Connor Clark & Lunn Investment Management Ltd. Takes $2.52 Million Position in Safety Insurance Group, Inc. $SAFT

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Safety Insurance Group, Inc. (NASDAQ:SAFT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 33,721 shares of the insurance provider’s stock, valued at approximately $2,524,000.

A number of other hedge funds also recently made changes to their positions in the stock. Royal Bank of Canada raised its position in Safety Insurance Group by 9.9% during the first quarter. Royal Bank of Canada now owns 10,148 shares of the insurance provider’s stock valued at $801,000 after purchasing an additional 914 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Safety Insurance Group by 19.7% in the 1st quarter. AQR Capital Management LLC now owns 34,093 shares of the insurance provider’s stock worth $2,689,000 after purchasing an additional 5,619 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Safety Insurance Group by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,734 shares of the insurance provider’s stock worth $689,000 after purchasing an additional 389 shares in the last quarter. Millennium Management LLC increased its position in shares of Safety Insurance Group by 284.9% during the 1st quarter. Millennium Management LLC now owns 85,761 shares of the insurance provider’s stock valued at $6,765,000 after purchasing an additional 63,480 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Safety Insurance Group by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,747 shares of the insurance provider’s stock valued at $2,662,000 after purchasing an additional 3,011 shares during the last quarter. 81.04% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Corp Srb sold 1,240,352 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $103.07, for a total transaction of $127,843,080.64. Following the completion of the sale, the insider owned 473,387 shares of the company’s stock, valued at approximately $48,791,998.09. This represents a 72.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 1,316,109 shares of company stock valued at $134,654,987 in the last ninety days. Insiders own 2.20% of the company’s stock.

Safety Insurance Group Stock Performance

NASDAQ SAFT opened at $103.64 on Friday. The company has a 50-day simple moving average of $89.68 and a two-hundred day simple moving average of $79.40. Safety Insurance Group, Inc. has a 12-month low of $67.04 and a 12-month high of $103.80. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 22.34 and a beta of 0.17. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.06.

Safety Insurance Group (NASDAQ:SAFT) last released its earnings results on Wednesday, August 5th. The insurance provider reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $2.00 by $0.03. The company had revenue of $325.68 million during the quarter, compared to analyst estimates of $325.68 million. Safety Insurance Group had a return on equity of 7.23% and a net margin of 5.33%. On average, equities analysts forecast that Safety Insurance Group, Inc. will post 4.75 EPS for the current year.

Safety Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.92 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $3.68 annualized dividend and a yield of 3.6%. Safety Insurance Group’s payout ratio is presently 79.31%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SAFT. Zacks Research raised Safety Insurance Group to a “hold” rating in a report on Wednesday, May 27th. Weiss Ratings upgraded shares of Safety Insurance Group from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen raised shares of Safety Insurance Group from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Safety Insurance Group presently has an average rating of “Moderate Buy”.

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.