Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lessened its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 71.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,514 shares of the insurance provider’s stock after selling 6,148 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Selective Insurance Group were worth $235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Lindenwold Advisors INC boosted its position in shares of Selective Insurance Group by 5.4% in the 3rd quarter. Lindenwold Advisors INC now owns 2,974 shares of the insurance provider’s stock valued at $277,000 after purchasing an additional 153 shares during the period. Glenmede Trust Co. NA lifted its stake in Selective Insurance Group by 3.1% in the third quarter. Glenmede Trust Co. NA now owns 5,101 shares of the insurance provider’s stock valued at $476,000 after buying an additional 155 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Selective Insurance Group by 2.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider’s stock valued at $705,000 after acquiring an additional 205 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Selective Insurance Group by 2.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider’s stock worth $1,262,000 after acquiring an additional 266 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Selective Insurance Group by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,166 shares of the insurance provider’s stock valued at $1,415,000 after acquiring an additional 277 shares during the period. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $92.60 on Thursday. Selective Insurance Group, Inc. has a 52 week low of $81.00 and a 52 week high of $109.58. The company has a 50-day moving average price of $96.74 and a 200 day moving average price of $93.01. The company has a market cap of $5.63 billion, a P/E ratio of 24.96 and a beta of 0.60. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the business earned $1.51 earnings per share. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. Research analysts predict that Selective Insurance Group, Inc. will post 3.61 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were paid a dividend of $0.38 per share. The ex-dividend date was Friday, November 15th. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.64%. Selective Insurance Group’s dividend payout ratio is 40.97%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SIGI. Morgan Stanley initiated coverage on shares of Selective Insurance Group in a research note on Thursday, December 5th. They set an “equal weight” rating and a $105.00 price target for the company. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. Bank of America boosted their price target on Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada lifted their target price on Selective Insurance Group from $96.00 to $99.00 and gave the company 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 given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.14.

Insider Activity

In related news, CAO Anthony D. Harnett sold 1,404 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the sale, the chief accounting officer now owns 15,946 shares in the company, valued at $1,476,759.06. This represents a 8.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

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.