Verition Fund Management LLC Increases Stock Holdings in Selective Insurance Group, Inc. $SIGI

Verition Fund Management LLC boosted its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 440,506 shares of the insurance provider’s stock after acquiring an additional 6,322 shares during the quarter. Verition Fund Management LLC owned 0.73% of Selective Insurance Group worth $36,857,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC boosted its holdings in Selective Insurance Group by 62.9% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,709 shares of the insurance provider’s stock valued at $208,048,000 after acquiring an additional 1,003,064 shares during the period. Geode Capital Management LLC boosted its stake in shares of Selective Insurance Group by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,660,758 shares of the insurance provider’s stock valued at $138,976,000 after buying an additional 8,580 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Selective Insurance Group by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,314,692 shares of the insurance provider’s stock valued at $110,004,000 after buying an additional 44,305 shares during the period. First Trust Advisors LP boosted its stake in shares of 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 valued at $86,726,000 after buying an additional 730,890 shares during the period. Finally, Norges Bank purchased a new position in shares of Selective Insurance Group in the 4th quarter valued at about $65,625,000. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Price Performance

SIGI stock opened at $92.41 on Monday. The business has a 50 day moving average price of $84.98 and a 200 day moving average price of $82.88. The stock has a market cap of $5.53 billion, a price-to-earnings ratio of 12.64 and a beta of 0.32. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $92.73. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing the consensus estimate of $1.81 by ($0.12). The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.Selective Insurance Group’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.76 EPS. Equities research analysts anticipate that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a $0.43 dividend. The ex-dividend date was Friday, May 15th. This represents a $1.72 dividend on an annualized basis and a yield of 1.9%. Selective Insurance Group’s payout ratio is currently 23.53%.

Analyst Upgrades and Downgrades

SIGI has been the subject of several recent research reports. BMO Capital Markets upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $84.00 to $97.00 in a research note on Thursday, May 7th. Oppenheimer lifted their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Selective Insurance Group in a research note on Wednesday, March 25th. Keefe, Bruyette & Woods lifted their price objective on Selective Insurance Group from $84.00 to $88.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Finally, Piper Sandler lifted their price objective on Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $91.67.

Selective Insurance Group Profile

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.