Dark Forest Capital Management LP Has $3.37 Million Stock Position in 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 boosted its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 96.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,787 shares of the insurance provider's stock after acquiring an additional 18,030 shares during the period. Dark Forest Capital Management LP owned approximately 0.06% of Selective Insurance Group worth $3,367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC increased its stake in Selective Insurance Group by 3.0% during the first quarter. Frank Rimerman Advisors LLC now owns 4,728 shares of the insurance provider's stock valued at $433,000 after acquiring an additional 136 shares during the period. Martingale Asset Management L P increased its stake in Selective Insurance Group by 0.5% during the first quarter. Martingale Asset Management L P now owns 28,140 shares of the insurance provider's stock valued at $2,576,000 after acquiring an additional 141 shares during the period. Hsbc Holdings PLC increased its stake in Selective Insurance Group by 1.7% during the first quarter. Hsbc Holdings PLC now owns 10,075 shares of the insurance provider's stock valued at $922,000 after acquiring an additional 173 shares during the period. State of Alaska Department of Revenue increased its stake in Selective Insurance Group by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 7,117 shares of the insurance provider's stock valued at $651,000 after acquiring an additional 185 shares during the period. Finally, Resona Asset Management Co. Ltd. increased its stake in Selective Insurance Group by 3.9% during the first quarter. Resona Asset Management Co. Ltd. now owns 5,134 shares of the insurance provider's stock valued at $470,000 after acquiring an additional 193 shares during the period. 82.88% of the stock is currently owned by institutional investors.

Selective Insurance Group Price Performance

NASDAQ SIGI traded down $0.29 during trading hours on Monday, reaching $79.53. 49,397 shares of the company's stock were exchanged, compared to its average volume of 459,269. The firm has a fifty day moving average of $81.51 and a 200-day moving average of $85.26. Selective Insurance Group, Inc. has a one year low of $71.75 and a one year high of $103.56. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28. The stock has a market cap of $4.84 billion, a PE ratio of 13.03 and a beta of 0.44.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the company posted ($1.10) EPS. On average, equities research analysts predict that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SIGI. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Morgan Stanley lowered Selective Insurance Group from an "equal weight" rating to an "underweight" rating and lowered their price objective for the company from $86.00 to $72.00 in a research note on Tuesday, August 5th. Piper Sandler lowered their price objective on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Keefe, Bruyette & Woods lowered their price objective 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. Finally, 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. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $87.33.

Insider Activity

In other news, Director Terrence W. Cavanaugh acquired 2,000 shares of Selective Insurance Group stock in a transaction on Friday, July 25th. The shares were purchased at an average price of $75.72 per share, with a total value of $151,440.00. Following the acquisition, the director owned 25,295 shares in the company, valued at $1,915,337.40. This represents a 8.59% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Kelly Doherty acquired 1,500 shares of Selective Insurance Group stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $77.00 per share, for a total transaction of $115,500.00. Following the acquisition, the director owned 27,110 shares in the company, valued at approximately $2,087,470. This represents a 5.86% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 10,602 shares of company stock worth $817,440. 1.00% of the stock is owned by company 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.