Aigen Investment Management LP Makes New $230,000 Investment in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Aigen Investment Management LP purchased a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,468 shares of the insurance provider’s stock, valued at approximately $230,000.

A number of other hedge funds have also modified their holdings of the business. Janney Montgomery Scott LLC increased its position in Selective Insurance Group by 48.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 5,951 shares of the insurance provider’s stock worth $650,000 after purchasing an additional 1,945 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Selective Insurance Group by 53.4% during the first quarter. SG Americas Securities LLC now owns 3,070 shares of the insurance provider’s stock worth $335,000 after buying an additional 1,069 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Selective Insurance Group by 6.8% in the first quarter. Russell Investments Group Ltd. now owns 64,939 shares of the insurance provider’s stock valued at $7,089,000 after buying an additional 4,161 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Selective Insurance Group by 4.7% during the first quarter. ProShare Advisors LLC now owns 13,786 shares of the insurance provider’s stock valued at $1,505,000 after buying an additional 625 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its position in Selective Insurance Group by 32.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 35,798 shares of the insurance provider’s stock worth $3,908,000 after acquiring an additional 8,807 shares during the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the sale, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at approximately $1,476,759.06. This trade represents a 8.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.50% of the company’s stock.

Selective Insurance Group Price Performance

SIGI opened at $98.94 on Friday. Selective Insurance Group, Inc. has a 52-week low of $81.00 and a 52-week high of $109.58. The company has a 50 day moving average of $93.64 and a two-hundred day moving average of $92.87. The company has a market cap of $6.01 billion, a P/E ratio of 26.67 and a beta of 0.57. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share 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 business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the company posted $1.51 earnings per share. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, analysts expect that Selective Insurance Group, Inc. will post 3.63 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid a $0.38 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.54%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is 37.74%.

Analyst Ratings Changes

Several research firms recently commented on SIGI. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their target price for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. 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. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Royal Bank of Canada upped 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 research report on Wednesday, October 23rd. Finally, Piper Sandler decreased their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $101.67.

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.