Dark Forest Capital Management LP bought a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,843 shares of the insurance provider’s stock, valued at approximately $271,000.
Several other hedge funds have also recently modified their holdings of the stock. Mackenzie Financial Corp raised its holdings in shares of Selective Insurance Group by 4.6% during the first quarter. Mackenzie Financial Corp now owns 3,359 shares of the insurance provider’s stock valued at $300,000 after acquiring an additional 147 shares during the last quarter. Creative Planning boosted its stake in Selective Insurance Group by 0.6% during the second quarter. Creative Planning now owns 25,118 shares of the insurance provider’s stock worth $2,184,000 after buying an additional 153 shares during the last quarter. Covestor Ltd grew its holdings in Selective Insurance Group by 37.3% in the 1st quarter. Covestor Ltd now owns 747 shares of the insurance provider’s stock valued at $67,000 after buying an additional 203 shares in the last quarter. Verition Fund Management LLC raised its holdings in shares of Selective Insurance Group by 7.9% during the 1st quarter. Verition Fund Management LLC now owns 2,780 shares of the insurance provider’s stock worth $248,000 after acquiring an additional 204 shares during the period. Finally, Raymond James & Associates boosted its position in shares of Selective Insurance Group by 0.7% during the 4th quarter. Raymond James & Associates now owns 32,271 shares of the insurance provider’s stock valued at $2,860,000 after acquiring an additional 223 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.
Insider Activity at Selective Insurance Group
In other news, Director Wole C. Coaxum purchased 351 shares of the stock in a transaction on Thursday, June 8th. The stock was bought at an average price of $100.67 per share, for a total transaction of $35,335.17. Following the acquisition, the director now directly owns 4,672 shares of the company’s stock, valued at approximately $470,330.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Selective Insurance Group news, Director Wole C. Coaxum acquired 351 shares of the stock in a transaction dated Thursday, June 8th. The stock was acquired at an average cost of $100.67 per share, with a total value of $35,335.17. Following the transaction, the director now owns 4,672 shares in the company, valued at approximately $470,330.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John J. Marchioni sold 2,976 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $99.94, for a total value of $297,421.44. Following the sale, the chief executive officer now directly owns 141,460 shares in the company, valued at approximately $14,137,512.40. The disclosure for this sale can be found here. Insiders have sold a total of 6,976 shares of company stock valued at $703,804 over the last 90 days. 1.50% of the stock is owned by corporate insiders.
Selective Insurance Group Stock Performance
NASDAQ:SIGI opened at $99.67 on Friday. Selective Insurance Group, Inc. has a 52 week low of $78.62 and a 52 week high of $105.54. The company has a fifty day simple moving average of $99.28 and a two-hundred day simple moving average of $98.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.20. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 0.77 and a beta of 0.61.
Selective Insurance Group (NASDAQ:SIGI – Get Free Report) last released its earnings results on Wednesday, August 2nd. The insurance provider reported $0.99 EPS for the quarter, hitting the consensus estimate of $0.99. Selective Insurance Group had a return on equity of 12.83% and a net margin of 7.15%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the firm posted $1.17 EPS. Selective Insurance Group’s revenue for the quarter was up 20.3% on a year-over-year basis. As a group, equities analysts anticipate that Selective Insurance Group, Inc. will post 6.1 earnings per share for the current fiscal year.
Selective Insurance Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were paid a dividend of $0.30 per share. The ex-dividend date was Monday, August 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.20%. Selective Insurance Group’s payout ratio is 27.03%.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the stock. StockNews.com started coverage on shares of Selective Insurance Group in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada increased their price target on Selective Insurance Group from $100.00 to $105.00 and gave the stock a “sector perform” rating in a report on Friday, August 4th. Piper Sandler boosted their price objective on shares of Selective Insurance Group from $102.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, July 25th. BMO Capital Markets increased their target price on shares of Selective Insurance Group from $90.00 to $93.00 in a research note on Wednesday, June 14th. Finally, Bank of America increased their price objective on shares of Selective Insurance Group from $93.00 to $100.00 and gave the stock an “underperform” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Selective Insurance Group has an average rating of “Hold” and a consensus price target of $101.86.
Check Out Our Latest Stock Report on SIGI
About Selective Insurance Group
(Free Report)
Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers property insurance products, which covers the accidental loss of an insured’s real property, personal property, and/or earnings due to the property’s loss; casualty insurance products that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party; and flood insurance products.
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