Point72 Asset Management L.P. Buys 58,808 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Point72 Asset Management L.P. grew its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 249.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 82,351 shares of the insurance provider's stock after acquiring an additional 58,808 shares during the quarter. Point72 Asset Management L.P. owned 0.14% of Selective Insurance Group worth $7,683,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Tidal Investments LLC bought a new stake in shares of Selective Insurance Group during the first quarter valued at approximately $318,000. GAMMA Investing LLC increased its holdings in shares of Selective Insurance Group by 81.5% in the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider's stock worth $30,000 after purchasing an additional 145 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Selective Insurance Group by 262.8% in the second quarter. SG Americas Securities LLC now owns 11,138 shares of the insurance provider's stock worth $1,045,000 after purchasing an additional 8,068 shares during the last quarter. Diversified Trust Co lifted its holdings in shares of Selective Insurance Group by 3.6% during the second quarter. Diversified Trust Co now owns 8,814 shares of the insurance provider's stock valued at $827,000 after purchasing an additional 303 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Selective Insurance Group by 2.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider's stock valued at $705,000 after buying an additional 205 shares during the last quarter. 82.88% of the stock is owned by institutional investors.

Selective Insurance Group Stock Performance

SIGI traded down $0.47 during trading on Friday, hitting $98.73. The company's stock had a trading volume of 214,417 shares, compared to its average volume of 345,881. The business's 50 day simple moving average is $96.15 and its 200-day simple moving average is $92.99. The firm has a market cap of $6.00 billion, a PE ratio of 26.61 and a beta of 0.60. Selective Insurance Group, Inc. has a one year low of $81.00 and a one year high of $109.58. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its earnings results 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 company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the business posted $1.51 earnings per share. Selective Insurance Group's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, sell-side analysts predict that Selective Insurance Group, Inc. will post 3.59 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from Selective Insurance Group's previous quarterly dividend of $0.35. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.54%. Selective Insurance Group's payout ratio is 40.97%.

Insider Buying and Selling

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the firm's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the sale, the chief accounting officer now directly owns 15,946 shares of the company's stock, valued at $1,476,759.06. This trade represents a 8.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SIGI shares. BMO Capital Markets raised Selective Insurance Group from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $95.00 to $105.00 in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their price objective on shares of 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 initiated coverage on shares of Selective Insurance Group in a research report on Thursday. They set an "equal weight" rating and a $105.00 price objective on the stock. Finally, Bank of America lifted their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an "underperform" rating in a research 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 issued a buy rating to the company's stock. Based on data from MarketBeat, Selective Insurance Group has an average rating of "Hold" and a consensus price target of $102.14.

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.