Quantbot Technologies LP Cuts Stock Holdings in Selective Insurance Group, Inc. $SIGI

Key Points

• Quantbot Technologies LP significantly reduced its stake in Selective Insurance Group, Inc. by 91.6%, owning only 2,048 shares worth $187,000 as of recent filings.
• Other institutional investors are actively altering their positions, with Nuveen LLC investing approximately $36.9 million in new stakes during the first quarter.
• The company's stock received mixed analyst ratings, with target prices ranging from $72.00 to $88.00, indicating a consensus rating of "Reduce."

Quantbot Technologies LP trimmed its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 91.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,048 shares of the insurance provider's stock after selling 22,370 shares during the quarter. Quantbot Technologies LP's holdings in Selective Insurance Group were worth $187,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Olde Wealth Management LLC purchased a new stake in shares of Selective Insurance Group in the 1st quarter worth $28,000. Quarry LP purchased a new stake in shares of Selective Insurance Group in the 4th quarter worth $38,000. Brooklyn Investment Group purchased a new position in shares of Selective Insurance Group in the 1st quarter valued at $38,000. Toth Financial Advisory Corp purchased a new position in shares of Selective Insurance Group in the 1st quarter valued at $41,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Selective Insurance Group by 752.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 537 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 474 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, Director Thomas A. Mccarthy bought 2,500 shares of Selective Insurance Group stock in a transaction on Monday, July 28th. The shares were bought at an average price of $77.42 per share, for a total transaction of $193,550.00. Following the completion of the transaction, the director directly owned 18,746 shares of the company's stock, valued at $1,451,315.32. This trade represents a 15.39% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert Kelly Doherty bought 1,500 shares of Selective Insurance Group stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $77.00 per share, for a total transaction of $115,500.00. Following the transaction, the director directly owned 27,110 shares of the company's stock, valued at approximately $2,087,470. This trade represents a 5.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 10,602 shares of company stock valued at $817,440 in the last three months. 1.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods decreased their price objective on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a research note on Monday, July 28th. Morgan Stanley cut Selective Insurance Group from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $86.00 to $72.00 in a research note on Tuesday, August 5th. Piper Sandler decreased their price objective on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" 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 research note on Thursday, May 15th. Finally, BMO Capital Markets set a $88.00 price objective on Selective Insurance Group and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Selective Insurance Group has an average rating of "Reduce" and an average price target of $87.33.

Selective Insurance Group Stock Up 0.9%

Shares of SIGI traded up $0.74 during midday trading on Wednesday, hitting $79.22. 334,756 shares of the company's stock traded hands, compared to its average volume of 525,967. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 12.97 and a beta of 0.44. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28. Selective Insurance Group, Inc. has a 1 year low of $71.75 and a 1 year high of $103.56. The firm's fifty day moving average is $81.73 and its 200-day moving average is $85.21.

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 (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.24). Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%.The business had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.32 billion. During the same period last year, the business earned ($1.10) EPS. As a group, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.9%. Selective Insurance Group's dividend payout ratio is currently 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.