Algert Global LLC Grows Stock Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Algert Global LLC boosted its position in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 95.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,196 shares of the insurance provider’s stock after purchasing an additional 13,770 shares during the period. Algert Global LLC’s holdings in Selective Insurance Group were worth $2,631,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the business. Cerity Partners LLC grew its position in Selective Insurance Group by 63.2% during the third quarter. Cerity Partners LLC now owns 6,709 shares of the insurance provider’s stock worth $626,000 after buying an additional 2,597 shares during the period. Citigroup Inc. increased its stake in Selective Insurance Group by 207.8% in the 3rd quarter. Citigroup Inc. now owns 53,885 shares of the insurance provider’s stock valued at $5,027,000 after purchasing an additional 36,376 shares in the last quarter. Eagle Asset Management Inc. raised its holdings in Selective Insurance Group by 112.7% during the third quarter. Eagle Asset Management Inc. now owns 427,180 shares of the insurance provider’s stock worth $42,667,000 after purchasing an additional 226,387 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Selective Insurance Group by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 867,691 shares of the insurance provider’s stock valued at $80,956,000 after purchasing an additional 21,374 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Selective Insurance Group in the 3rd quarter worth about $947,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on SIGI shares. Bank of America lifted their price objective on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada lifted their price target on shares of Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Finally, BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $95.00 to $105.00 in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $101.67.

Insider Transactions at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the completion of the sale, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This represents a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

Selective Insurance Group Trading Up 1.2 %

SIGI stock opened at $99.80 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The company has a market cap of $6.07 billion, a price-to-earnings ratio of 26.90 and a beta of 0.57. The business has a fifty day simple moving average of $94.54 and a 200-day simple moving average of $92.78. Selective Insurance Group, Inc. has a 52 week low of $81.00 and a 52 week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business earned $1.51 earnings per share. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, equities research analysts expect that Selective Insurance Group, Inc. will post 3.59 EPS for the current year.

Selective Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.52%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group’s payout ratio is 40.97%.

Selective Insurance Group Company Profile

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.