Squarepoint Ops LLC Purchases Shares of 55,746 Selective Insurance Group, Inc. $SIGI

Key Points

• Squarepoint Ops LLC acquired 55,746 shares of Selective Insurance Group in the second quarter, worth approximately $5.4 million. Institutional investors collectively own 82.88% of the company, with BlackRock and California State Teachers’ Retirement System also building significant positions.
• Selective Insurance reported quarterly earnings of $1.95 per share, beating estimates of $1.66, while revenue of $1.39 billion exceeded the $1.30 billion consensus forecast. The company also maintains a quarterly dividend of $0.43, equivalent to a 1.9% annual yield.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $100.33 versus the reported share price of $90.34. Price targets range from $80 to $115.

Squarepoint Ops LLC acquired a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 55,746 shares of the insurance provider's stock, valued at approximately $5,408,000. Squarepoint Ops LLC owned approximately 0.09% of Selective Insurance Group as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Selective Insurance Group during the 2nd quarter valued at about $754,557,000. California State Teachers Retirement System lifted its stake in Selective Insurance Group by 9,333.8% during the second quarter. California State Teachers Retirement System now owns 6,916,231 shares of the insurance provider's stock worth $670,944,000 after purchasing an additional 6,842,918 shares during the period. AQR Capital Management LLC boosted its holdings in Selective Insurance Group by 56.3% during the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider's stock valued at $339,662,000 after purchasing an additional 1,462,838 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Selective Insurance Group during the second quarter valued at approximately $77,149,000. Finally, Norges Bank bought a new stake in shares of Selective Insurance Group in the 4th quarter valued at approximately $65,625,000. 82.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Michael Lanza sold 17,100 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the sale, the executive vice president owned 16,565 shares in the company, valued at approximately $1,557,772.60. This represents a 50.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.82% of the company's stock.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $90.34 on Friday. Selective Insurance Group, Inc. has a 1 year low of $72.78 and a 1 year high of $100.40. The firm has a 50 day moving average of $94.15 and a 200-day moving average of $87.92. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $5.38 billion, a P/E ratio of 11.21 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.66 by $0.29. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same period in the previous year, the business earned $1.31 EPS. As a group, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 8.11 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were paid a $0.43 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a yield of 1.9%. Selective Insurance Group's payout ratio is currently 21.34%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Royal Bank Of Canada raised their target price on Selective Insurance Group from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Piper Sandler upped their price target on Selective Insurance Group from $93.00 to $103.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Weiss Ratings lowered Selective Insurance Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, September 1st. Morgan Stanley lifted their price objective on Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 6th. Finally, BMO Capital Markets downgraded shares of Selective Insurance Group from an "outperform" rating to a "market perform" rating and set a $97.00 target price on the stock. in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Selective Insurance Group presently has an average rating of "Hold" and a consensus target price of $100.33.

Selective Insurance Group Profile

Selective Insurance Group, Inc NASDAQ: SIGI is an insurance holding company that provides property and casualty insurance through its operating subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company serves commercial and personal customers through a network of independent insurance agents.

Selective's products include commercial automobile, property, general liability, workers' compensation and other coverage designed for businesses, municipalities and professionals.

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