Selective Insurance Group, Inc. $SIGI Shares Bought by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly increased its stake in Selective Insurance Group, acquiring 12,258 additional shares, marking a 3,626.6% rise in ownership during the first quarter, valued at approximately $1.15 million.
• Selective Insurance Group has announced a quarterly dividend of $0.38 per share, which will be paid to investors on September 2nd, reflecting an annualized yield of 1.9%.
• Recent price targets from analysts vary, with Piper Sandler lowering their target from $88 to $79, while BMO Capital Markets maintains a target of $88, highlighting diverse outlooks on the stock's performance.

AlphaQuest LLC raised its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 3,626.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,596 shares of the insurance provider's stock after purchasing an additional 12,258 shares during the quarter. AlphaQuest LLC's holdings in Selective Insurance Group were worth $1,153,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in SIGI. Tower Research Capital LLC TRC increased its stake in shares of Selective Insurance Group by 440.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,064 shares of the insurance provider's stock valued at $661,000 after purchasing an additional 5,758 shares during the period. Stifel Financial Corp increased its stake in shares of Selective Insurance Group by 1.2% in the fourth quarter. Stifel Financial Corp now owns 31,911 shares of the insurance provider's stock valued at $2,984,000 after purchasing an additional 373 shares during the period. Hsbc Holdings PLC increased its stake in shares of Selective Insurance Group by 142.2% in the fourth quarter. Hsbc Holdings PLC now owns 9,902 shares of the insurance provider's stock valued at $928,000 after purchasing an additional 5,814 shares during the period. Pinebridge Investments L.P. boosted its holdings in shares of Selective Insurance Group by 42.7% in the fourth quarter. Pinebridge Investments L.P. now owns 38,177 shares of the insurance provider's stock valued at $3,570,000 after acquiring an additional 11,422 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Selective Insurance Group during the fourth quarter valued at approximately $935,000. Institutional investors and hedge funds own 82.88% of the company's stock.

Insider Activity

In other news, Director Robert Kelly Doherty acquired 1,500 shares of the 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 transaction, the director owned 27,110 shares in the company, valued at approximately $2,087,470. This trade represents a 5.86% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Terrence W. Cavanaugh acquired 2,000 shares of the stock in a transaction on Friday, July 25th. The shares were purchased at an average price of $75.72 per share, for a total transaction of $151,440.00. Following the completion of the transaction, the director owned 25,295 shares in the company, valued at approximately $1,915,337.40. This represents a 8.59% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 10,602 shares of company stock valued at $817,440 in the last ninety days. 1.50% of the stock is owned by company insiders.

Selective Insurance Group Trading Up 0.8%

Shares of NASDAQ:SIGI opened at $78.71 on Friday. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of 12.88 and a beta of 0.47. Selective Insurance Group, Inc. has a 1-year low of $71.75 and a 1-year high of $103.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.33 and a current ratio of 0.33. The company has a 50 day moving average price of $82.88 and a 200 day moving average price of $85.52.

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 for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%.During the same quarter in the previous year, the business posted ($1.10) earnings per share. On average, research analysts anticipate that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Selective Insurance Group's dividend payout ratio (DPR) is presently 24.88%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Piper Sandler lowered their price objective on shares of 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. 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. Keefe, Bruyette & Woods lowered 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 research note on Monday, July 28th. BMO Capital Markets set a $88.00 price objective on shares of Selective Insurance Group and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Finally, Morgan Stanley lowered shares of 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. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and an average 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.

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