GSA Capital Partners LLP Grows Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Key Points

• GSA Capital Partners LLP increased its holdings in Selective Insurance Group by 424.4%, acquiring an additional 21,054 shares, bringing its total to 26,015 shares valued at $2.38 million.
• Institutional investors collectively own 82.88% of Selective Insurance Group, with several hedge funds recently purchasing new positions in the company.
• Selective Insurance Group announced a quarterly dividend of $0.38 per share, providing a yield of 1.94%, with the payout ratio at 24.88%.

GSA Capital Partners LLP increased its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 424.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,015 shares of the insurance provider's stock after acquiring an additional 21,054 shares during the period. GSA Capital Partners LLP's holdings in Selective Insurance Group were worth $2,381,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SIGI. Norges Bank acquired a new position in Selective Insurance Group during the 4th quarter worth about $93,409,000. Vaughan Nelson Investment Management L.P. lifted its stake in Selective Insurance Group by 36.2% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,128,252 shares of the insurance provider's stock worth $103,280,000 after acquiring an additional 299,925 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in Selective Insurance Group by 245.7% during the 4th quarter. Point72 Asset Management L.P. now owns 284,669 shares of the insurance provider's stock worth $26,622,000 after acquiring an additional 202,318 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Selective Insurance Group by 39.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 564,542 shares of the insurance provider's stock worth $52,796,000 after acquiring an additional 160,193 shares in the last quarter. Finally, Ceredex Value Advisors LLC acquired a new position in shares of Selective Insurance Group in the fourth quarter worth $10,484,000. Institutional investors and hedge funds own 82.88% of the company's stock.

Analyst Ratings Changes

SIGI has been the subject of several research reports. Morgan Stanley dropped their price target on shares of Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating for the company in a research note 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. Piper Sandler cut their price target on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Keefe, Bruyette & Woods cut their price target on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a report on Monday. Finally, BMO Capital Markets upped their price target on Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $91.00.

Selective Insurance Group Stock Down 0.8%

Shares of SIGI traded down $0.60 during mid-day trading on Friday, reaching $77.37. The company's stock had a trading volume of 443,461 shares, compared to its average volume of 450,508. Selective Insurance Group, Inc. has a 12-month low of $71.75 and a 12-month high of $103.56. The stock has a market cap of $4.71 billion, a PE ratio of 12.66 and a beta of 0.48. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick ratio of 0.35. The company's 50 day moving average is $85.74 and its 200 day moving average is $86.98.

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

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a yield of 2.0%. Selective Insurance Group's payout ratio is 24.88%.

Insider Activity at Selective Insurance Group

In other news, CEO John J. Marchioni bought 3,200 shares of the business's stock in a transaction dated Monday, July 28th. The shares were acquired at an average price of $77.89 per share, for a total transaction of $249,248.00. Following the completion of the transaction, the chief executive officer owned 139,775 shares of the company's stock, valued at approximately $10,887,074.75. This trade represents a 2.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas A. Mccarthy purchased 2,500 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were purchased at an average price of $77.42 per share, for a total transaction of $193,550.00. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 9,102 shares of company stock valued at $701,940 in the last ninety days. 1.50% of the stock is currently 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.