Edgestream Partners L.P. Raises Stock Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Edgestream Partners L.P. grew its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 158.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,418 shares of the insurance provider’s stock after buying an additional 13,123 shares during the period. Edgestream Partners L.P.’s holdings in Selective Insurance Group were worth $2,010,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SIGI. Rise Advisors LLC acquired a new position in Selective Insurance Group in the first quarter valued at $27,000. Quest Partners LLC purchased a new stake in shares of Selective Insurance Group in the 2nd quarter valued at about $28,000. GAMMA Investing LLC boosted its position in shares of Selective Insurance Group by 81.5% in the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 145 shares during the period. Fidelis Capital Partners LLC acquired a new position in Selective Insurance Group during the first quarter worth approximately $48,000. Finally, Burkett Financial Services LLC acquired a new position in shares of Selective Insurance Group in the 4th quarter valued at $75,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SIGI has been the subject of several recent research reports. Bank of America decreased their target price on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a research note on Thursday, July 11th. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Royal Bank of Canada cut their price target on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research note on Monday, July 22nd. Piper Sandler lowered their price objective on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. Finally, BMO Capital Markets upped their price objective on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $98.67.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $91.88 on Friday. The business’s fifty day moving average price is $89.70 and its 200 day moving average price is $95.63. The firm has a market capitalization of $5.59 billion, a PE ratio of 16.23, a P/E/G ratio of 1.52 and a beta of 0.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.32. Selective Insurance Group, Inc. has a 1-year low of $81.00 and a 1-year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. During the same period last year, the company earned $0.99 earnings per share. As a group, sell-side analysts forecast that Selective Insurance Group, Inc. will post 3.84 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 dividend on an annualized basis and a yield of 1.52%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 24.74%.

Insider Activity

In other news, Director Terrence W. Cavanaugh purchased 2,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average price of $85.85 per share, for a total transaction of $171,700.00. Following the acquisition, the director now directly owns 20,651 shares in the company, valued at approximately $1,772,888.35. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO John J. Marchioni acquired 2,400 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was acquired at an average price of $83.56 per share, with a total value of $200,544.00. Following the completion of the transaction, the chief executive officer now directly owns 136,397 shares in the company, valued at approximately $11,397,333.32. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Terrence W. Cavanaugh purchased 2,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average price of $85.85 per share, with a total value of $171,700.00. Following the completion of the acquisition, the director now directly owns 20,651 shares in the company, valued at approximately $1,772,888.35. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

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.