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

Safety Insurance Group (NASDAQ:SAFT) announced its quarterly earnings results on Wednesday. The insurance provider reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.03, FiscalAI reports. The business had revenue of $325.68 million for 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

Shares of NASDAQ SAFT traded up $0.24 during trading on Wednesday, hitting $103.50. The company had a trading volume of 196,696 shares, compared to its average volume of 361,584. The company has a market cap of $1.52 billion, a P/E ratio of 24.47 and a beta of 0.17. Safety Insurance Group has a 52 week low of $67.04 and a 52 week high of $103.63. The business’s 50-day moving average is $78.40 and its 200 day moving average is $76.28. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.39 and a current ratio of 0.39.

Insider Buying and Selling 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 dated 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 in the company, valued at $48,791,998.09. This trade represents a 72.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In the last three months, insiders sold 1,316,109 shares of company stock valued at $134,654,987. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Safety Insurance Group

Hedge funds have recently made changes to their positions in the company. XTX Topco Ltd grew its position in Safety Insurance Group by 2.8% during the 4th quarter. XTX Topco Ltd now owns 4,745 shares of the insurance provider’s stock worth $370,000 after purchasing an additional 127 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Safety Insurance Group by 0.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 23,753 shares of the insurance provider’s stock worth $1,851,000 after buying an additional 152 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Safety Insurance Group by 62.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 416 shares of the insurance provider’s stock worth $32,000 after buying an additional 160 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in shares of Safety Insurance Group by 1.2% during the second quarter. CANADA LIFE ASSURANCE Co now owns 14,018 shares of the insurance provider’s stock valued at $1,112,000 after buying an additional 169 shares in the last quarter. Finally, Engineers Gate Manager LP grew its holdings 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 buying an additional 287 shares in the last quarter. Hedge funds and other institutional investors own 81.04% of the company’s stock.

Wall Street Analyst Weigh In

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

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.