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

Verition Fund Management LLC raised its position in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 440,506 shares of the insurance provider’s stock after buying an additional 6,322 shares during the quarter. Verition Fund Management LLC’s holdings in Selective Insurance Group were worth $36,857,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. purchased a new stake in Selective Insurance Group in the fourth quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new stake in Selective Insurance Group in the fourth quarter valued at approximately $25,000. Amundi lifted its stake in Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after buying an additional 311 shares during the last quarter. True Wealth Design LLC lifted its stake in Selective Insurance Group by 45.9% in the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock valued at $34,000 after buying an additional 129 shares during the last quarter. Finally, Rothschild Investment LLC lifted its stake in Selective Insurance Group by 680.0% in the third quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider’s stock valued at $44,000 after buying an additional 476 shares during the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Oppenheimer boosted 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. Piper Sandler boosted their target price on Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $84.00 to $97.00 in a report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating and issued a $95.00 target price on shares of Selective Insurance Group in a report on Monday, March 23rd. Finally, Keefe, Bruyette & Woods boosted their target price on Selective Insurance Group from $84.00 to $88.00 and gave the company a “market perform” rating in a report on Friday, April 24th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $91.67.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $92.41 on Monday. The firm has a market cap of $5.53 billion, a P/E ratio of 12.64 and a beta of 0.32. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock’s 50 day simple moving average is $84.98 and its 200-day simple moving average is $82.88. Selective Insurance Group, Inc. has a 12-month low of $71.75 and a 12-month high of $92.73.

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

Selective Insurance Group Announces Dividend

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

About Selective Insurance Group

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.