Franklin Resources Inc. Boosts Position in Safety Insurance Group, Inc. (NASDAQ:SAFT)

Posted by Defense World Staff on Jun 7th, 2023

Franklin Resources Inc. increased its holdings in shares of Safety Insurance Group, Inc. (NASDAQ:SAFT – Get Rating) by 8.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,218 shares of the insurance provider’s stock after purchasing an additional 960 shares during the quarter. Franklin Resources Inc. owned approximately 0.08% of Safety Insurance Group worth $1,029,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Legato Capital Management LLC purchased a new stake in Safety Insurance Group during the fourth quarter worth approximately $1,743,000. Dean Investment Associates LLC lifted its stake in Safety Insurance Group by 6.3% during the third quarter. Dean Investment Associates LLC now owns 52,760 shares of the insurance provider’s stock worth $4,303,000 after purchasing an additional 3,108 shares during the last quarter. Navellier & Associates Inc. lifted its stake in Safety Insurance Group by 11.2% during the fourth quarter. Navellier & Associates Inc. now owns 4,941 shares of the insurance provider’s stock worth $416,000 after purchasing an additional 497 shares during the last quarter. Bank of Montreal Can lifted its stake in Safety Insurance Group by 18.5% in the fourth quarter. Bank of Montreal Can now owns 3,344 shares of the insurance provider’s stock valued at $294,000 after buying an additional 521 shares during the last quarter. Finally, Carl P. Sherr & Co. LLC lifted its stake in Safety Insurance Group by 4.0% in the third quarter. Carl P. Sherr & Co. LLC now owns 30,299 shares of the insurance provider’s stock valued at $2,471,000 after buying an additional 1,156 shares during the last quarter. Hedge funds and other institutional investors own 91.79% of the company’s stock.

Insider Transactions at Safety Insurance Group

In other news, Director Peter J. Manning sold 550 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $73.43, for a total transaction of $40,386.50. Following the completion of the sale, the director now owns 5,450 shares in the company, valued at $400,193.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Safety Insurance Group news, major shareholder Corp Srb acquired 8,789 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were purchased at an average price of $72.80 per share, with a total value of $639,839.20. Following the completion of the acquisition, the insider now directly owns 1,683,571 shares of the company’s stock, valued at approximately $122,563,968.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter J. Manning sold 550 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $73.43, for a total value of $40,386.50. Following the transaction, the director now directly owns 5,450 shares in the company, valued at approximately $400,193.50. The disclosure for this sale can be found here. Insiders purchased 75,123 shares of company stock worth $5,480,125 over the last 90 days. 4.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Safety Insurance Group in a research note on Thursday, May 18th. They issued a “hold” rating for the company.

Safety Insurance Group Price Performance

Shares of NASDAQ SAFT opened at $75.33 on Wednesday. Safety Insurance Group, Inc. has a twelve month low of $67.71 and a twelve month high of $99.75. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average of $73.26 and a two-hundred day moving average of $80.22. The stock has a market cap of $1.12 billion, a P/E ratio of 42.32 and a beta of 0.30.

Safety Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Wednesday, May 31st. Safety Insurance Group’s dividend payout ratio (DPR) is presently 202.25%.

Safety Insurance Group Company Profile

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Safety Insurance Group, Inc engages in the management and provision of insurance services. It offers property and casualty insurance products which include commercial vehicles and fleets. The firm provides private passenger automobile, commercial automobile and homeowners insurance. The company was founded in 1979 and is headquartered in Boston, MA.