Point72 Asia Singapore Pte. Ltd. Makes New Investment in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 466 shares of the insurance provider’s stock, valued at approximately $44,000.

A number of other institutional investors have also made changes to their positions in SIGI. Rise Advisors LLC acquired a new stake in Selective Insurance Group in the 1st quarter valued at $27,000. Quest Partners LLC acquired a new stake in shares of Selective Insurance Group in the second quarter valued at about $28,000. GAMMA Investing LLC raised its holdings 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 acquiring an additional 145 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Selective Insurance Group during the first quarter valued at approximately $48,000. Finally, Lazard Asset Management LLC grew its stake in Selective Insurance Group by 245.9% in the first quarter. Lazard Asset Management LLC now owns 1,228 shares of the insurance provider’s stock valued at $134,000 after purchasing an additional 873 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

Insider Buying and Selling

In related news, Director Terrence W. Cavanaugh purchased 2,000 shares of Selective Insurance Group stock in a transaction dated Tuesday, July 23rd. The shares were bought at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the purchase, the director now owns 20,651 shares in the company, valued at approximately $1,772,888.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Selective Insurance Group news, Director Terrence W. Cavanaugh purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $85.85 per share, with a total value of $171,700.00. Following the completion of the purchase, the director now owns 20,651 shares of the company’s stock, valued at $1,772,888.35. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO John J. Marchioni acquired 2,400 shares of the stock in a transaction dated Monday, July 22nd. The shares were bought 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 of the company’s stock, valued at $11,397,333.32. The disclosure for this purchase can be found here. 1.50% of the stock is owned by corporate insiders.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $93.30 on Tuesday. The stock has a 50 day simple moving average of $89.27 and a 200 day simple moving average of $94.87. The stock has a market cap of $5.67 billion, a P/E ratio of 16.48, a PEG ratio of 1.50 and a beta of 0.56. 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 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19.

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

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.50%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 24.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets upped their price objective on Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Royal Bank of Canada lowered their price objective on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a research note on Monday, July 22nd. Piper Sandler cut their target price on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their price target for the stock from $104.00 to $99.00 in a research report on Monday, July 22nd. Finally, JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $98.67.

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.