Selective Insurance Group, Inc. (NASDAQ:SIGI) Stake Lifted by AQR Capital Management LLC

AQR Capital Management LLC raised its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 18.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 94,386 shares of the insurance provider’s stock after buying an additional 14,837 shares during the quarter. AQR Capital Management LLC’s holdings in Selective Insurance Group were worth $8,846,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in shares of Selective Insurance Group in the 1st quarter worth about $27,000. Quest Partners LLC bought a new position in Selective Insurance Group in the 2nd quarter worth about $28,000. GAMMA Investing LLC increased its stake in shares of Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 145 shares during the period. Fidelis Capital Partners LLC bought a new stake in shares of Selective Insurance Group during the first quarter valued at approximately $48,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Selective Insurance Group during the second quarter worth approximately $44,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

Insider Activity

In related news, Director Terrence W. Cavanaugh bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the acquisition, the director now directly owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Terrence W. Cavanaugh bought 2,000 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was bought at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the acquisition, the director now directly owns 20,651 shares in the company, valued at approximately $1,772,888.35. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO John J. Marchioni purchased 2,400 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were purchased at an average price of $83.56 per share, for a total transaction of $200,544.00. Following the acquisition, the chief executive officer now directly owns 136,397 shares of the company’s stock, valued at $11,397,333.32. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

Selective Insurance Group Trading Down 0.5 %

Shares of SIGI stock opened at $92.50 on Thursday. The stock has a 50-day simple moving average of $89.40 and a 200 day simple moving average of $94.80. The stock has a market capitalization of $5.62 billion, a P/E ratio of 16.34, a P/E/G ratio of 1.51 and a beta of 0.56. Selective Insurance Group, Inc. has a fifty-two week low of $81.00 and a fifty-two week high of $109.58. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing the consensus estimate of $1.49 by ($2.59). Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the business posted $0.99 EPS. On average, sell-side analysts expect that Selective Insurance Group, Inc. will post 3.84 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a $0.35 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.51%. Selective Insurance Group’s dividend payout ratio is currently 24.73%.

Wall Street Analysts Forecast Growth

SIGI has been the topic of several analyst reports. Royal Bank of Canada lowered their target price on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a research report on Monday, July 22nd. Piper Sandler lowered their price target on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their price objective for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. BMO Capital Markets increased their target price on shares of Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. Finally, Bank of America dropped their price target on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating on the stock in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $98.67.

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.