Aigen Investment Management LP Acquires Shares of 2,468 Selective Insurance Group, Inc. (NASDAQ:SIGI)

Aigen Investment Management LP bought a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 2,468 shares of the insurance provider’s stock, valued at approximately $230,000.

A number of other hedge funds have also made changes to their positions in the stock. GSA Capital Partners LLP raised its holdings in Selective Insurance Group by 237.5% in the third quarter. GSA Capital Partners LLP now owns 24,207 shares of the insurance provider’s stock valued at $2,259,000 after acquiring an additional 17,034 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Selective Insurance Group by 17.1% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 4,585 shares of the insurance provider’s stock worth $428,000 after purchasing an additional 669 shares during the last quarter. Financial Strategies Group Inc. raised its stake in shares of Selective Insurance Group by 27.3% in the 3rd quarter. Financial Strategies Group Inc. now owns 5,019 shares of the insurance provider’s stock valued at $481,000 after purchasing an additional 1,075 shares in the last quarter. Emerald Advisers LLC bought a new position in shares of Selective Insurance Group during the third quarter worth about $11,767,000. Finally, Van ECK Associates Corp grew its stake in Selective Insurance Group by 40.0% in the third quarter. Van ECK Associates Corp now owns 34,759 shares of the insurance provider’s stock worth $3,313,000 after purchasing an additional 9,931 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Piper Sandler decreased their target price on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. Royal Bank of Canada lifted their price objective on shares of Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and decreased their price target for the company from $104.00 to $99.00 in a report on Monday, July 22nd. Finally, Bank of America boosted their price objective on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Selective Insurance Group has an average rating of “Hold” and an average price target of $101.67.

Selective Insurance Group Stock Up 0.3 %

Selective Insurance Group stock opened at $98.94 on Friday. The firm has a market capitalization of $6.01 billion, a P/E ratio of 26.67 and a beta of 0.57. The company has a 50-day simple moving average of $93.64 and a 200-day simple moving average of $92.87. Selective Insurance Group, Inc. has a one year low of $81.00 and a one year high of $109.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.51 earnings per share. As a group, equities analysts expect that Selective Insurance Group, Inc. will post 3.63 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.54%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, November 15th. Selective Insurance Group’s dividend payout ratio is 37.74%.

Insider Buying and Selling at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the transaction, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at approximately $1,476,759.06. This trade represents a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by company insiders.

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.