Y Intercept Hong Kong Ltd Has $3.33 Million Stake in Selective Insurance Group, Inc. $SIGI

Key Points

• Y Intercept Hong Kong Ltd increased its stake in Selective Insurance Group by 63.9% in the first quarter, ending with 44,100 shares valued at about $3.33 million.
• Analysts are mixed on the stock: several firms raised price targets, but the overall consensus remains Hold with an average target price of $93.
• Selective Insurance reported Q1 EPS of $1.69, missing estimates, while revenue came in at $1.36 billion and the company also paid a quarterly dividend of $0.43 per share.

Y Intercept Hong Kong Ltd lifted its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 63.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,100 shares of the insurance provider's stock after purchasing an additional 17,195 shares during the quarter. Y Intercept Hong Kong Ltd owned 0.07% of Selective Insurance Group worth $3,325,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Amundi increased its position in shares of Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider's stock worth $36,000 after acquiring an additional 311 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Selective Insurance Group by 5.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider's stock worth $19,555,000 after acquiring an additional 11,167 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Selective Insurance Group by 17.9% during the 1st quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider's stock worth $248,000 after purchasing an additional 411 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Selective Insurance Group in the 2nd quarter valued at about $468,000. Finally, Cetera Investment Advisers lifted its stake in Selective Insurance Group by 14.1% in the 2nd quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider's stock valued at $325,000 after purchasing an additional 462 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. BMO Capital Markets raised Selective Insurance Group from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $84.00 to $97.00 in a research report on Thursday, May 7th. Oppenheimer raised their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the company an "outperform" rating in a research report on Thursday, May 21st. Morgan Stanley lifted their target price on Selective Insurance Group from $72.00 to $80.00 and gave the stock an "underweight" rating in a research note on Monday. Keefe, Bruyette & Woods boosted their target price on Selective Insurance Group from $84.00 to $88.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Selective Insurance Group in a report on Thursday, June 18th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Selective Insurance Group currently has an average rating of "Hold" and a consensus target price of $93.00.

Selective Insurance Group Stock Performance

NASDAQ:SIGI traded up $1.06 during mid-day trading on Tuesday, reaching $99.33. 63,706 shares of the company's stock were exchanged, compared to its average volume of 572,398. Selective Insurance Group, Inc. has a one year low of $71.75 and a one year high of $100.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30. The business's fifty day simple moving average is $89.81 and its two-hundred day simple moving average is $84.68. The firm has a market capitalization of $5.95 billion, a PE ratio of 13.66 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.12). Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the business posted $1.76 earnings per share. The firm's revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts anticipate that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.72 annualized dividend and a yield of 1.7%. Selective Insurance Group's dividend payout ratio is currently 23.53%.

Selective Insurance Group Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company's core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.

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