BOSTON - Safety Insurance Group, Inc. (NASDAQ:SAFT) has declared a quarterly cash dividend of $0.90 per share on its common stock, as confirmed by the company's Board of Directors. The dividend is scheduled to be paid on March 15, 2024, to shareholders on record as of the close of business on March 1, 2024.
The announcement comes ahead of the company's plans to release its fourth quarter and full-year 2023 financial results on February 27, 2024. Safety Insurance Group will also file its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission by February 29, 2024. Furthermore, the company has scheduled its 2024 Annual Meeting of Shareholders for May 15, 2024, at 10:00 a.m. in Boston, Massachusetts.
Safety Insurance Group operates primarily in Massachusetts, New Hampshire, and Maine, providing a range of property and casualty insurance products. These include private passenger and commercial automobile insurance, homeowners, dwelling fire, umbrella, and business owner policies.
The company has urged shareholders to refer to its most recent Form 10-K filing for comprehensive financial information, which was filed with the SEC on February 28, 2023, for the year ending December 31, 2022.
The information in this article is based on a press release.
InvestingPro Insights
As Safety Insurance Group (NASDAQ:SAFT) prepares to distribute its quarterly dividend, investors are closely monitoring the company's financial health and stock performance. According to real-time data from InvestingPro, Safety Insurance Group has a market capitalization of $1.29 billion, reflecting its standing in the property and casualty insurance sector. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at a high 41.79 as of the last twelve months ending Q3 2023, indicating a premium valuation compared to the market average.
Despite its high earnings multiple, Safety Insurance Group has demonstrated a strong track record of returning value to shareholders, maintaining dividend payments for 21 consecutive years. This consistency is a testament to the company's financial management and commitment to its shareholders. In the context of recent performance, the company's stock has been trading near its 52-week high, with a price that is 98.08% of this peak, highlighting the positive momentum enjoyed by the stock.
InvestingPro Tips suggest that while Safety Insurance Group has been facing weak gross profit margins, with a margin of 5.05% over the last twelve months as of Q3 2023, it has been able to sufficiently cover its interest payments with its cash flows. This financial stability is crucial for investors looking for reliable dividend-paying stocks. Additionally, the company has experienced a large price uptick over the last six months, with a 26.73% total return, reflecting strong investor confidence.
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