Key Points
- Major shareholder Corp Srb sold 1.24 million Safety Insurance Group shares for approximately $127.8 million at an average price of $103.07, reducing its position by 72.38% to 473,387 shares.
- Safety Insurance shares were trading near their 52-week high at $103.03, following a proposed all-cash Mapfre buyout that provides shareholders with a substantial premium and a defined exit value.
- The company reported a quarterly EPS loss of $0.72, missing the $1.45 consensus estimate, while maintaining a quarterly dividend of $0.92 per share, equivalent to a 3.6% annualized yield. Analysts collectively rate the stock “Hold.”
Safety Insurance Group, Inc. (NASDAQ:SAFT - Get Free Report) major shareholder Corp Srb sold 38,835 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $103.08, for a total value of $4,003,111.80. Following the sale, the insider directly owned 1,713,739 shares in the company, valued at $176,652,216.12. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Corp Srb also recently made the following trade(s):
- On Monday, July 27th, Corp Srb sold 1,240,352 shares of Safety Insurance Group stock. The shares were sold at an average price of $103.07, for a total transaction of $127,843,080.64.
- On Monday, July 13th, Corp Srb sold 34,272 shares of Safety Insurance Group stock. The shares were sold at an average price of $76.04, for a total transaction of $2,606,042.88.
- On Thursday, July 9th, Corp Srb sold 2,650 shares of Safety Insurance Group stock. The stock was sold at an average price of $76.51, for a total transaction of $202,751.50.
Safety Insurance Group Price Performance
Safety Insurance Group stock opened at $103.03 on Wednesday. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 24.36 and a beta of 0.21. The firm's fifty day moving average is $74.71 and its 200 day moving average is $75.13. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.06. Safety Insurance Group, Inc. has a 52-week low of $67.04 and a 52-week high of $103.50.
Safety Insurance Group (NASDAQ:SAFT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The insurance provider reported ($0.72) EPS for the quarter, missing analysts' consensus estimates of $1.45 by ($2.17). Safety Insurance Group had a return on equity of 6.31% and a net margin of 4.94%.The business had revenue of $314.67 million during the quarter, compared to analysts' expectations of $315.01 million. Sell-side analysts forecast that Safety Insurance Group, Inc. will post 4.75 EPS for the current fiscal year.
Safety Insurance Group Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Monday, June 1st were issued a $0.92 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 3.6%. Safety Insurance Group's dividend payout ratio (DPR) is presently 87.00%.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the company. Zacks Research upgraded Safety Insurance Group to a "hold" rating in a research report on Wednesday, May 27th. Weiss Ratings upgraded Safety Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday. Finally, Wall Street Zen raised 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, According to MarketBeat, the company presently has a consensus rating of "Hold".
View Our Latest Research Report on SAFT
Institutional Investors Weigh In On Safety Insurance Group
Institutional investors have recently made changes to their positions in the company. XTX Topco Ltd grew its stake 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 valued at $370,000 after purchasing an additional 127 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake 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 purchasing an additional 152 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Safety Insurance Group by 62.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 416 shares of the insurance provider's stock worth $32,000 after purchasing an additional 160 shares during the period. Allworth Financial LP lifted its holdings in shares of Safety Insurance Group by 74.8% during the fourth 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. Finally, CANADA LIFE ASSURANCE Co boosted its position in Safety Insurance Group by 1.2% in 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 during the last quarter. Institutional investors own 81.04% of the company's stock.
More Safety Insurance Group News
Here are the key news stories impacting Safety Insurance Group this week:
- Positive Sentiment: The Mapfre buyout provides a substantial premium to Safety Insurance shareholders and is the primary catalyst behind the stock’s recent advance. Safety Insurance stock jumps 41% on Mapfre buyout deal
- Positive Sentiment: The proposed all-cash transaction offers shareholders a defined exit value, reducing exposure to Safety Insurance’s standalone operating results, including its most recent quarterly EPS shortfall.
About Safety Insurance Group
(
Get Free Report)
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.
Further Reading
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