Safety Insurance Group (NASDAQ:SAFT) Shares Gap Down on Disappointing Earnings

Safety Insurance Group, Inc. (NASDAQ:SAFT) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. 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.

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

Safety Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Monday, March 3rd will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Monday, March 3rd. Safety Insurance Group’s dividend payout ratio is currently 71.29%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SAFT. Two Sigma Advisers LP bought a new stake in shares of Safety Insurance Group during the fourth quarter worth approximately $305,000. Two Sigma Investments LP acquired a new stake in Safety Insurance Group during the 4th quarter worth $1,004,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Safety Insurance Group during the 4th quarter valued at $34,000. ProShare Advisors LLC lifted its stake in shares of Safety Insurance Group by 44.4% in the 4th quarter. ProShare Advisors LLC now owns 4,428 shares of the insurance provider’s stock valued at $365,000 after purchasing an additional 1,362 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Safety Insurance Group by 144.1% in the 4th quarter. Millennium Management LLC now owns 22,281 shares of the insurance provider’s stock worth $1,836,000 after purchasing an additional 13,152 shares during the last quarter. 81.04% of the stock is currently owned by institutional investors and hedge funds.

Safety Insurance Group Price Performance

The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 14.79 and a beta of 0.20. The business has a 50 day moving average of $79.66 and a 200 day moving average of $81.90.

About Safety Insurance Group

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.