Systematic Financial Management LP Has $30 Million Holdings in Selective Insurance Group, Inc. $SIGI

Key Points

• Systematic Financial Management LP has increased its stake in Selective Insurance Group by 4.3%, now owning 327,707 shares valued at nearly $30 million.
• Selective Insurance Group reported earnings of $1.31 per share for the last quarter, missing estimates by $0.24, with revenue also falling short of expectations.
• The company recently announced a quarterly dividend of $0.38, representing a yield of 1.9% and a payout ratio of 24.88%.

Systematic Financial Management LP lifted its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 4.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 327,707 shares of the insurance provider's stock after purchasing an additional 13,435 shares during the period. Systematic Financial Management LP owned 0.54% of Selective Insurance Group worth $29,998,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Frank Rimerman Advisors LLC boosted its position in shares of Selective Insurance Group by 3.0% in the 1st quarter. Frank Rimerman Advisors LLC now owns 4,728 shares of the insurance provider's stock worth $433,000 after purchasing an additional 136 shares during the last quarter. Martingale Asset Management L P raised its stake in Selective Insurance Group by 0.5% during the 1st quarter. Martingale Asset Management L P now owns 28,140 shares of the insurance provider's stock worth $2,576,000 after buying an additional 141 shares during the period. Hsbc Holdings PLC raised its stake in Selective Insurance Group by 1.7% during the 1st quarter. Hsbc Holdings PLC now owns 10,075 shares of the insurance provider's stock worth $922,000 after buying an additional 173 shares during the period. State of Alaska Department of Revenue raised its stake in Selective Insurance Group by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 7,117 shares of the insurance provider's stock worth $651,000 after buying an additional 185 shares during the period. Finally, Resona Asset Management Co. Ltd. raised its stake in shares of Selective Insurance Group by 3.9% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 5,134 shares of the insurance provider's stock valued at $470,000 after purchasing an additional 193 shares during the period. 82.88% of the stock is currently owned by institutional investors.

Selective Insurance Group Stock Performance

NASDAQ SIGI traded up $1.07 during trading on Wednesday, reaching $78.98. 457,800 shares of the company's stock were exchanged, compared to its average volume of 455,147. The business has a 50 day moving average price of $82.58 and a 200-day moving average price of $85.41. The stock has a market capitalization of $4.81 billion, a P/E ratio of 12.93 and a beta of 0.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick ratio of 0.33. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly 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 analyst estimates 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 period last year, the firm earned ($1.10) EPS. Sell-side analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be given 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 of this dividend is Friday, August 15th. Selective Insurance Group's payout ratio is 24.88%.

Insider Activity at Selective Insurance Group

In other news, Director Robert Kelly Doherty acquired 1,500 shares of Selective Insurance Group stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $77.00 per share, for a total transaction of $115,500.00. Following the completion of the acquisition, the director directly owned 27,110 shares in the company, valued at approximately $2,087,470. The trade was a 5.86% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Joseph Eppers bought 1,402 shares of the stock in a transaction dated Friday, July 25th. The shares were acquired at an average cost of $76.82 per share, for a total transaction of $107,701.64. Following the completion of the acquisition, the executive vice president directly owned 12,492 shares of the company's stock, valued at approximately $959,635.44. This trade represents a 12.64% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 10,602 shares of company stock valued at $817,440. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on SIGI. Piper Sandler dropped their price target 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. BMO Capital Markets set a $88.00 price target on Selective Insurance Group and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Morgan Stanley downgraded Selective Insurance Group from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $86.00 to $72.00 in a research note on Tuesday, August 5th. Wall Street Zen raised Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Finally, Keefe, Bruyette & Woods dropped their price target 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. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $87.33.

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.