Algert Global LLC Grows Stake in Selective Insurance Group, Inc. $SIGI

Key Points

• Algert Global LLC increased its stake in Selective Insurance Group by 107.7%, acquiring a total of 152,544 shares, worth approximately $13.96 million.
• Selective Insurance Group's stock has seen a 1.9% decline recently, with a current price of $76.71, and a market cap of $4.67 billion.
• The company reported earnings of $1.31 per share in its last quarter, missing estimates by $0.24, and announced a quarterly dividend of $0.38 per share.

Algert Global LLC lifted its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 107.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 152,544 shares of the insurance provider's stock after purchasing an additional 79,113 shares during the quarter. Algert Global LLC owned 0.25% of Selective Insurance Group worth $13,964,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SIGI. Frank Rimerman Advisors LLC increased its stake in Selective Insurance Group by 3.0% in the 1st quarter. Frank Rimerman Advisors LLC now owns 4,728 shares of the insurance provider's stock worth $433,000 after acquiring an additional 136 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Selective Insurance Group by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 7,117 shares of the insurance provider's stock worth $651,000 after acquiring an additional 185 shares during the last quarter. Resona Asset Management Co. Ltd. increased its stake in Selective Insurance Group by 3.9% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 5,134 shares of the insurance provider's stock worth $470,000 after acquiring an additional 193 shares during the last quarter. State of Michigan Retirement System increased its stake in Selective Insurance Group by 1.4% in the 1st quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider's stock worth $1,335,000 after acquiring an additional 200 shares during the last quarter. Finally, Captrust Financial Advisors increased its stake in Selective Insurance Group by 4.1% in the 4th quarter. Captrust Financial Advisors now owns 6,141 shares of the insurance provider's stock worth $574,000 after acquiring an additional 244 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. BMO Capital Markets set a $88.00 target price on Selective Insurance Group and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Piper Sandler reduced their price objective 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 on the stock in a research report on Monday, July 28th. Finally, Morgan Stanley lowered Selective Insurance Group from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $86.00 to $72.00 in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $87.33.

Insider Activity

In related news, Director Terrence W. Cavanaugh acquired 2,000 shares of the company's stock in a transaction dated Friday, July 25th. The stock was purchased at an average price of $75.72 per share, with a total value of $151,440.00. Following the completion of the purchase, the director owned 25,295 shares in the company, valued at $1,915,337.40. This trade represents a 8.59% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph Eppers acquired 1,402 shares of the company's stock in a transaction dated Friday, July 25th. The shares were bought at an average cost of $76.82 per share, with a total value of $107,701.64. Following the purchase, the executive vice president owned 12,492 shares of the company's stock, 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. In the last 90 days, insiders have bought 10,602 shares of company stock valued at $817,440. Corporate insiders own 1.50% of the company's stock.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock traded up $0.9250 during trading on Friday, hitting $79.0350. 221,000 shares of the stock traded hands, compared to its average volume of 454,077. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of 12.94 and a beta of 0.47. The firm's fifty day moving average is $83.01 and its 200-day moving average is $85.56. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share 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 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 company earned ($1.10) earnings per share. Research 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group's dividend payout ratio is 24.88%.

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.