Selective Insurance Group, Inc. (NASDAQ:SIGI) Sees Large Decline in Short Interest

Selective Insurance Group, Inc. (NASDAQ:SIGI) was the target of a significant drop in short interest during the month of February. As of February 27th, there was short interest totaling 2,183,477 shares, a drop of 18.6% from the February 12th total of 2,681,752 shares. Based on an average trading volume of 520,912 shares, the days-to-cover ratio is presently 4.2 days. Approximately 3.7% of the shares of the stock are sold short. Approximately 3.7% of the shares of the stock are sold short. Based on an average trading volume of 520,912 shares, the days-to-cover ratio is presently 4.2 days.

Institutional Trading of Selective Insurance Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. acquired a new position in shares of Selective Insurance Group in the 4th quarter worth approximately $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Selective Insurance Group during the fourth quarter worth $25,000. First Horizon Corp acquired a new stake in shares of Selective Insurance Group during the third quarter worth $29,000. True Wealth Design LLC raised its stake in Selective Insurance Group by 45.9% during the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after buying an additional 129 shares during the last quarter. Finally, Amundi raised its stake in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after buying an additional 311 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Trading Up 0.4%

NASDAQ SIGI traded up $0.34 on Monday, reaching $76.75. The company had a trading volume of 128,833 shares, compared to its average volume of 556,143. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of 10.25 and a beta of 0.23. Selective Insurance Group has a fifty-two week low of $71.75 and a fifty-two week high of $93.38. The business has a 50 day moving average of $83.55 and a two-hundred day moving average of $81.23. 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 announced its earnings results on Thursday, January 29th. The insurance provider reported $2.57 EPS for the quarter, topping the consensus estimate of $2.24 by $0.33. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the business earned $1.62 EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. Analysts forecast that Selective Insurance Group will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, February 13th. Selective Insurance Group’s payout ratio is currently 22.96%.

Analyst Upgrades and Downgrades

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

Selective Insurance Group Company 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.