Algert Global LLC Buys 13,770 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Algert Global LLC raised its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 95.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 28,196 shares of the insurance provider's stock after purchasing an additional 13,770 shares during the period. Algert Global LLC's holdings in Selective Insurance Group were worth $2,631,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its holdings in shares of Selective Insurance Group by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider's stock valued at $132,949,000 after purchasing an additional 62,699 shares during the last quarter. Quest Partners LLC increased its stake in Selective Insurance Group by 2,486.8% in the 3rd quarter. Quest Partners LLC now owns 7,631 shares of the insurance provider's stock valued at $712,000 after buying an additional 7,336 shares during the last quarter. Mutual of America Capital Management LLC lifted its position in shares of Selective Insurance Group by 9.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 170,281 shares of the insurance provider's stock worth $15,887,000 after buying an additional 14,004 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Selective Insurance Group by 10.2% in the 3rd quarter. New York State Common Retirement Fund now owns 179,741 shares of the insurance provider's stock worth $16,770,000 after buying an additional 16,689 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Selective Insurance Group by 24.8% in the third quarter. Handelsbanken Fonder AB now owns 15,616 shares of the insurance provider's stock valued at $1,457,000 after acquiring an additional 3,100 shares in the last quarter. 82.88% of the stock is owned by institutional investors.

Insider Buying and Selling at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the business's stock in a transaction on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the transaction, the chief accounting officer now directly owns 15,946 shares in the company, valued at $1,476,759.06. The trade was a 8.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.50% of the company's stock.

Selective Insurance Group Stock Performance

Shares of SIGI stock traded up $2.20 on Wednesday, hitting $102.00. 413,364 shares of the stock were exchanged, compared to its average volume of 357,568. The firm's 50 day moving average is $94.69 and its two-hundred day moving average is $92.79. Selective Insurance Group, Inc. has a one year low of $81.00 and a one year high of $109.58. The firm has a market capitalization of $6.20 billion, a PE ratio of 26.90 and a beta of 0.57. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) 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). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the business earned $1.51 EPS. Selective Insurance Group's revenue for the quarter was up 15.1% compared to the same quarter last year. Sell-side analysts expect that Selective Insurance Group, Inc. will post 3.59 earnings per share for the current fiscal 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 paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.49%. 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 payout ratio is currently 40.97%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SIGI shares. Bank of America lifted their price target on Selective Insurance Group from $96.00 to $102.00 and gave the stock an "underperform" rating in a report on Tuesday, October 22nd. BMO Capital Markets upgraded Selective Insurance Group from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $95.00 to $105.00 in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada increased their price target on shares of Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $101.67.

Selective Insurance Group 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.