Jane Street Group LLC Cuts Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Jane Street Group LLC cut its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 59.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 50,944 shares of the insurance provider's stock after selling 75,138 shares during the quarter. Jane Street Group LLC owned approximately 0.08% of Selective Insurance Group worth $4,753,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SIGI. Lindenwold Advisors INC grew its stake in Selective Insurance Group by 5.4% during the 3rd quarter. Lindenwold Advisors INC now owns 2,974 shares of the insurance provider's stock worth $277,000 after buying an additional 153 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in Selective Insurance Group by 3.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 5,101 shares of the insurance provider's stock worth $476,000 after purchasing an additional 155 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Selective Insurance Group by 2.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider's stock valued at $705,000 after purchasing an additional 205 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Selective Insurance Group by 2.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider's stock valued at $1,262,000 after purchasing an additional 266 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Selective Insurance Group by 1.9% during 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 purchasing an additional 277 shares in the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the firm'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 directly owns 15,946 shares of the company's stock, valued at approximately $1,476,759.06. This trade represents a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SIGI. BMO Capital Markets raised shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $95.00 to $105.00 in a report on Wednesday, October 30th. Royal Bank of Canada increased their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a report on Wednesday, October 23rd. Morgan Stanley assumed coverage on Selective Insurance Group in a report on Thursday, December 5th. They set an "equal weight" rating and a $105.00 target price for the company. Finally, Bank of America increased their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an "underperform" rating in a report on Tuesday, October 22nd. One investment 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. According to data from MarketBeat.com, Selective Insurance Group has an average rating of "Hold" and an average target price of $102.14.

Selective Insurance Group Stock Performance

Selective Insurance Group stock traded down $2.70 during midday trading on Wednesday, hitting $92.60. 287,565 shares of the company were exchanged, compared to its average volume of 351,715. The business has a fifty day simple moving average of $96.74 and a two-hundred day simple moving average of $93.01. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35. The firm has a market capitalization of $5.63 billion, a PE ratio of 24.96 and a beta of 0.60. Selective Insurance Group, Inc. has a fifty-two week low of $81.00 and a fifty-two week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 EPS 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous 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. On average, sell-side analysts forecast that Selective Insurance Group, Inc. will post 3.61 earnings per share for the current year.

Selective Insurance Group Increases Dividend

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

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.