Cibc World Markets Corp Acquires New Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Cibc World Markets Corp bought a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 5,692 shares of the insurance provider's stock, valued at approximately $532,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. R Squared Ltd acquired a new stake in Selective Insurance Group in the 4th quarter valued at $25,000. UMB Bank n.a. increased its position in shares of Selective Insurance Group by 37.1% during the fourth quarter. UMB Bank n.a. now owns 429 shares of the insurance provider's stock valued at $40,000 after buying an additional 116 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of Selective Insurance Group by 957.1% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 444 shares of the insurance provider's stock valued at $42,000 after purchasing an additional 402 shares in the last quarter. GAMMA Investing LLC raised its stake in Selective Insurance Group by 64.4% in the fourth quarter. GAMMA Investing LLC now owns 485 shares of the insurance provider's stock valued at $45,000 after purchasing an additional 190 shares in the last quarter. Finally, Roxbury Financial LLC bought a new position in Selective Insurance Group in the fourth quarter valued at $180,000. Institutional investors and hedge funds own 82.88% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SIGI. Morgan Stanley cut their target price on shares of 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 reiterated a "market perform" rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $93.00 price objective (down previously from $116.00) on shares of Selective Insurance Group in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $98.71.

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Selective Insurance Group Price Performance

NASDAQ:SIGI traded up $0.55 during trading hours on Wednesday, hitting $90.18. 450,099 shares of the stock were exchanged, compared to its average volume of 359,332. The firm's fifty day moving average price is $86.73 and its 200 day moving average price is $91.80. The company has a market cap of $5.48 billion, a P/E ratio of 28.01 and a beta of 0.54. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.17. Selective Insurance Group, Inc. has a 52-week low of $78.13 and a 52-week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $1.62 EPS for the quarter, missing analysts' consensus estimates of $1.99 by ($0.37). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. As a group, equities research analysts anticipate that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a dividend of $0.38 per share. The ex-dividend date was Friday, February 14th. This represents a $1.52 dividend on an annualized basis and a yield of 1.69%. Selective Insurance Group's payout ratio is currently 47.20%.

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.