7,672 Shares in Selective Insurance Group, Inc. $SIGI Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd acquired 7,672 shares of Selective Insurance Group, valued at approximately $702,000, indicating significant investor interest during the first quarter.
• Multiple analysts have lowered their ratings and price targets for Selective Insurance Group, with Morgan Stanley switching to an "underweight" rating and setting a price target of $72.00.
• Selective Insurance Group's CEO John J. Marchioni purchased 3,200 shares for about $249,248, reflecting insider confidence in the company's performance.

Bayforest Capital Ltd acquired a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,672 shares of the insurance provider's stock, valued at approximately $702,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Selective Insurance Group by 5.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider's stock valued at $19,555,000 after acquiring an additional 11,167 shares during the period. Optimize Financial Inc raised its holdings in shares of Selective Insurance Group by 22.7% in the first quarter. Optimize Financial Inc now owns 4,423 shares of the insurance provider's stock valued at $405,000 after buying an additional 819 shares during the last quarter. United Services Automobile Association bought a new position in shares of Selective Insurance Group in the first quarter valued at about $355,000. Financial Strategies Group Inc. raised its holdings in shares of Selective Insurance Group by 29.8% in the first quarter. Financial Strategies Group Inc. now owns 7,988 shares of the insurance provider's stock valued at $705,000 after buying an additional 1,833 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Selective Insurance Group by 58.7% in the first quarter. Millennium Management LLC now owns 475,313 shares of the insurance provider's stock valued at $43,510,000 after buying an additional 175,725 shares during the last quarter. 82.88% of the stock is owned by institutional investors.

Selective Insurance Group Stock Down 0.9%

Shares of Selective Insurance Group stock traded down $0.69 on Friday, reaching $79.01. 384,209 shares of the company were exchanged, compared to its average volume of 480,667. Selective Insurance Group, Inc. has a one year low of $71.75 and a one year high of $103.56. The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of 12.93 and a beta of 0.44. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $80.78 and a 200 day moving average of $85.16.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced 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). Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%.The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company earned ($1.10) EPS. On average, equities research 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 was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were paid a dividend of $0.38 per share. The ex-dividend date was Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.9%. Selective Insurance Group's dividend payout ratio is currently 24.88%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Piper Sandler cut their price target on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Morgan Stanley cut Selective Insurance Group from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $86.00 to $72.00 in a report on Tuesday, August 5th. BMO Capital Markets set a $88.00 price target on Selective Insurance Group and gave the company an "outperform" rating in a report on Tuesday, August 5th. Finally, Keefe, Bruyette & Woods cut their price target 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. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $87.33.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, Director Robert Kelly Doherty bought 1,500 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average cost of $77.00 per share, with a total value of $115,500.00. Following the acquisition, the director owned 27,110 shares of the company's stock, valued at $2,087,470. The trade was a 5.86% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas A. Mccarthy bought 2,500 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average cost of $77.42 per share, for a total transaction of $193,550.00. Following the completion of the acquisition, the director directly owned 18,746 shares in the company, valued at $1,451,315.32. The trade was a 15.39% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 10,602 shares of company stock worth $817,440 in the last three months. 1.50% of the stock is owned by insiders.

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.