Selective Insurance Group, Inc. (NASDAQ:SIGI) Short Interest Update

Key Points

• Short interest fell 18.6% to 2,183,477 shares as of Feb. 27, representing 3.7% of the stock and a days-to-cover ratio of 4.2 (average daily volume ~520,912 shares).
• Quarterly results beat on EPS — reported $2.57 vs. $2.24 expected, revenue of $1.36B (in line) and revenue up 8.6% year-over-year; analysts maintain a consensus "Hold" rating with an average price target of $83.00.
• Dividend and ownership: paid a $0.43 quarterly dividend (annualized $1.72, yield ~2.3%, payout ratio ~23%), and institutional investors hold about 82.88% of the company.

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) saw a large decline in short interest during the month of February. As of February 27th, there was short interest totaling 2,183,477 shares, a decline of 18.6% from the February 12th total of 2,681,752 shares. Currently, 3.7% of the shares of the stock are short sold. Based on an average daily volume of 520,912 shares, the days-to-cover ratio is currently 4.2 days. Based on an average daily volume of 520,912 shares, the days-to-cover ratio is currently 4.2 days. Currently, 3.7% of the shares of the stock are short sold.

Institutional Trading of Selective Insurance Group

A number of institutional investors have recently bought and sold shares of SIGI. Amundi raised its position in shares of Selective Insurance Group by 398.7% in the 1st 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 boosted its position in shares of Selective Insurance Group by 5.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider's stock valued at $19,555,000 after purchasing an additional 11,167 shares in the last quarter. Focus Partners Wealth grew its stake in Selective Insurance Group by 17.9% during the first 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 period. Sivia Capital Partners LLC acquired a new stake in Selective Insurance Group during the second quarter worth approximately $468,000. Finally, Bank of Montreal Can increased its holdings in Selective Insurance Group by 41.4% in the second quarter. Bank of Montreal Can now owns 13,980 shares of the insurance provider's stock worth $1,211,000 after purchasing an additional 4,094 shares in the last quarter. Institutional investors own 82.88% of the company's stock.

Selective Insurance Group Stock Down 0.2%

Shares of SIGI opened at $76.41 on Friday. The stock's 50-day moving average price is $83.55 and its two-hundred day moving average price is $81.22. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $93.38. The company has a market capitalization of $4.59 billion, a PE ratio of 10.20 and a beta of 0.23. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.24 by $0.33. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same period last year, the company earned $1.62 earnings per share. The firm's revenue was up 8.6% compared to the same quarter last year. On average, analysts anticipate that Selective Insurance Group will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, February 13th. Selective Insurance Group's dividend payout ratio is currently 22.96%.

Wall Street Analysts Forecast Growth

SIGI has been the topic of a number of research analyst reports. Piper Sandler raised their target price on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a "neutral" rating in a research report on Monday, February 2nd. Morgan Stanley raised their price objective on Selective Insurance Group from $70.00 to $72.00 and gave the company an "underweight" rating in a report on Monday, November 17th. Royal Bank Of Canada assumed coverage on Selective Insurance Group in a report on Monday, November 24th. They issued an "outperform" rating and a $95.00 target price for the company. Finally, Keefe, Bruyette & Woods cut their price target on Selective Insurance Group from $82.00 to $81.00 and set a "market perform" rating on the stock in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $83.00.

Selective Insurance Group Company 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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