Safety Insurance Group (NASDAQ:SAFT) Sets New 1-Year High – Should You Buy?

Safety Insurance Group, Inc. (NASDAQ:SAFT) reached a new 52-week high on Monday. The company traded as high as $104.15 and last traded at $104.0260, with a volume of 57,203 shares changing hands. The stock had previously closed at $104.03.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Safety Insurance Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 17th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Safety Insurance Group Price Performance

The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.06. The firm’s fifty day moving average price is $103.60 and its 200-day moving average price is $86.76. The stock has a market cap of $1.53 billion, a P/E ratio of 22.44 and a beta of 0.15.

Safety Insurance Group (NASDAQ:SAFT) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.03. The company had revenue of $325.68 million during the quarter, compared to analyst estimates of $325.68 million. Safety Insurance Group had a net margin of 5.33% and a return on equity of 7.23%. Analysts forecast that Safety Insurance Group, Inc. will post 4.15 earnings per share for the current year.

Safety Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid 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 is 79.31%.

Insider Activity at Safety Insurance Group

In other news, major shareholder Corp Srb sold 1,240,352 shares of the stock in a transaction dated Monday, July 27th. The shares were 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 directly owned 473,387 shares in the company, valued at approximately $48,791,998.09. This represents a 72.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SAFT. Nisa Investment Advisors LLC grew its position in shares of Safety Insurance Group by 12.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,360 shares of the insurance provider’s stock worth $244,000 after buying an additional 262 shares during the last quarter. Fortitude Family Office LLC increased its stake in shares of Safety Insurance Group by 3,385.7% during the third quarter. Fortitude Family Office LLC now owns 1,220 shares of the insurance provider’s stock valued at $126,000 after buying an additional 1,185 shares during the period. Sound Income Strategies LLC bought a new position in shares of Safety Insurance Group during the third quarter valued at approximately $220,000. GAMMA Investing LLC raised its holdings in shares of Safety Insurance Group by 21.5% during the third quarter. GAMMA Investing LLC now owns 2,622 shares of the insurance provider’s stock valued at $272,000 after acquiring an additional 464 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in Safety Insurance Group by 588.3% in the third quarter. Farther Finance Advisors LLC now owns 998 shares of the insurance provider’s stock worth $103,000 after acquiring an additional 853 shares during the period. Hedge funds and other institutional investors own 81.04% of the company’s stock.

Safety Insurance Group Company Profile

Safety Insurance Group, Inc is an insurance holding company that provides property and casualty insurance products primarily through its subsidiary, Safety Insurance Company. The company focuses on personal and commercial insurance coverage for individuals, families, and businesses.

Its product offerings include private passenger automobile insurance, homeowners insurance, dwelling fire coverage, business owners policies, commercial automobile insurance, and related property and liability products.