Safety Insurance Group (NASDAQ:SAFT) Upgraded to “Buy” at Wall Street Zen

Safety Insurance Group (NASDAQ:SAFT) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Safety Insurance Group in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Safety Insurance Group Trading Down 0.2%

NASDAQ SAFT opened at $77.63 on Friday. The firm’s fifty day moving average is $77.72 and its two-hundred day moving average is $74.80. Safety Insurance Group has a one year low of $67.04 and a one year high of $84.20. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.41 and a current ratio of 0.41. The firm has a market cap of $1.16 billion, a PE ratio of 11.59 and a beta of 0.22.

Safety Insurance Group (NASDAQ:SAFT) last released its quarterly earnings results on Wednesday, February 25th. The insurance provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.23. The firm had revenue of $319.34 million for the quarter. Safety Insurance Group had a return on equity of 9.69% and a net margin of 7.85%.

Insider Activity

In other Safety Insurance Group news, major shareholder Corp Srb sold 11,487 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $78.36, for a total value of $900,121.32. Following the completion of the sale, the insider owned 1,821,510 shares of the company’s stock, valued at approximately $142,733,523.60. This trade represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 20,954 shares of company stock worth $1,634,265. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Safety Insurance Group

Several hedge funds and other institutional investors have recently bought and sold shares of SAFT. Goldman Sachs Group Inc. lifted its holdings in Safety Insurance Group by 353.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 306,554 shares of the insurance provider’s stock valued at $23,884,000 after purchasing an additional 238,946 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Safety Insurance Group by 67.9% in the second quarter. JPMorgan Chase & Co. now owns 310,072 shares of the insurance provider’s stock valued at $24,617,000 after buying an additional 125,398 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Safety Insurance Group by 62.6% during the fourth quarter. AQR Capital Management LLC now owns 304,724 shares of the insurance provider’s stock valued at $23,741,000 after buying an additional 117,261 shares during the period. Millennium Management LLC boosted its position in Safety Insurance Group by 224.8% during the third quarter. Millennium Management LLC now owns 139,755 shares of the insurance provider’s stock worth $9,879,000 after acquiring an additional 96,728 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in Safety Insurance Group by 175.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 116,269 shares of the insurance provider’s stock worth $8,219,000 after acquiring an additional 74,059 shares during the period. 81.04% of the stock is owned by institutional investors and hedge funds.

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.