Point72 Asset Management L.P. Purchases New Shares in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Point72 Asset Management L.P. acquired a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 23,543 shares of the insurance provider’s stock, valued at approximately $2,209,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Rise Advisors LLC bought a new position in shares of Selective Insurance Group in the first quarter valued at about $27,000. Quest Partners LLC acquired a new stake in Selective Insurance Group in the 2nd quarter valued at about $28,000. GAMMA Investing LLC raised its stake in shares of Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 145 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Selective Insurance Group during the second quarter worth approximately $44,000. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Selective Insurance Group during the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SIGI. Royal Bank of Canada dropped their price objective on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research report on Monday, July 22nd. Piper Sandler cut their price target on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, July 22nd. BMO Capital Markets raised their price target on Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a report on Wednesday, July 24th. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $104.00 to $99.00 in a report on Monday, July 22nd. Finally, Bank of America reduced their target price on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating on the stock in a research note on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus target price of $98.67.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, Director Terrence W. Cavanaugh bought 2,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average cost of $85.85 per share, with a total value of $171,700.00. Following the purchase, the director now owns 20,651 shares in the company, valued at $1,772,888.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO John J. Marchioni acquired 2,400 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average cost of $83.56 per share, with a total value of $200,544.00. Following the transaction, the chief executive officer now owns 136,397 shares of the company’s stock, valued at approximately $11,397,333.32. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price of $85.85 per share, with a total value of $171,700.00. Following the acquisition, the director now owns 20,651 shares in the company, valued at approximately $1,772,888.35. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

Selective Insurance Group Price Performance

Shares of SIGI opened at $91.66 on Friday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19. The stock has a market cap of $5.57 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 1.51 and a beta of 0.56. The stock’s 50-day moving average price is $89.50 and its two-hundred day moving average price is $94.78. Selective Insurance Group, Inc. has a 1 year low of $81.00 and a 1 year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing the consensus estimate of $1.49 by ($2.59). Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter last year, the business posted $0.99 earnings per share. On average, equities analysts predict that Selective Insurance Group, Inc. will post 3.84 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 annualized dividend and a yield of 1.53%. Selective Insurance Group’s dividend payout ratio is presently 24.73%.

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.