Engineers Gate Manager LP Decreases Stock Position in Selective Insurance Group, Inc. $SIGI

Key Points

• Engineers Gate Manager LP cut its Selective Insurance Group stake by 57.2% in the second quarter, selling 16,231 shares and retaining 12,166 shares valued at approximately $1.18 million. Institutional investors collectively own 82.88% of the company.
• Analyst sentiment is mixed, with two Buy ratings, five Holds and one Sell; the average price target is $100.33. BMO Capital Markets downgraded the stock to Market Perform, while RBC maintained an Outperform rating and raised its target to $115.
• Selective Insurance exceeded quarterly expectations, reporting $1.95 in EPS versus a $1.66 consensus estimate and revenue of $1.39 billion. The company also paid a quarterly dividend of $0.43 per share, equivalent to a 2.0% annualized yield.

Engineers Gate Manager LP trimmed its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 57.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,166 shares of the insurance provider's stock after selling 16,231 shares during the quarter. Engineers Gate Manager LP's holdings in Selective Insurance Group were worth $1,180,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Oak Associates Ltd. OH raised its stake in shares of Selective Insurance Group by 1.8% in the first quarter. Oak Associates Ltd. OH now owns 7,124 shares of the insurance provider's stock valued at $537,000 after acquiring an additional 125 shares during the period. Royal Bank of Canada boosted its stake in shares of Selective Insurance Group by 0.5% during the 1st quarter. Royal Bank of Canada now owns 35,809 shares of the insurance provider's stock worth $2,699,000 after purchasing an additional 192 shares during the period. State of Michigan Retirement System grew its holdings in Selective Insurance Group by 1.4% during the 1st quarter. State of Michigan Retirement System now owns 14,481 shares of the insurance provider's stock valued at $1,092,000 after purchasing an additional 200 shares during the last quarter. Baron Wealth Management LLC grew its holdings in Selective Insurance Group by 7.5% during the 2nd quarter. Baron Wealth Management LLC now owns 3,722 shares of the insurance provider's stock valued at $361,000 after purchasing an additional 261 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Selective Insurance Group in the 2nd quarter worth about $26,000. Institutional investors own 82.88% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. BMO Capital Markets lowered Selective Insurance Group from an "outperform" rating to a "market perform" rating and set a $97.00 target price for the company. in a research report on Tuesday, July 28th. Weiss Ratings downgraded Selective Insurance Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, September 1st. Royal Bank Of Canada raised their price target on Selective Insurance Group from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Piper Sandler boosted their price objective on Selective Insurance Group from $93.00 to $103.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods upped their price objective on Selective Insurance Group from $101.00 to $102.00 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $100.33.

Insider Buying and Selling

In other Selective Insurance Group news, EVP Michael Lanza sold 17,100 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the transaction, the executive vice president owned 16,565 shares of the company's stock, valued at approximately $1,557,772.60. This trade represents a 50.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.82% of the company's stock.

Selective Insurance Group Price Performance

Shares of SIGI stock opened at $86.70 on Friday. Selective Insurance Group, Inc. has a twelve month low of $72.78 and a twelve month high of $100.40. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of 10.76 and a beta of 0.29. The stock has a fifty day simple moving average of $93.27 and a two-hundred day simple moving average of $88.09. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.66 by $0.29. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same quarter last year, the firm posted $1.31 earnings per share. On average, analysts predict that Selective Insurance Group, Inc. will post 8.11 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.0%. The ex-dividend date was Monday, August 17th. Selective Insurance Group's dividend payout ratio is presently 21.34%.

Selective Insurance Group Profile

Selective Insurance Group, Inc NASDAQ: SIGI is an insurance holding company that provides property and casualty insurance through its operating subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company serves commercial and personal customers through a network of independent insurance agents.

Selective's products include commercial automobile, property, general liability, workers' compensation and other coverage designed for businesses, municipalities and professionals.

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