a research report on Saturday, June 6th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy".

Safety Insurance Group Stock Performance

The company has a market cap of $1.52 billion, a PE ratio of 22.37 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 firm's 50-day simple moving average is $102.82 and its two-hundred day simple moving average is $83.69.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.03 EPS for the quarter, topping analysts' consensus estimates of $2.00 by $0.03. Safety Insurance Group had a return on equity of 7.23% and a net margin of 5.33%.The company had revenue of $325.68 million during the quarter, compared to analysts' expectations of $325.68 million. As a group, research analysts anticipate 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 was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 1st. Safety Insurance Group's dividend payout ratio (DPR) is 79.31%.

Insider Buying and Selling

In other Safety Insurance Group news, major shareholder Corp Srb sold 1,240,352 shares of the stock in a transaction dated 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 sale, the insider directly owned 473,387 shares of the company's stock, valued at approximately $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 accessible through this link. Insiders have sold 1,316,109 shares of company stock valued at $134,654,987 over the last 90 days. 2.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Safety Insurance Group

A number of hedge funds have recently modified their holdings of the stock. Bayban acquired a new stake in Safety Insurance Group during the fourth quarter worth about $31,000. Global Retirement Partners LLC acquired a new position in Safety Insurance Group in the second quarter valued at approximately $42,000. Allworth Financial LP acquired a new position in Safety Insurance Group in the second quarter valued at approximately $44,000. Motiv8 Investments LLC purchased a new stake in Safety Insurance Group in the 4th quarter worth approximately $58,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Safety Insurance Group in the 2nd quarter worth approximately $118,000. Hedge funds and other institutional investors own 81.04% of the company's stock.

Safety Insurance Group Company 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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