Safety Insurance Group (NASDAQ:SAFT) Lowered to "Hold" Rating by Wall Street Zen

Key Points

• Safety Insurance Group was downgraded by Wall Street Zen from buy to hold, and Weiss Ratings also reiterated a hold rating. The stock’s overall analyst consensus is now a hold.
• The company reported a quarterly EPS loss of $0.72, sharply missing the consensus estimate of $1.45, while revenue came in roughly in line at $314.67 million.
• SAFT shares opened at $71.43, below both the 50-day and 200-day moving averages, and insiders have recently been net sellers of the stock.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Safety Insurance Group in a research report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold".

Safety Insurance Group Stock Performance

Safety Insurance Group stock opened at $71.43 on Friday. The firm's fifty day moving average price is $74.46 and its 200-day moving average price is $75.55. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.40 and a current ratio of 0.39. The stock has a market cap of $1.05 billion, a P/E ratio of 16.89 and a beta of 0.24. Safety Insurance Group has a fifty-two week low of $67.04 and a fifty-two week high of $84.20.

Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The insurance provider reported ($0.72) earnings per share for the quarter, missing the consensus estimate of $1.45 by ($2.17). The company had revenue of $314.67 million for the quarter, compared to analysts' expectations of $315.01 million. Safety Insurance Group had a net margin of 4.94% and a return on equity of 6.31%.

Insider Buying and Selling

In related news, major shareholder Corp Srb sold 14,151 shares of Safety Insurance Group stock in a transaction on Friday, March 20th. The shares were sold at an average price of $71.12, for a total value of $1,006,419.12. Following the transaction, the insider owned 1,794,655 shares in the company, valued at $127,635,863.60. This trade represents a 0.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 36,304 shares of company stock valued at $2,728,283. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Safety Insurance Group

A number of large investors have recently added to or reduced their stakes in SAFT. Allworth Financial LP raised its position in Safety Insurance Group by 74.8% in the 4th quarter. Allworth Financial LP now owns 388 shares of the insurance provider's stock worth $30,000 after purchasing an additional 166 shares during the period. Bayban bought a new stake in Safety Insurance Group in the 4th quarter worth $31,000. PNC Financial Services Group Inc. grew its holdings in 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 worth $32,000 after acquiring an additional 160 shares during the last quarter. Capital Advisors Ltd. LLC grew its holdings in Safety Insurance Group by 419.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 488 shares of the insurance provider's stock worth $38,000 after acquiring an additional 394 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in Safety Insurance Group by 653.0% in the 4th quarter. Parallel Advisors LLC now owns 497 shares of the insurance provider's stock worth $39,000 after acquiring an additional 431 shares during the last quarter. Hedge funds and other institutional investors own 81.04% of the company's stock.

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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