Quantinno Capital Management LP Boosts Stake in Selective Insurance Group, Inc. $SIGI

Quantinno Capital Management LP raised its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 75.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 50,262 shares of the insurance provider’s stock after purchasing an additional 21,664 shares during the period. Quantinno Capital Management LP owned 0.08% of Selective Insurance Group worth $3,789,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC lifted its position in shares of Selective Insurance Group by 56.3% during the 4th quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock valued at $339,662,000 after buying an additional 1,462,838 shares in the last quarter. Norges Bank bought a new position in shares of Selective Insurance Group during the 4th quarter valued at approximately $65,625,000. First Trust Advisors LP increased its holdings in Selective Insurance Group by 239.1% in the 4th quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider’s stock worth $86,726,000 after acquiring an additional 730,890 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Selective Insurance Group by 332.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 420,106 shares of the insurance provider’s stock worth $31,672,000 after acquiring an additional 322,901 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Selective Insurance Group by 40.0% during the 2nd quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider’s stock worth $62,906,000 after acquiring an additional 207,258 shares during the period. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SIGI. Royal Bank Of Canada upped their price target on shares of Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Piper Sandler raised their price objective on shares of Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Oppenheimer lifted their target price on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Keefe, Bruyette & Woods upped their target price on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Finally, Morgan Stanley increased their price target on Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $100.33.

Selective Insurance Group Trading Down 0.6%

Shares of SIGI opened at $96.23 on Friday. The company’s fifty day moving average is $94.38 and its 200 day moving average is $86.71. Selective Insurance Group, Inc. has a fifty-two week low of $72.78 and a fifty-two week high of $100.40. The stock has a market capitalization of $5.73 billion, a PE ratio of 11.94 and a beta of 0.30. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.66 by $0.29. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the business earned $1.31 earnings per share. Sell-side analysts expect that Selective Insurance Group, Inc. will post 8.05 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a $0.43 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.72 annualized dividend and a yield of 1.8%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 21.34%.

Insiders Place Their Bets

In other Selective Insurance Group news, EVP Michael H. Lanza sold 17,100 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the sale, the executive vice president directly owned 16,565 shares of the company’s stock, valued at $1,557,772.60. The trade was a 50.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.82% of the stock is owned by insiders.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.