Tidal Investments LLC Sells 7,340 Shares of Selective Insurance Group, Inc. $SIGI

Tidal Investments LLC cut its position in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 37.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,388 shares of the insurance provider’s stock after selling 7,340 shares during the quarter. Tidal Investments LLC’s holdings in Selective Insurance Group were worth $1,202,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Intech Investment Management LLC lifted its stake in Selective Insurance Group by 138.0% during the fourth quarter. Intech Investment Management LLC now owns 62,686 shares of the insurance provider’s stock worth $5,245,000 after purchasing an additional 36,351 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Selective Insurance Group in the 2nd quarter valued at $5,496,000. Dimensional Fund Advisors LP increased its stake in shares of Selective Insurance Group by 3.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,359,224 shares of the insurance provider’s stock valued at $102,473,000 after purchasing an additional 44,532 shares during the last quarter. Quantinno Capital Management LP raised its holdings in shares of Selective Insurance Group by 75.8% during the 1st quarter. Quantinno Capital Management LP now owns 50,262 shares of the insurance provider’s stock worth $3,789,000 after buying an additional 21,664 shares in the last quarter. Finally, BlackRock Inc. acquired a new position in shares of Selective Insurance Group during the 2nd quarter worth $754,557,000. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Down 0.5%

Shares of NASDAQ SIGI opened at $86.70 on Friday. The company has a 50 day simple moving average of $93.27 and a 200 day simple moving average of $88.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.29. Selective Insurance Group, Inc. has a 1 year low of $72.78 and a 1 year high of $100.40. The firm has a market cap of $5.16 billion, a PE ratio of 10.76 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the firm posted $1.31 EPS. On average, research analysts forecast that Selective Insurance Group, Inc. will post 8.11 EPS for the current year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Monday, August 17th. Selective Insurance Group’s payout ratio is 21.34%.

Wall Street Analysts Forecast Growth

SIGI has been the subject of several recent analyst reports. Morgan Stanley upped their price objective on Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, July 6th. BMO Capital Markets downgraded Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 target price for the company. in a research note on Tuesday, July 28th. Weiss Ratings cut shares of Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 1st. Piper Sandler raised their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $100.33.

Insider Buying and Selling at Selective Insurance Group

In related news, EVP Michael Lanza sold 17,100 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total value of $1,608,084.00. Following the sale, the executive vice president 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 document filed with the SEC, which is available through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Selective Insurance Group Profile

Selective Insurance Group, Inc (NASDAQ: SIGI) is an insurance holding company that provides property and casualty insurance through its operating subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company serves commercial and personal customers through a network of independent insurance agents.

Selective’s products include commercial automobile, property, general liability, workers’ compensation and other coverage designed for businesses, municipalities and professionals.