Headlands Technologies LLC Acquires 9,430 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Key Points

• Headlands Technologies LLC significantly increased its stake in Selective Insurance Group by 70.7% during the first quarter, raising its total shares to 22,774, valued at approximately $2,085,000.
• Multiple large investors, including Vaughan Nelson Investment Management and Point72 Asset Management, also boosted their stakes in Selective Insurance Group, indicating strong institutional interest in the company.
• In terms of stock performance, Selective Insurance Group reported missed earnings estimates in its latest quarterly results, with an EPS of $1.31 compared to the expected $1.55, alongside a revenue of $1.29 billion against expectations of $1.32 billion.

Headlands Technologies LLC increased its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 70.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,774 shares of the insurance provider's stock after purchasing an additional 9,430 shares during the quarter. Headlands Technologies LLC's holdings in Selective Insurance Group were worth $2,085,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. State of Alaska Department of Revenue raised its stake in shares of 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 worth $651,000 after purchasing an additional 185 shares during the period. State of Michigan Retirement System increased its holdings in Selective Insurance Group by 1.4% during the first quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider's stock worth $1,335,000 after buying an additional 200 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Selective Insurance Group by 8.6% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,542 shares of the insurance provider's stock worth $238,000 after acquiring an additional 202 shares during the period. Captrust Financial Advisors boosted its stake in Selective Insurance Group by 4.1% in the fourth quarter. Captrust Financial Advisors now owns 6,141 shares of the insurance provider's stock valued at $574,000 after acquiring an additional 244 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of Selective Insurance Group by 58.7% during the 1st quarter. Signaturefd LLC now owns 673 shares of the insurance provider's stock valued at $62,000 after acquiring an additional 249 shares during the period. 82.88% of the stock is currently owned by institutional investors.

Selective Insurance Group Price Performance

NASDAQ:SIGI traded up $0.08 during trading hours on Tuesday, hitting $77.68. 97,174 shares of the company's stock traded hands, compared to its average volume of 449,695. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56. The business's fifty day simple moving average is $84.46 and its two-hundred day simple moving average is $86.14. 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 has a market cap of $4.73 billion, a P/E ratio of 12.72 and a beta of 0.47.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share 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 firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.32 billion. During the same quarter in the previous year, the business earned ($1.10) EPS. On average, research analysts anticipate 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 declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group's payout ratio is 24.88%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SIGI. BMO Capital Markets set a $88.00 price objective on Selective Insurance Group and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Keefe, Bruyette & Woods dropped 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 report on Monday, July 28th. Piper Sandler lowered 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. Morgan Stanley downgraded shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and cut their price objective for the stock from $86.00 to $72.00 in a report on Tuesday, August 5th. Finally, Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $87.33.

Insiders Place Their Bets

In other news, EVP Joseph Eppers purchased 1,402 shares of the company's stock in a transaction on Friday, July 25th. The stock was acquired at an average price of $76.82 per share, with a total value of $107,701.64. Following the transaction, the executive vice president directly owned 12,492 shares of the company's stock, valued at approximately $959,635.44. This represents a 12.64% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas A. Mccarthy purchased 2,500 shares of the business's stock in a transaction on Monday, July 28th. The stock was purchased at an average cost of $77.42 per share, for a total transaction of $193,550.00. Following the acquisition, the director owned 18,746 shares in the company, valued at approximately $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. Over the last ninety days, insiders bought 10,602 shares of company stock worth $817,440. 1.00% of the stock is currently owned by corporate 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.