Millennium Management LLC Has $43.51 Million Position in Selective Insurance Group, Inc. $SIGI

Key Points

• Millennium Management LLC increased its ownership in Selective Insurance Group by 58.7% in Q1, owning approximately 0.78% of the company, valued at $43.5 million.
• The latest earnings report showed a missed EPS estimate, with Selective Insurance Group reporting $1.31 compared to the expected $1.55, along with a revenue of $1.29 billion.
• A recent quarterly dividend of $0.38 was declared, resulting in an annualized dividend yield of 1.9%, with a payout ratio of 24.88%.

Millennium Management LLC boosted its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 58.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 475,313 shares of the insurance provider's stock after acquiring an additional 175,725 shares during the quarter. Millennium Management LLC owned about 0.78% of Selective Insurance Group worth $43,510,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in Selective Insurance Group by 0.3% during the 1st quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider's stock worth $12,967,000 after acquiring an additional 493 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Selective Insurance Group by 11.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider's stock worth $761,000 after buying an additional 861 shares in the last quarter. SG Americas Securities LLC increased its position in Selective Insurance Group by 221.3% during the first quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider's stock worth $651,000 after buying an additional 4,899 shares in the last quarter. Hsbc Holdings PLC increased its position 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 worth $922,000 after buying an additional 173 shares in the last quarter. Finally, M&T Bank Corp purchased a new position in Selective Insurance Group during the first quarter worth $225,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Stock Down 0.9%

NASDAQ:SIGI traded down $0.69 during mid-day trading on Friday, hitting $79.01. The company had a trading volume of 384,209 shares, compared to its average volume of 466,505. The business has a fifty day simple moving average of $80.78 and a 200-day simple moving average of $85.16. 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 has a market capitalization of $4.81 billion, a price-to-earnings ratio of 12.93 and a beta of 0.44.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.55 by ($0.24). Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. The company 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. 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 announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 15th. Selective Insurance Group's payout ratio is presently 24.88%.

Insider Transactions at Selective Insurance Group

In other news, Director Thomas A. Mccarthy acquired 2,500 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was purchased at an average cost of $77.42 per share, with a total value of $193,550.00. Following the completion of the acquisition, the director directly owned 18,746 shares in the company, valued at $1,451,315.32. This represents a 15.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was bought at an average price of $75.72 per share, with a total value of $151,440.00. Following the completion of the purchase, the director owned 25,295 shares of the company's stock, valued at $1,915,337.40. This trade represents a 8.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 10,602 shares of company stock valued at $817,440 over the last 90 days. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SIGI. 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 report 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 on the stock in a report on Friday, July 25th. BMO Capital Markets set a $88.00 price objective on Selective Insurance Group and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Finally, Keefe, Bruyette & Woods decreased their price objective on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock 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.