111 Capital Acquires New Holdings in Selective Insurance Group, Inc. $SIGI

Key Points

• 111 Capital acquired a new stake in Selective Insurance Group, Inc., purchasing 7,382 shares valued at approximately $640,000 during the second quarter.
• In recent months, several hedge funds have made significant modifications to their holdings of SIGI, with GAMMA Investing LLC increasing its stake by 7,732.8% in the first quarter.
• Selective Insurance Group reported Q2 earnings of $1.31 per share, missing estimates by $0.24, with revenues of $1.29 billion compared to expectations of $1.32 billion.

111 Capital acquired a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,382 shares of the insurance provider's stock, valued at approximately $640,000.

Several other hedge funds also recently modified their holdings of SIGI. GAMMA Investing LLC boosted its stake in shares of Selective Insurance Group by 7,732.8% during the 1st quarter. GAMMA Investing LLC now owns 37,989 shares of the insurance provider's stock worth $3,478,000 after purchasing an additional 37,504 shares during the last quarter. Procyon Advisors LLC boosted its stake in shares of Selective Insurance Group by 17.9% during the 1st quarter. Procyon Advisors LLC now owns 14,702 shares of the insurance provider's stock worth $1,346,000 after purchasing an additional 2,227 shares during the last quarter. Congress Asset Management Co. acquired a new stake in shares of Selective Insurance Group during the 1st quarter worth about $8,034,000. UMB Bank n.a. boosted its stake in shares of Selective Insurance Group by 116.3% during the 1st quarter. UMB Bank n.a. now owns 928 shares of the insurance provider's stock worth $85,000 after purchasing an additional 499 shares during the last quarter. Finally, Toth Financial Advisory Corp acquired a new stake in shares of Selective Insurance Group during the 1st quarter worth about $41,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Selective Insurance Group

In related news, Director Robert Kelly Doherty purchased 1,500 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $77.00 per share, with a total value of $115,500.00. Following the completion of the transaction, the director owned 27,110 shares of the company's stock, valued at $2,087,470. This represents a 5.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas A. Mccarthy purchased 2,500 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were bought at an average cost of $77.42 per share, with a total value of $193,550.00. Following the transaction, the director directly owned 18,746 shares of the company's stock, valued at approximately $1,451,315.32. This represents a 15.39% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 10,602 shares of company stock valued at $817,440. Corporate insiders own 1.50% of the company's stock.

Selective Insurance Group Trading Up 1.6%

SIGI opened at $83.51 on Friday. The firm has a market capitalization of $5.08 billion, a P/E ratio of 13.67 and a beta of 0.39. The firm's 50 day moving average is $78.71 and its 200-day moving average is $84.44. Selective Insurance Group, Inc. has a 52-week low of $71.75 and a 52-week high of $103.56. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.32 billion. Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. During the same quarter in the prior year, the business earned ($1.10) EPS. Analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.8%. Selective Insurance Group's dividend payout ratio (DPR) is presently 24.88%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SIGI. BMO Capital Markets set a $88.00 price target on shares of Selective Insurance Group and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Selective Insurance Group in a research note on Saturday, September 27th. Morgan Stanley lowered shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and cut their price objective for the stock from $86.00 to $72.00 in a report on Tuesday, August 5th. Keefe, Bruyette & Woods cut their price objective on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a report on Monday, July 28th. Finally, Piper Sandler cut their price objective on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Selective Insurance Group currently has an average rating of "Reduce" and an average price target of $87.33.

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.

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