Walleye Capital LLC Invests $626,000 in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Walleye Capital LLC bought a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 6,710 shares of the insurance provider’s stock, valued at approximately $626,000.

A number of other large investors also recently made changes to their positions in SIGI. V Square Quantitative Management LLC bought a new position in shares of Selective Insurance Group during the third quarter worth approximately $27,000. Quest Partners LLC bought a new position in shares of Selective Insurance Group during the second quarter worth approximately $28,000. GAMMA Investing LLC increased its stake in shares of Selective Insurance Group by 81.5% during the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 145 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Selective Insurance Group during the second quarter worth approximately $44,000. Finally, KBC Group NV increased its stake in shares of Selective Insurance Group by 18.1% during the third quarter. KBC Group NV now owns 1,840 shares of the insurance provider’s stock worth $172,000 after purchasing an additional 282 shares during the period. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Trading Down 0.5 %

Shares of SIGI stock opened at $98.73 on Friday. The stock’s fifty day moving average price is $96.15 and its two-hundred day moving average price is $93.02. The company has a market cap of $6.00 billion, a PE ratio of 26.61 and a beta of 0.60. Selective Insurance Group, Inc. has a fifty-two week low of $81.00 and a fifty-two week 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 issued its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The business had revenue of $1.24 billion during 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% compared to the same quarter last year. During the same period in the prior year, the business posted $1.51 EPS. Equities analysts predict that Selective Insurance Group, Inc. will post 3.59 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Friday, November 15th. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is currently 40.97%.

Insider Buying and Selling at Selective Insurance Group

In related 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 sale, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This trade represents a 8.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

SIGI has been the topic of a number of recent research reports. BMO Capital Markets upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $95.00 to $105.00 in a research note on Wednesday, October 30th. Bank of America raised their price objective on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 22nd. Morgan Stanley initiated coverage on Selective Insurance Group in a research note on Thursday. They set an “equal weight” rating and a $105.00 price objective on the stock. Finally, Royal Bank of Canada raised their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Selective Insurance Group presently has an average rating of “Hold” and a consensus target price of $102.14.

About Selective Insurance Group

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.