Verition Fund Management LLC Acquires New Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Verition Fund Management LLC bought a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 90,224 shares of the insurance provider’s stock, valued at approximately $8,418,000. Verition Fund Management LLC owned approximately 0.15% of Selective Insurance Group as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of SIGI. Captrust Financial Advisors boosted its holdings in shares of Selective Insurance Group by 82.2% in the third quarter. Captrust Financial Advisors now owns 5,897 shares of the insurance provider’s stock valued at $550,000 after acquiring an additional 2,661 shares in the last quarter. Walleye Capital LLC acquired a new stake in Selective Insurance Group in the third quarter worth approximately $626,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Selective Insurance Group by 13.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,292 shares of the insurance provider’s stock valued at $1,427,000 after purchasing an additional 1,841 shares in the last quarter. FORA Capital LLC increased its position in shares of Selective Insurance Group by 91.7% during the 3rd quarter. FORA Capital LLC now owns 9,787 shares of the insurance provider’s stock valued at $913,000 after purchasing an additional 4,682 shares during the period. Finally, Glenmede Trust Co. NA raised its stake in shares of Selective Insurance Group by 3.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 5,101 shares of the insurance provider’s stock worth $476,000 after buying an additional 155 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Price Performance

NASDAQ SIGI opened at $102.09 on Monday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17. Selective Insurance Group, Inc. has a 1 year low of $81.00 and a 1 year high of $109.58. The company has a market cap of $6.21 billion, a PE ratio of 27.52 and a beta of 0.57. The stock’s 50-day moving average price is $95.33 and its two-hundred day moving average price is $92.93.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm earned $1.51 EPS. The firm’s revenue was up 15.1% compared to the same quarter last year. On average, analysts predict that Selective Insurance Group, Inc. will post 3.59 EPS for the current year.

Selective Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a dividend of $0.38 per share. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.49%. Selective Insurance Group’s payout ratio is currently 40.97%.

Insider Activity at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the transaction, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at approximately $1,476,759.06. The trade was a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SIGI. Royal Bank of Canada raised their target price on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Bank of America raised their price objective on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. Finally, BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Selective Insurance Group currently has a consensus rating of “Hold” and a consensus price target of $101.67.

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.