Safety Insurance Group (NASDAQ:SAFT) Shares Gap Down on Disappointing 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 the consensus estimate of $1.17 by ($0.23). Safety Insurance Group had a net margin of 6.86% and a return on equity of 6.35%. The business had revenue of $286.72 million during the quarter.

Safety Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 4.82%. The ex-dividend date of this dividend is Monday, March 3rd. Safety Insurance Group’s dividend payout ratio is 71.29%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of 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 hedge funds have recently modified their holdings of the company. TimesSquare Capital Management LLC lifted its stake in Safety Insurance Group by 17.5% in the 4th quarter. TimesSquare Capital Management LLC now owns 602,449 shares of the insurance provider’s stock valued at $49,642,000 after acquiring an additional 89,561 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Safety Insurance Group by 46.4% in the fourth quarter. Bank of New York Mellon Corp now owns 219,960 shares of the insurance provider’s stock worth $18,125,000 after purchasing an additional 69,750 shares in the last quarter. Norges Bank acquired a new position in Safety Insurance Group during the fourth quarter worth $4,023,000. JPMorgan Chase & Co. grew its position in Safety Insurance Group by 21.4% in the fourth quarter. JPMorgan Chase & Co. now owns 212,354 shares of the insurance provider’s stock valued at $17,498,000 after purchasing an additional 37,495 shares in the last quarter. Finally, Barclays PLC increased its stake in Safety Insurance Group by 348.8% in the 3rd quarter. Barclays PLC now owns 24,430 shares of the insurance provider’s stock valued at $1,997,000 after buying an additional 18,987 shares during the last quarter. 81.04% of the stock is currently owned by institutional investors.

Safety Insurance Group Stock Performance

The firm’s 50-day simple moving average is $79.66 and its 200 day simple moving average is $81.90. The stock has a market capitalization of $1.11 billion, a P/E ratio of 14.79 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.