Point72 Asset Management L.P. Buys 58,808 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Point72 Asset Management L.P. grew its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 249.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,351 shares of the insurance provider’s stock after acquiring an additional 58,808 shares during the period. Point72 Asset Management L.P. owned 0.14% of Selective Insurance Group worth $7,683,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Quest Partners LLC raised its stake in shares of Selective Insurance Group by 2,486.8% in the third quarter. Quest Partners LLC now owns 7,631 shares of the insurance provider’s stock worth $712,000 after acquiring an additional 7,336 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Selective Insurance Group by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock worth $132,949,000 after buying an additional 62,699 shares during the last quarter. Mutual of America Capital Management LLC raised its stake in shares of Selective Insurance Group by 9.0% during the third quarter. Mutual of America Capital Management LLC now owns 170,281 shares of the insurance provider’s stock worth $15,887,000 after buying an additional 14,004 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Selective Insurance Group by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 867,691 shares of the insurance provider’s stock worth $80,956,000 after buying an additional 21,374 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Selective Insurance Group by 10.2% during the third quarter. New York State Common Retirement Fund now owns 179,741 shares of the insurance provider’s stock worth $16,770,000 after buying an additional 16,689 shares during the last quarter. 82.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Anthony D. Harnett sold 1,404 shares of the 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 transaction, the chief accounting officer now owns 15,946 shares in the company, valued at approximately $1,476,759.06. This represents a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Selective Insurance Group Stock Down 0.5 %

Selective Insurance Group stock opened at $98.73 on Friday. The stock has a market capitalization of $6.00 billion, a PE ratio of 26.61 and a beta of 0.60. Selective Insurance Group, Inc. has a twelve month low of $81.00 and a twelve month high of $109.58. 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 50 day moving average of $96.15 and a 200-day moving average of $93.02.

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

Selective Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.54%. 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 is 40.97%.

Selective Insurance Group 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.