Cubist Systematic Strategies LLC Sells 43,484 Shares of Selective Insurance Group, Inc. $SIGI

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Selective Insurance Group by 36.8%, owning $6.83 million worth of shares after selling 43,484 shares in the first quarter.
• Selective Insurance Group's stock performance has been marked by a missed earnings estimate, reporting $1.31 earnings per share versus the consensus estimate of $1.55.
• The company recently announced a quarterly dividend of $0.38, providing a 1.9% dividend yield to shareholders.

Cubist Systematic Strategies LLC lowered its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 36.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,569 shares of the insurance provider's stock after selling 43,484 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.12% of Selective Insurance Group worth $6,826,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in SIGI. Frank Rimerman Advisors LLC boosted its stake in Selective Insurance Group by 3.0% during the 1st quarter. Frank Rimerman Advisors LLC now owns 4,728 shares of the insurance provider's stock valued at $433,000 after acquiring an additional 136 shares during the last quarter. Martingale Asset Management L P boosted its stake in Selective Insurance Group by 0.5% during the 1st quarter. Martingale Asset Management L P now owns 28,140 shares of the insurance provider's stock valued at $2,576,000 after acquiring an additional 141 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Selective Insurance Group by 1.7% during the 1st quarter. Hsbc Holdings PLC now owns 10,075 shares of the insurance provider's stock valued at $922,000 after acquiring an additional 173 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Selective Insurance Group by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 7,117 shares of the insurance provider's stock valued at $651,000 after acquiring an additional 185 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. boosted its stake in Selective Insurance Group by 3.9% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 5,134 shares of the insurance provider's stock valued at $470,000 after acquiring an additional 193 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company's stock.

Selective Insurance Group Price Performance

Selective Insurance Group stock traded down $0.15 during trading hours on Monday, hitting $79.66. 41,308 shares of the company traded hands, compared to its average volume of 459,253. The firm has a market cap of $4.85 billion, a P/E ratio of 13.04 and a beta of 0.44. 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 firm's 50-day simple moving average is $81.51 and its two-hundred day simple moving average is $85.26. 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 released its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 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 net margin of 7.50% and a return on equity of 12.61%. During the same period in the previous year, the business posted ($1.10) EPS. As a group, analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors 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 yield of 1.9%. Selective Insurance Group's payout ratio is presently 24.88%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SIGI. Keefe, Bruyette & Woods reduced 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 research note on Monday, July 28th. Morgan Stanley downgraded shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $86.00 to $72.00 in a research report on Tuesday, August 5th. 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 report on Tuesday, August 5th. Piper Sandler reduced their price target on shares of 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. Finally, Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $87.33.

Insider Activity

In other Selective Insurance Group news, CEO John J. Marchioni bought 3,200 shares of the firm's stock in a transaction on Monday, July 28th. The stock was bought at an average cost of $77.89 per share, with a total value of $249,248.00. Following the completion of the transaction, the chief executive officer directly owned 139,775 shares of the company's stock, valued at approximately $10,887,074.75. The trade was a 2.34% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was acquired at an average cost of $75.72 per share, with a total value of $151,440.00. Following the completion of the transaction, the director directly owned 25,295 shares of the company's stock, valued at approximately $1,915,337.40. This represents a 8.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 10,602 shares of company stock valued at $817,440 in the last three months. 1.00% of the stock is currently owned by insiders.

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.