Safety Insurance Group (NASDAQ:SAFT) Releases Earnings Results, Beats Expectations By $0.03 EPS

Safety Insurance Group (NASDAQ:SAFT) announced its quarterly earnings data on Wednesday. The insurance provider reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.03, FiscalAI reports. The company had revenue of $325.68 million during the quarter, compared to the consensus estimate of $322.90 million. Safety Insurance Group had a return on equity of 6.31% and a net margin of 4.94%.

Safety Insurance Group Price Performance

NASDAQ SAFT traded up $0.24 during trading on Wednesday, hitting $103.50. 196,696 shares of the stock traded hands, compared to its average volume of 361,584. Safety Insurance Group has a 12-month low of $67.04 and a 12-month high of $103.63. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $78.40 and a 200-day simple moving average of $76.28. The company has a market capitalization of $1.52 billion, a P/E ratio of 24.47 and a beta of 0.17.

Wall Street Analysts Forecast Growth

SAFT has been the subject of a number of research reports. Wall Street Zen upgraded Safety Insurance Group from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. Weiss Ratings raised shares of Safety Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 24th. Finally, Zacks Research upgraded shares of Safety Insurance Group to a “hold” rating in a report on Wednesday, May 27th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

Insider Activity

In other Safety Insurance Group news, major shareholder Corp Srb sold 1,240,352 shares of Safety Insurance Group 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 completion of the sale, the insider owned 473,387 shares of the company’s stock, valued at approximately $48,791,998.09. The trade was a 72.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 1,316,109 shares of company stock valued at $134,654,987. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Safety Insurance Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV lifted its stake in shares of Safety Insurance Group by 36.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,559 shares of the insurance provider’s stock worth $745,000 after acquiring an additional 2,546 shares during the period. XTX Topco Ltd boosted its holdings in Safety Insurance Group by 2.8% in the fourth quarter. XTX Topco Ltd now owns 4,745 shares of the insurance provider’s stock worth $370,000 after purchasing an additional 127 shares during the period. Engineers Gate Manager LP raised its stake in shares of Safety Insurance Group by 3.3% during the fourth quarter. Engineers Gate Manager LP now owns 9,004 shares of the insurance provider’s stock valued at $702,000 after purchasing an additional 287 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Safety Insurance Group by 62.6% during the fourth quarter. AQR Capital Management LLC now owns 304,724 shares of the insurance provider’s stock valued at $23,741,000 after purchasing an additional 117,261 shares during the last quarter. Finally, Dean Investment Associates LLC boosted its stake in shares of Safety Insurance Group by 531.9% during the 4th quarter. Dean Investment Associates LLC now owns 48,900 shares of the insurance provider’s stock valued at $3,810,000 after buying an additional 41,161 shares during the period. 81.04% of the stock is currently owned by institutional investors and hedge funds.

Safety Insurance Group Company Profile

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.