StockNews.com Upgrades Safety Insurance Group (NASDAQ:SAFT) to “Buy”

StockNews.com upgraded shares of Safety Insurance Group (NASDAQ:SAFT) from a hold rating to a buy rating in a report released on Monday.

Safety Insurance Group Stock Performance

SAFT stock opened at $81.12 on Monday. The stock’s 50 day simple moving average is $77.26 and its 200 day simple moving average is $79.77. Safety Insurance Group has a fifty-two week low of $70.71 and a fifty-two week high of $90.00. The company has a market cap of $1.21 billion, a P/E ratio of 16.06 and a beta of 0.22.

Safety Insurance Group (NASDAQ:SAFT) last posted its quarterly earnings results on Wednesday, May 7th. The insurance provider reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.03. Safety Insurance Group had a return on equity of 6.35% and a net margin of 6.86%. The business had revenue of $298.97 million for the quarter.

Safety Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend is Monday, June 2nd. Safety Insurance Group’s dividend payout ratio is currently 73.62%.

Institutional Trading of Safety Insurance Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC increased its holdings in Safety Insurance Group by 94.9% during the 4th quarter. Signaturefd LLC now owns 308 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 150 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Safety Insurance Group during the 4th quarter worth approximately $34,000. Parallel Advisors LLC increased its holdings in Safety Insurance Group by 169.9% during the 1st quarter. Parallel Advisors LLC now owns 448 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 282 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Safety Insurance Group by 823.5% during the 4th quarter. Sterling Capital Management LLC now owns 471 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 420 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Safety Insurance Group by 67.9% during the 1st quarter. GAMMA Investing LLC now owns 811 shares of the insurance provider’s stock worth $64,000 after purchasing an additional 328 shares in the last quarter. 81.04% of the stock is owned by institutional investors.

Safety Insurance Group Company Profile

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.