XTX Topco Ltd Invests $1.16 Million in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Key Points

• XTX Topco Ltd acquired a new stake in Selective Insurance Group, Inc. by purchasing 12,620 shares valued at approximately $1.15 million in the first quarter.
• Selective Insurance reported $1.31 earnings per share for the latest quarter, missing the consensus estimate by $0.24, with revenues of $1.29 billion.
• The company announced a quarterly dividend of $0.38 per share, translating to an annualized return of 2.0% on its stock, with a payout ratio of about 24.88%.

XTX Topco Ltd bought a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 12,620 shares of the insurance provider's stock, valued at approximately $1,155,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vaughan Nelson Investment Management L.P. increased its position in shares of Selective Insurance Group by 36.2% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,128,252 shares of the insurance provider's stock valued at $103,280,000 after acquiring an additional 299,925 shares during the last quarter. Northern Trust Corp increased its position in Selective Insurance Group by 9.3% during the fourth quarter. Northern Trust Corp now owns 1,052,142 shares of the insurance provider's stock worth $98,396,000 after buying an additional 89,692 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Selective Insurance Group by 39.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 564,542 shares of the insurance provider's stock worth $52,796,000 after buying an additional 160,193 shares during the last quarter. JPMorgan Chase & Co. increased its position in Selective Insurance Group by 18.1% during the fourth quarter. JPMorgan Chase & Co. now owns 478,609 shares of the insurance provider's stock worth $44,760,000 after buying an additional 73,456 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Selective Insurance Group by 19.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 460,339 shares of the insurance provider's stock worth $42,139,000 after buying an additional 75,108 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company's stock.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI traded up $1.62 during trading on Monday, hitting $79.09. 472,640 shares of the company were exchanged, compared to its average volume of 760,358. The business's 50 day moving average is $85.57 and its 200-day moving average is $86.78. The company has a market capitalization of $4.81 billion, a P/E ratio of 12.94 and a beta of 0.47. 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, Inc. has a 1-year low of $71.75 and a 1-year high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.24). The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%. During the same quarter last year, the company posted ($1.10) earnings per share. Equities analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Selective Insurance Group's dividend payout ratio is presently 24.88%.

Insiders Place Their Bets

In related news, Director Robert Kelly Doherty acquired 1,500 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $77.00 per share, for a total transaction of $115,500.00. Following the completion of the acquisition, the director directly owned 27,110 shares of the company's stock, valued at approximately $2,087,470. This trade represents a 5.86% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Joseph Eppers purchased 1,402 shares of the firm's stock in a transaction on Friday, July 25th. The shares were acquired at an average price of $76.82 per share, with a total value of $107,701.64. Following the completion of the acquisition, the executive vice president owned 12,492 shares in the company, valued at approximately $959,635.44. This trade represents a 12.64% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 10,602 shares of company stock valued at $817,440 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Piper Sandler lowered their price target on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Keefe, Bruyette & Woods reduced their price objective on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a report on Monday, July 28th. Morgan Stanley reduced their price objective on Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating for the company in a report on Friday, July 25th. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Finally, BMO Capital Markets boosted their price target on Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $91.00.

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.