Selective Insurance Group, Inc. (NASDAQ:SIGI) Short Interest Up 33.8% in February

Selective Insurance Group, Inc. (NASDAQ:SIGI) was the recipient of a significant growth in short interest in February. As of February 13th, there was short interest totaling 2,681,752 shares, a growth of 33.8% from the January 29th total of 2,003,970 shares. Based on an average daily trading volume, of 632,408 shares, the days-to-cover ratio is presently 4.2 days. Currently, 4.5% of the company’s stock are sold short. Currently, 4.5% of the company’s stock are sold short. Based on an average daily trading volume, of 632,408 shares, the days-to-cover ratio is presently 4.2 days.

Selective Insurance Group Stock Performance

Shares of SIGI stock traded down $0.94 during trading hours on Wednesday, reaching $82.89. The stock had a trading volume of 21,971 shares, compared to its average volume of 552,798. The firm has a market capitalization of $4.98 billion, a PE ratio of 11.07 and a beta of 0.23. The firm has a 50-day simple moving average of $84.47 and a 200-day simple moving average of $81.19. Selective Insurance Group has a twelve month low of $71.75 and a twelve month high of $93.38. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.33. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period in the previous year, the business posted $1.62 EPS. Selective Insurance Group’s revenue was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that Selective Insurance Group will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, February 13th. Selective Insurance Group’s payout ratio is 22.96%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Eurizon Capital SGR S.p.A. acquired a new stake in Selective Insurance Group in the fourth quarter worth about $25,000. Los Angeles Capital Management LLC bought a new stake in shares of Selective Insurance Group during the 4th quarter worth about $25,000. First Horizon Corp bought a new stake in shares of Selective Insurance Group during the 3rd quarter worth about $29,000. Amundi lifted its stake in shares of Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 311 shares during the period. Finally, True Wealth Design LLC boosted its holdings in shares of 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 acquiring an additional 129 shares in the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SIGI shares. Morgan Stanley boosted their price target on Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, November 17th. Royal Bank Of Canada began coverage on shares of Selective Insurance Group in a report on Monday, November 24th. They issued an “outperform” rating and a $95.00 price objective for the company. Keefe, Bruyette & Woods lowered their target price on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a research note on Tuesday, January 6th. Finally, Piper Sandler increased their target price on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday, February 2nd. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and an average price target of $83.00.

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.