Point72 Asset Management L.P. Increases Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Point72 Asset Management L.P. grew its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 245.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 284,669 shares of the insurance provider's stock after acquiring an additional 202,318 shares during the period. Point72 Asset Management L.P. owned about 0.47% of Selective Insurance Group worth $26,622,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. R Squared Ltd acquired a new stake in Selective Insurance Group in the 4th quarter valued at $25,000. Quarry LP purchased a new position in Selective Insurance Group during the fourth quarter valued at $38,000. UMB Bank n.a. grew its position in shares of Selective Insurance Group by 37.1% in the fourth quarter. UMB Bank n.a. now owns 429 shares of the insurance provider's stock valued at $40,000 after purchasing an additional 116 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of Selective Insurance Group by 957.1% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 444 shares of the insurance provider's stock valued at $42,000 after purchasing an additional 402 shares during the period. Finally, Roxbury Financial LLC purchased a new stake in shares of Selective Insurance Group during the fourth quarter worth about $180,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 30th. Wall Street Zen raised Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Morgan Stanley lifted their target price on shares of Selective Insurance Group from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday. BMO Capital Markets upped their target price on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, JMP Securities reissued a "market perform" rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $94.00.

Selective Insurance Group Trading Down 0.5%

Shares of SIGI traded down $0.46 during midday trading on Thursday, reaching $86.78. The company had a trading volume of 60,142 shares, compared to its average volume of 385,317. Selective Insurance Group, Inc. has a 1-year low of $78.13 and a 1-year high of $103.56. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.17. The firm has a 50 day simple moving average of $88.68 and a 200-day simple moving average of $90.65. The stock has a market cap of $5.27 billion, a PE ratio of 26.93 and a beta of 0.51.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.10). The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.30 billion. Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. Selective Insurance Group's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 earnings per share. Research analysts forecast that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Thursday, May 15th. Selective Insurance Group's dividend payout ratio is presently 41.42%.

Insider Buying and Selling

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of the stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $87.06, for a total transaction of $117,705.12. Following the completion of the transaction, the chief accounting officer now owns 15,946 shares of the company's stock, valued at $1,388,258.76. This trade represents a 7.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.50% of the stock is currently owned by company insiders.

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.