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Equities research analysts at Keefe, Bruyette & Woods initiated coverage on shares of Safety Insurance Group (NASDAQ:SAFT) in a research note issued to investors on Wednesday. The firm set a “market perform” rating and a $58.00 price target on the stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 8.21% from the stock’s previous close.

Shares of Safety Insurance Group (NASDAQ:SAFT) opened at 53.60 on Wednesday. Safety Insurance Group has a 52 week low of $48.43 and a 52 week high of $57.63. The stock’s 50-day moving average is $51.28 and its 200-day moving average is $52.97. The company has a market cap of $804.3 million and a price-to-earnings ratio of 13.15.

The company also recently announced a quarterly dividend, which is scheduled for Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 5.22%. The ex-dividend date is Thursday, August 28th. This is an increase from Safety Insurance Group’s previous quarterly dividend of $0.60.

Safety Insurance Group, Inc is a provider of personal lines property and casualty insurance focused primarily on the Massachusetts market.

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