Safety Insurance Group (NASDAQ:SAFT) Sets New 12-Month High – Here’s Why

Safety Insurance Group, Inc. (NASDAQ:SAFT)’s share price hit a new 52-week high on Monday. The stock traded as high as $104.36 and last traded at $104.31, with a volume of 41,790 shares traded. The stock had previously closed at $103.90.

Analysts Set New Price Targets

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

Safety Insurance Group Trading Up 0.1%

The company has a debt-to-equity ratio of 0.06, a current ratio of 0.41 and a quick ratio of 0.41. The company has a market cap of $1.53 billion, a PE ratio of 22.49 and a beta of 0.17. The company’s 50 day simple moving average is $103.74 and its two-hundred day simple moving average is $85.09.

Safety Insurance Group (NASDAQ:SAFT) last released its quarterly earnings results on Wednesday, November 4th. The insurance provider reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.70. Safety Insurance Group had a net margin of 5.33% and a return on equity of 7.23%. The business had revenue of $327.77 million for the quarter, compared to the consensus estimate of $533.84 million. As a group, sell-side analysts anticipate that Safety Insurance Group, Inc. will post 4.15 EPS for the current fiscal year.

Institutional Trading of Safety Insurance Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SAFT. BlackRock Inc. acquired a new position in Safety Insurance Group during the second quarter worth $171,385,000. Dimensional Fund Advisors LP boosted its position in shares of Safety Insurance Group by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 711,806 shares of the insurance provider’s stock worth $51,708,000 after buying an additional 3,319 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Safety Insurance Group in the second quarter valued at $10,513,000. Renaissance Technologies LLC grew its stake in shares of Safety Insurance Group by 0.3% in the first quarter. Renaissance Technologies LLC now owns 140,400 shares of the insurance provider’s stock valued at $10,199,000 after buying an additional 400 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Safety Insurance Group by 2.0% in the first quarter. Principal Financial Group Inc. now owns 72,384 shares of the insurance provider’s stock valued at $5,258,000 after buying an additional 1,406 shares in the last quarter. Hedge funds and other institutional investors own 81.04% of the company’s stock.

About Safety Insurance Group

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.