Safety Insurance Group (NASDAQ:SAFT) Sets New 52-Week High - Here's Why

Key Points

• Safety Insurance Group shares reached a new 52-week high of $104.01, with the stock recently trading near $103.97. The company has a $1.52 billion market capitalization and its shares are well above the 200-day moving average of $85.23.
• The insurer exceeded quarterly earnings expectations, reporting $2.03 in EPS versus the $2.00 consensus estimate, while revenue matched expectations at $325.68 million. Analysts hold a “Moderate Buy” consensus rating.
• Safety Insurance maintains an annualized $3.68 dividend per share, yielding about 3.5%, although its payout ratio is elevated at 79.31%. A major shareholder also sold 1.24 million shares, reducing its position by 72.38%.

Safety Insurance Group, Inc. (NASDAQ:SAFT - Get Free Report)'s stock price reached a new 52-week high during trading on Monday. The company traded as high as $104.01 and last traded at $103.97, with a volume of 59,696 shares trading hands. The stock had previously closed at $103.82.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Safety Insurance Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 17th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy".

Safety Insurance Group Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.41 and a current ratio of 0.41. The company's 50 day moving average price is $103.52 and its 200-day moving average price is $85.23. The stock has a market cap of $1.52 billion, a P/E ratio of 22.40 and a beta of 0.15.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last posted its earnings results on Wednesday, August 5th. The insurance provider reported $2.03 EPS for the quarter, topping the consensus estimate of $2.00 by $0.03. Safety Insurance Group had a net margin of 5.33% and a return on equity of 7.23%. The firm had revenue of $325.68 million for the quarter, compared to analysts' expectations of $325.68 million. Equities analysts forecast that Safety Insurance Group, Inc. will post 4.15 EPS 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. Shareholders of record on Tuesday, September 1st were given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Tuesday, September 1st. Safety Insurance Group's dividend payout ratio (DPR) is currently 79.31%.

Insider Transactions at Safety Insurance Group

In other Safety Insurance Group news, major shareholder Corp Srb sold 1,240,352 shares of the firm's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $103.07, for a total value 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 link. 2.20% of the stock is owned by insiders.

Institutional Trading of Safety Insurance Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bayban bought a new position in shares of Safety Insurance Group in the 4th quarter worth approximately $31,000. Global Retirement Partners LLC purchased a new stake in shares of Safety Insurance Group in the 2nd quarter worth about $42,000. Allworth Financial LP purchased a new stake in Safety Insurance Group in the second quarter worth about $44,000. Motiv8 Investments LLC bought a new position in shares of Safety Insurance Group during the fourth quarter valued at approximately $58,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Safety Insurance Group by 588.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 998 shares of the insurance provider's stock worth $103,000 after buying an additional 853 shares during the last quarter. Hedge funds and other institutional investors own 81.04% of the company's stock.

Safety Insurance Group Company Profile

Safety Insurance Group, Inc NASDAQ: SAFT is an insurance holding company headquartered in Boston, Massachusetts. Through its subsidiaries, including Safety Insurance Company, the company provides property and casualty insurance products to individuals and businesses.

Its principal offerings include private passenger and commercial automobile insurance, homeowners insurance, businessowners policies, dwelling fire coverage, umbrella insurance and workers' compensation insurance. Safety distributes its products primarily through a network of independent insurance agents and provides related policy administration and claims services.

The company primarily serves customers in New England, with operations focused on Massachusetts, New Hampshire and Maine.

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