Safety Insurance Group, Inc. (NASDAQ:SAFT) Short Interest Up 28.8% in August

Key Points

• Safety Insurance Group, Inc. (NASDAQ:SAFT) experienced a 28.8% increase in short interest in August, reaching 149,100 shares.
• Wall Street analysts downgraded Safety Insurance Group from a "buy" rating to a "hold" rating on August 9th.
• The company recently announced a quarterly dividend of $0.92, up from the previous $0.90, representing a 5.0% yield.

Safety Insurance Group, Inc. (NASDAQ:SAFT - Get Free Report) was the target of a large growth in short interest during the month of August. As of August 15th, there was short interest totaling 149,100 shares, a growth of 28.8% from the July 31st total of 115,800 shares. Approximately 1.0% of the company's stock are sold short. Based on an average daily trading volume, of 83,400 shares, the days-to-cover ratio is presently 1.8 days. Based on an average daily trading volume, of 83,400 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.0% of the company's stock are sold short.

Safety Insurance Group Stock Performance

SAFT traded down $1.02 during trading on Friday, hitting $73.94. The stock had a trading volume of 47,224 shares, compared to its average volume of 93,320. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market capitalization of $1.10 billion, a P/E ratio of 12.95 and a beta of 0.28. The company's 50-day moving average price is $72.63 and its 200 day moving average price is $76.38. Safety Insurance Group has a twelve month low of $68.76 and a twelve month high of $90.00.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The insurance provider reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($0.15). The firm had revenue of $345.83 million during the quarter. Safety Insurance Group had a net margin of 7.07% and a return on equity of 8.34%.

Safety Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.92 per share. This is a boost from Safety Insurance Group's previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.0%. Safety Insurance Group's dividend payout ratio is currently 64.45%.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Safety Insurance Group from a "buy" rating to a "hold" rating in a report on Saturday, August 9th.

Insider Buying and Selling at Safety Insurance Group

In related news, Director Dennis J. Langwell acquired 2,000 shares of Safety Insurance Group stock in a transaction dated Friday, September 5th. The stock was acquired at an average price of $72.39 per share, for a total transaction of $144,780.00. Following the transaction, the director owned 8,000 shares of the company's stock, valued at $579,120. This represents a 33.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.00% of the company's stock.

Hedge Funds Weigh In On Safety Insurance Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans grew its stake in shares of Safety Insurance Group by 27.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 13,902 shares of the insurance provider's stock worth $1,104,000 after purchasing an additional 3,003 shares during the period. Public Sector Pension Investment Board grew its stake in shares of Safety Insurance Group by 7.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 50,772 shares of the insurance provider's stock worth $4,031,000 after purchasing an additional 3,673 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in shares of Safety Insurance Group by 1.2% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 14,018 shares of the insurance provider's stock worth $1,112,000 after purchasing an additional 169 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Safety Insurance Group by 357.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,322 shares of the insurance provider's stock worth $184,000 after purchasing an additional 1,814 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Safety Insurance Group by 86.9% during the 2nd quarter. Bank of America Corp DE now owns 20,354 shares of the insurance provider's stock worth $1,616,000 after purchasing an additional 9,463 shares during the period. 81.04% of the stock is owned by institutional investors and hedge funds.

About Safety Insurance Group

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.