Short Interest in Selective Insurance Group, Inc. (NASDAQ:SIGI) Drops By 16.3%

Selective Insurance Group, Inc. (NASDAQ:SIGI) was the recipient of a large decline in short interest in February. As of February 15th, there was short interest totalling 1,180,000 shares, a decline of 16.3% from the January 31st total of 1,410,000 shares. Based on an average daily volume of 390,600 shares, the days-to-cover ratio is currently 3.0 days.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Morgan Stanley lowered their price target on shares of Selective Insurance Group from $95.00 to $87.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $93.00 price target (down previously from $116.00) on shares of Selective Insurance Group in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $98.71.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock traded down $0.65 during mid-day trading on Thursday, reaching $84.39. 5,634 shares of the stock traded hands, compared to its average volume of 438,264. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.17. The business has a 50-day moving average of $88.14 and a 200 day moving average of $92.04. The stock has a market capitalization of $5.13 billion, a PE ratio of 26.23 and a beta of 0.54. Selective Insurance Group has a fifty-two week low of $78.13 and a fifty-two week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $1.62 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.37). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. On average, analysts predict that Selective Insurance Group will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend was Friday, February 14th. Selective Insurance Group’s dividend payout ratio (DPR) is 47.20%.

Hedge Funds Weigh In On Selective Insurance Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIGI. R Squared Ltd purchased a new position in Selective Insurance Group during the fourth quarter worth about $25,000. Quarry LP purchased a new stake in shares of Selective Insurance Group during the 4th quarter valued at approximately $38,000. UMB Bank n.a. lifted its holdings in Selective Insurance Group by 37.1% in the fourth quarter. UMB Bank n.a. now owns 429 shares of the insurance provider’s stock valued at $40,000 after acquiring an additional 116 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in Selective Insurance Group by 957.1% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 444 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 402 shares during the period. Finally, GAMMA Investing LLC increased its stake in Selective Insurance Group by 64.4% during the fourth quarter. GAMMA Investing LLC now owns 485 shares of the insurance provider’s stock worth $45,000 after acquiring an additional 190 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.