Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC lifted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 7,732.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 37,989 shares of the insurance provider’s stock after buying an additional 37,504 shares during the quarter. GAMMA Investing LLC’s holdings in Selective Insurance Group were worth $3,478,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Selective Insurance Group during the fourth quarter worth about $93,409,000. Raymond James Financial Inc. bought a new stake in shares of Selective Insurance Group in the 4th quarter worth approximately $69,504,000. Proficio Capital Partners LLC acquired a new position in Selective Insurance Group during the 4th quarter valued at approximately $203,000. Point72 Asset Management L.P. grew its stake in Selective Insurance Group by 245.7% during the 4th quarter. Point72 Asset Management L.P. now owns 284,669 shares of the insurance provider’s stock worth $26,622,000 after buying an additional 202,318 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in Selective Insurance Group by 39.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 564,542 shares of the insurance provider’s stock worth $52,796,000 after buying an additional 160,193 shares during the period. 82.88% of the stock is currently owned by institutional investors.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of the business’s stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $87.06, for a total value of $117,705.12. Following the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at approximately $1,388,258.76. The trade was a 7.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.50% of the company’s stock.

Selective Insurance Group Price Performance

Shares of SIGI opened at $85.12 on Thursday. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of 26.43 and a beta of 0.49. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.34 and a current ratio of 0.34. Selective Insurance Group, Inc. has a one year low of $78.13 and a one year high of $103.56. The stock’s fifty day moving average is $87.73 and its 200-day moving average is $89.55.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.10). The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. Equities analysts anticipate that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Thursday, May 15th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.79%. Selective Insurance Group’s dividend payout ratio is presently 41.42%.

Analysts Set New Price Targets

SIGI has been the subject of several analyst reports. BMO Capital Markets boosted their price target on shares of Selective Insurance Group from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Morgan Stanley lifted their price objective on shares of Selective Insurance Group from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods reduced their target price on shares of Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating for the company in a research note on Wednesday, April 30th. Finally, Wall Street Zen upgraded shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Thursday, May 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Selective Insurance Group currently has an average rating of “Hold” and an average price target of $94.00.

Selective Insurance Group Company Profile

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 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; 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; and flood insurance products.