Zacks Research Upgrades Safety Insurance Group (NASDAQ:SAFT) to “Hold”
by Teresa Graham · The Cerbat GemSafety Insurance Group (NASDAQ:SAFT – Get Free Report) was upgraded by equities research analysts at Zacks Research to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.
Separately, Wall Street Zen downgraded Safety Insurance Group from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold”.
View Our Latest Research Report on Safety Insurance Group
Safety Insurance Group Trading Down 1.1%
Shares of NASDAQ:SAFT opened at $70.47 on Wednesday. Safety Insurance Group has a 12-month low of $67.04 and a 12-month high of $83.11. The business’s fifty day simple moving average is $73.53 and its 200-day simple moving average is $75.73. The company has a market capitalization of $1.03 billion, a PE ratio of 16.66 and a beta of 0.24. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.06.
Safety Insurance Group (NASDAQ:SAFT – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The insurance provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by ($2.17). Safety Insurance Group had a net margin of 4.94% and a return on equity of 6.31%. The company had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $315.01 million. As a group, equities research analysts predict that Safety Insurance Group will post 4.75 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, major shareholder Corp Srb sold 14,151 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $71.12, for a total transaction of $1,006,419.12. Following the completion of the sale, the insider owned 1,794,655 shares of the company’s stock, valued at $127,635,863.60. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 bought and sold shares of the company. Allworth Financial LP lifted its position in Safety Insurance Group by 74.8% during the fourth quarter. Allworth Financial LP now owns 388 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 166 shares during the last quarter. Bayban purchased a new stake in Safety Insurance Group during the fourth quarter valued at approximately $31,000. PNC Financial Services Group Inc. lifted its position in 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 valued at $32,000 after acquiring an additional 160 shares during the last quarter. Capital Advisors Ltd. LLC lifted its position in Safety Insurance Group by 419.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 488 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 394 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Safety Insurance Group by 653.0% during the fourth quarter. Parallel Advisors LLC now owns 497 shares of the insurance provider’s stock valued at $39,000 after acquiring an additional 431 shares during the last quarter. Hedge funds and other institutional investors own 81.04% of the company’s stock.
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.