Atom Investors LP Trims Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Atom Investors LP trimmed its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 27.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,067 shares of the insurance provider’s stock after selling 1,911 shares during the quarter. Atom Investors LP’s holdings in Selective Insurance Group were worth $473,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in Selective Insurance Group by 81.5% during the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after buying an additional 145 shares in the last quarter. Lindenwold Advisors INC grew its position in Selective Insurance Group by 5.4% during the third quarter. Lindenwold Advisors INC now owns 2,974 shares of the insurance provider’s stock worth $277,000 after buying an additional 153 shares in the last quarter. Glenmede Trust Co. NA boosted its holdings in shares of 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 purchasing an additional 155 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Selective Insurance Group by 2.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider’s stock worth $705,000 after purchasing an additional 205 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Selective Insurance Group by 2.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider’s stock worth $1,262,000 after purchasing an additional 266 shares in the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SIGI has been the subject of a number of research reports. BMO Capital Markets upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. Royal Bank of Canada upped their price objective on 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, Bank of America upped their price objective on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $101.67.

Selective Insurance Group Trading Up 0.4 %

NASDAQ SIGI opened at $99.89 on Thursday. Selective Insurance Group, Inc. has a 1-year low of $81.00 and a 1-year high of $109.58. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average of $95.85 and a 200-day moving average of $92.99. The firm has a market cap of $6.07 billion, a PE ratio of 26.92 and a beta of 0.60.

Selective Insurance Group (NASDAQ:SIGI) last released its 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 net margin of 5.01% and a return on equity of 8.11%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the firm posted $1.51 EPS. The company’s revenue was up 15.1% on a year-over-year basis. As a group, sell-side analysts forecast 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 was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were given a dividend of $0.38 per share. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.52%. Selective Insurance Group’s dividend payout ratio is presently 40.97%.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the company’s stock in a transaction that occurred 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 owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This represents a 8.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.50% of the stock is currently owned by corporate insiders.

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.