Safety Insurance Group (NASDAQ:SAFT) Shares Gap Down Following Weak Earnings

Shares of Safety Insurance Group, Inc. (NASDAQ:SAFT) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $79.67, but opened at $76.49. Safety Insurance Group shares last traded at $74.68, with a volume of 24,419 shares traded.

The insurance provider reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.23). The company had revenue of $286.72 million for the quarter. Safety Insurance Group had a net margin of 6.86% and a return on equity of 6.35%.

Safety Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Monday, March 3rd will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Monday, March 3rd. Safety Insurance Group’s dividend payout ratio is currently 75.47%.

Analyst Ratings Changes

Separately, StockNews.com upgraded Safety Insurance Group from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th.

Hedge Funds Weigh In On Safety Insurance Group

Hedge funds have recently made changes to their positions in the business. Signaturefd LLC boosted its stake in shares of Safety Insurance Group by 94.9% in the fourth quarter. Signaturefd LLC now owns 308 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 150 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Safety Insurance Group in the fourth quarter worth about $34,000. Sterling Capital Management LLC boosted its stake in shares of Safety Insurance Group by 823.5% in the fourth quarter. Sterling Capital Management LLC now owns 471 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 420 shares during the period. KBC Group NV boosted its stake in shares of Safety Insurance Group by 52.2% in the fourth quarter. KBC Group NV now owns 1,000 shares of the insurance provider’s stock worth $82,000 after acquiring an additional 343 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Safety Insurance Group in the fourth quarter worth about $181,000. Institutional investors own 81.04% of the company’s stock.

Safety Insurance Group Price Performance

The business has a 50-day moving average of $79.59 and a 200 day moving average of $81.89. The company has a market capitalization of $1.12 billion, a PE ratio of 14.90 and a beta of 0.20.

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.