Y Intercept Hong Kong Ltd Sells 6,148 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Y Intercept Hong Kong Ltd cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 71.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,514 shares of the insurance provider’s stock after selling 6,148 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Selective Insurance Group were worth $235,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SIGI. Lindenwold Advisors INC increased its holdings in Selective Insurance Group by 5.4% in the 3rd quarter. Lindenwold Advisors INC now owns 2,974 shares of the insurance provider’s stock worth $277,000 after buying an additional 153 shares during the period. Glenmede Trust Co. NA increased its holdings in Selective Insurance Group by 3.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 5,101 shares of the insurance provider’s stock worth $476,000 after acquiring an additional 155 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Selective Insurance Group by 2.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider’s stock worth $705,000 after acquiring an additional 205 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Selective Insurance Group by 2.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider’s stock valued at $1,262,000 after purchasing an additional 266 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Selective Insurance Group by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 15,166 shares of the insurance provider’s stock valued at $1,415,000 after purchasing an additional 277 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SIGI shares. Morgan Stanley assumed coverage on Selective Insurance Group in a research report on Thursday, December 5th. They issued an “equal weight” rating and a $105.00 target price on the stock. BMO Capital Markets upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $95.00 to $105.00 in a report on Wednesday, October 30th. Royal Bank of Canada lifted their target price on shares of Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, Bank of America increased their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.14.

Insiders Place Their Bets

In related news, CAO Anthony D. Harnett sold 1,404 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the transaction, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at $1,476,759.06. The trade was a 8.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.50% of the company’s stock.

Selective Insurance Group Price Performance

SIGI stock opened at $92.60 on Thursday. The business’s fifty day moving average price is $96.74 and its 200 day moving average price is $93.01. Selective Insurance Group, Inc. has a 12-month low of $81.00 and a 12-month high of $109.58. The company has a market capitalization of $5.63 billion, a PE ratio of 24.96 and a beta of 0.60. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.29). The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.51 EPS. On average, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 3.61 EPS for the current year.

Selective Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, November 15th. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is currently 40.97%.

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.