Dark Forest Capital Management LP Acquires 18,030 Shares of Selective Insurance Group, Inc. $SIGI

Key Points

• Dark Forest Capital Management LP increased its holdings in Selective Insurance Group by 96.1% in Q1, owning 36,787 shares worth $3.37 million at the end of the reporting period.
• Equities analysts have reduced price targets for Selective Insurance Group, with estimates ranging from $72 to $88; the average rating is currently "Reduce" with a consensus target price of $87.33.
• Selective Insurance Group recently announced a quarterly dividend of $0.38 per share, representing an annual yield of 1.9% and a payout ratio of 24.88%.

Dark Forest Capital Management LP grew its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 96.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,787 shares of the insurance provider's stock after buying an additional 18,030 shares during the quarter. Dark Forest Capital Management LP owned about 0.06% of Selective Insurance Group worth $3,367,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. PDT Partners LLC bought a new stake in shares of Selective Insurance Group during the 1st quarter worth about $430,000. Baird Financial Group Inc. bought a new stake in shares of Selective Insurance Group during the 1st quarter worth about $1,007,000. Vident Advisory LLC raised its position in shares of Selective Insurance Group by 13.4% during the 1st quarter. Vident Advisory LLC now owns 2,479 shares of the insurance provider's stock worth $227,000 after buying an additional 292 shares in the last quarter. Trexquant Investment LP raised its position in shares of Selective Insurance Group by 860.3% during the 1st quarter. Trexquant Investment LP now owns 82,040 shares of the insurance provider's stock worth $7,510,000 after buying an additional 73,497 shares in the last quarter. Finally, Ieq Capital LLC bought a new stake in shares of Selective Insurance Group during the 1st quarter worth about $762,000. 82.88% of the stock is currently owned by institutional investors.

Selective Insurance Group Trading Down 1.5%

Shares of Selective Insurance Group stock traded down $1.23 during trading on Friday, hitting $79.81. The stock had a trading volume of 388,055 shares, compared to its average volume of 505,761. The stock has a 50 day simple moving average of $81.51 and a 200 day simple moving average of $85.21. The company has a market capitalization of $4.86 billion, a PE ratio of 13.06 and a beta of 0.44. 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, Inc. has a 1 year low of $71.75 and a 1 year high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share 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 firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period last year, the business earned ($1.10) earnings per share. On average, research analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. Selective Insurance Group's payout ratio is presently 24.88%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SIGI shares. Keefe, Bruyette & Woods dropped their price target on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a research report on Monday, July 28th. BMO Capital Markets set a $88.00 target price on shares of Selective Insurance Group and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Morgan Stanley downgraded shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $86.00 to $72.00 in a report on Tuesday, August 5th. Finally, Piper Sandler dropped their target price on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Selective Insurance Group currently has a consensus rating of "Reduce" and a consensus price target of $87.33.

Insider Activity

In related news, CEO John J. Marchioni acquired 3,200 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were purchased at an average cost of $77.89 per share, with a total value 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 position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was acquired at an average cost of $75.72 per share, with a total value of $151,440.00. Following the completion of the transaction, the director directly owned 25,295 shares of the company's stock, valued at approximately $1,915,337.40. This represents a 8.59% 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 in the last three months. 1.50% of the stock is currently owned by insiders.

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.