Systematic Financial Management LP Grows Stock 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 raised its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 4.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 327,707 shares of the insurance provider's stock after purchasing an additional 13,435 shares during the quarter. Systematic Financial Management LP owned 0.54% of Selective Insurance Group worth $29,998,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Nuveen LLC purchased a new stake in shares of Selective Insurance Group during the 1st quarter valued at about $36,943,000. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Selective Insurance Group by 36.2% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,128,252 shares of the insurance provider's stock valued at $103,280,000 after buying an additional 299,925 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of Selective Insurance Group by 245.7% during the 4th quarter. Point72 Asset Management L.P. now owns 284,669 shares of the insurance provider's stock valued at $26,622,000 after buying an additional 202,318 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in Selective Insurance Group by 39.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 564,542 shares of the insurance provider's stock worth $52,796,000 after purchasing an additional 160,193 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Selective Insurance Group by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 6,756,225 shares of the insurance provider's stock worth $618,465,000 after purchasing an additional 135,324 shares during the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Selective Insurance Group news, Director Thomas A. Mccarthy purchased 2,500 shares of the stock in a transaction on Monday, July 28th. The shares were purchased at an average price of $77.42 per share, with a total value of $193,550.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Terrence W. Cavanaugh acquired 2,000 shares of Selective Insurance Group stock in a transaction dated 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 of the company's stock, valued at approximately $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 have purchased 10,602 shares of company stock worth $817,440 over the last three months. Company insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on SIGI. Morgan Stanley downgraded Selective Insurance Group from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $86.00 to $72.00 in a report on Tuesday, August 5th. Piper Sandler dropped 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. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Finally, Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $87.33.

Selective Insurance Group Trading Down 0.9%

Shares of Selective Insurance Group stock traded down $0.75 on Thursday, reaching $78.30. 1,166,390 shares of the company were exchanged, compared to its average volume of 459,393. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week 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 firm has a market capitalization of $4.76 billion, a price-to-earnings ratio of 12.80 and a beta of 0.47. The stock has a fifty day moving average price of $82.46 and a 200-day moving average price of $85.37.

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 for the quarter, missing the consensus estimate 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 in the prior year, the firm posted ($1.10) EPS. On average, analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Dividend Announcement

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

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.