Quantbot Technologies LP Sells 22,370 Shares of 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 decreased its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 91.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of SIGI. Olde Wealth Management LLC bought a new stake in Selective Insurance Group in the 1st quarter worth approximately $28,000. Quarry LP bought a new stake in Selective Insurance Group in the 4th quarter worth approximately $38,000. Brooklyn Investment Group bought a new stake in Selective Insurance Group in the 1st quarter worth approximately $38,000. Toth Financial Advisory Corp bought a new stake in Selective Insurance Group in the 1st quarter worth approximately $41,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Selective Insurance Group by 752.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 537 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 474 shares during the last quarter. Institutional investors own 82.88% of the company's stock.

Selective Insurance Group Stock Down 0.4%

Shares of NASDAQ SIGI traded down $0.32 during trading on Tuesday, reaching $77.92. The company had a trading volume of 121,789 shares, compared to its average volume of 461,825. 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 $4.74 billion, a PE ratio of 12.75 and a beta of 0.44. The business's 50-day moving average is $82.00 and its 200 day moving average is $85.29. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28.

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 analysts' consensus estimates 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 company had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period in the prior year, the company posted ($1.10) earnings per share. As a group, equities analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

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

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, Director Thomas A. Mccarthy acquired 2,500 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were bought at an average cost of $77.42 per share, with a total value of $193,550.00. Following the completion of the transaction, the director directly owned 18,746 shares of the company's stock, valued at approximately $1,451,315.32. This represents a 15.39% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Joseph Eppers acquired 1,402 shares of the company's stock in a transaction that occurred on Friday, July 25th. The shares were acquired at an average cost of $76.82 per share, for a total transaction of $107,701.64. Following the completion of the transaction, the executive vice president directly owned 12,492 shares of the company's stock, valued at $959,635.44. The trade was a 12.64% 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 over the last three months. 1.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Piper Sandler lowered their price objective on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Keefe, Bruyette & Woods reduced their target price on 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. BMO Capital Markets set a $88.00 target price on Selective Insurance Group and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Wall Street Zen raised Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Finally, Morgan Stanley cut 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 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $87.33.

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.