Millennium Management LLC Has $9.97 Million Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Millennium Management LLC lifted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 233.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 106,239 shares of the insurance provider’s stock after buying an additional 74,390 shares during the period. Millennium Management LLC owned about 0.17% of Selective Insurance Group worth $9,968,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Rise Advisors LLC acquired a new stake in Selective Insurance Group during the 1st quarter worth about $27,000. Quest Partners LLC acquired a new stake in shares of Selective Insurance Group during the second quarter worth approximately $28,000. GAMMA Investing LLC boosted its holdings in shares of 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 purchasing an additional 145 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Selective Insurance Group during the second quarter valued at approximately $44,000. Finally, Fidelis Capital Partners LLC acquired a new position in Selective Insurance Group in the 1st quarter valued at approximately $48,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Up 0.6 %

Shares of SIGI stock opened at $91.40 on Wednesday. The stock’s 50 day simple moving average is $89.65 and its 200 day simple moving average is $94.41. Selective Insurance Group, Inc. has a twelve month low of $81.00 and a twelve month high of $109.58. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.32 and a current ratio of 0.32. The company has a market capitalization of $5.56 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 1.52 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.21 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. During the same period in the prior year, the business earned $0.99 EPS. As a group, research analysts predict that Selective Insurance Group, Inc. will post 3.84 EPS for the current year.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Thursday, August 15th. Selective Insurance Group’s dividend payout ratio (DPR) is 24.73%.

Wall Street Analysts Forecast Growth

SIGI has been the topic of several research analyst reports. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $104.00 to $99.00 in a report on Monday, July 22nd. Bank of America dropped their target price on Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating on the stock in a research report on Thursday, July 11th. BMO Capital Markets lifted their price target on Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a report on Wednesday, July 24th. Piper Sandler dropped their price objective on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Finally, Royal Bank of Canada reduced their target price on shares of 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $98.67.

Insider Activity

In other Selective Insurance Group news, CEO John J. Marchioni acquired 2,400 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 136,397 shares of the company’s stock, valued at approximately $11,397,333.32. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Selective Insurance Group news, CEO John J. Marchioni purchased 2,400 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were bought at an average cost of $83.56 per share, with a total value of $200,544.00. Following the transaction, the chief executive officer now directly owns 136,397 shares in the company, valued at approximately $11,397,333.32. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Terrence W. Cavanaugh purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were 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 owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by company 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.