Selective Insurance Group, Inc. (NASDAQ:SIGI) Short Interest Update
Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Free Report) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 1,190,000 shares, an increase of 19.0% from the October 31st total of 1,000,000 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average trading volume of 244,800 shares, the days-to-cover ratio is presently 4.9 days.
Insider Activity
In related news, CEO John J. Marchioni sold 20,906 shares of the stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $102.01, for a total value of $2,132,621.06. Following the completion of the sale, the chief executive officer now owns 120,554 shares of the company’s stock, valued at $12,297,713.54. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.
Hedge Funds Weigh In On Selective Insurance Group
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Selective Insurance Group by 3.2% during the 2nd quarter. BlackRock Inc. now owns 7,339,403 shares of the insurance provider’s stock worth $704,216,000 after purchasing an additional 226,054 shares during the period. Vanguard Group Inc. boosted its stake in shares of Selective Insurance Group by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,888,257 shares of the insurance provider’s stock worth $479,304,000 after acquiring an additional 77,012 shares in the last quarter. FMR LLC boosted its stake in shares of Selective Insurance Group by 11.5% during the 3rd quarter. FMR LLC now owns 3,866,827 shares of the insurance provider’s stock worth $398,941,000 after acquiring an additional 398,517 shares in the last quarter. Macquarie Group Ltd. boosted its stake in shares of Selective Insurance Group by 3.2% during the 2nd quarter. Macquarie Group Ltd. now owns 2,752,581 shares of the insurance provider’s stock worth $239,309,000 after acquiring an additional 84,594 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Selective Insurance Group by 1.7% during the 1st quarter. State Street Corp now owns 2,138,623 shares of the insurance provider’s stock worth $203,875,000 after acquiring an additional 36,024 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.
Selective Insurance Group Stock Down 0.3 %
NASDAQ SIGI traded down $0.34 during trading on Friday, reaching $101.35. 253,721 shares of the company’s stock were exchanged, compared to its average volume of 275,344. The stock has a market cap of $6.14 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 0.73 and a beta of 0.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The company has a 50 day moving average price of $103.42 and a two-hundred day moving average price of $100.88. Selective Insurance Group has a 1 year low of $84.47 and a 1 year high of $108.18.
Selective Insurance Group (NASDAQ:SIGI – Get Free Report) last posted its earnings results on Wednesday, November 1st. The insurance provider reported $1.51 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.15). Selective Insurance Group had a net margin of 7.97% and a return on equity of 13.86%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the previous year, the firm posted $0.99 earnings per share. On average, equities research analysts anticipate that Selective Insurance Group will post 5.84 EPS for the current fiscal year.
Selective Insurance Group Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 15th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.38%. The ex-dividend date was Tuesday, November 14th. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.30. Selective Insurance Group’s payout ratio is 26.92%.
Wall Street Analyst Weigh In
Several research firms have issued reports on SIGI. Royal Bank of Canada raised their target price on Selective Insurance Group from $105.00 to $108.00 and gave the stock a “sector perform” rating in a research note on Friday, November 3rd. Oppenheimer started coverage on Selective Insurance Group in a research note on Thursday, November 16th. They issued an “outperform” rating and a $120.00 price objective for the company. StockNews.com initiated coverage on Selective Insurance Group in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Finally, Piper Sandler decreased their target price on Selective Insurance Group from $112.00 to $106.00 and set a “neutral” rating for the company in a report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $105.17.
Read Our Latest Stock Report on Selective Insurance Group
Selective Insurance Group Company Profile (Get Free Report)
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 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; 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; and flood insurance products.
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Original: MarketBeat News Feed: Selective Insurance Group, Inc. (NASDAQ:SIGI) Short Interest Update