Point72 Asset Management L.P. Boosts Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Point72 Asset Management L.P. increased its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 245.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 284,669 shares of the insurance provider’s stock after purchasing an additional 202,318 shares during the period. Point72 Asset Management L.P. owned 0.47% of Selective Insurance Group worth $26,622,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. UMB Bank n.a. lifted its holdings in Selective Insurance Group by 37.1% in the 4th quarter. UMB Bank n.a. now owns 429 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 116 shares in the last quarter. Arizona State Retirement System lifted its holdings in Selective Insurance Group by 0.7% in the 4th quarter. Arizona State Retirement System now owns 17,628 shares of the insurance provider’s stock worth $1,649,000 after purchasing an additional 123 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Selective Insurance Group by 1.5% in the 4th quarter. Pacer Advisors Inc. now owns 9,061 shares of the insurance provider’s stock worth $847,000 after purchasing an additional 137 shares in the last quarter. Caprock Group LLC lifted its holdings in Selective Insurance Group by 3.8% in the 4th quarter. Caprock Group LLC now owns 3,950 shares of the insurance provider’s stock worth $369,000 after purchasing an additional 145 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its holdings in Selective Insurance Group by 8.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,542 shares of the insurance provider’s stock worth $238,000 after purchasing an additional 202 shares in the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SIGI has been the topic of several recent research reports. StockNews.com raised Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Thursday. Morgan Stanley decreased their price objective on Selective Insurance Group from $95.00 to $87.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a report on Thursday, January 30th. BMO Capital Markets upped their price objective on Selective Insurance Group from $92.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods decreased their price objective on Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating on the stock in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Selective Insurance Group currently has a consensus rating of “Hold” and a consensus target price of $93.50.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $89.09 on Friday. The stock’s fifty day moving average is $88.51 and its 200 day moving average is $90.71. Selective Insurance Group, Inc. has a fifty-two week low of $78.13 and a fifty-two week high of $103.56. The firm has a market capitalization of $5.41 billion, a PE ratio of 27.67 and a beta of 0.51. 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 (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.10). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the company posted $1.33 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.52 annualized dividend and a yield of 1.71%. Selective Insurance Group’s payout ratio is presently 41.42%.

Insider Activity at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,352 shares of the stock in a transaction on Friday, April 25th. The stock was sold at an average price of $87.06, for a total transaction of $117,705.12. Following the sale, the chief accounting officer now owns 15,946 shares in the company, valued at approximately $1,388,258.76. This represents a 7.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is currently owned by insiders.

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.