Hudson Bay Capital Management LP Makes New Investment in Selective Insurance Group, Inc. $SIGI

Hudson Bay Capital Management LP purchased a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the third quarter, HoldingsChannel reports. The institutional investor purchased 78,598 shares of the insurance provider’s stock, valued at approximately $6,372,000.

Several other hedge funds also recently modified their holdings of the company. AGF Management Ltd. bought a new position in Selective Insurance Group during the third quarter valued at about $3,448,000. Frontier Capital Management Co. LLC acquired a new position in Selective Insurance Group during the second quarter worth about $20,108,000. American Century Companies Inc. raised its position in Selective Insurance Group by 1,299.9% in the third quarter. American Century Companies Inc. now owns 301,965 shares of the insurance provider’s stock worth $24,480,000 after acquiring an additional 280,395 shares in the last quarter. Vest Financial LLC bought a new stake in Selective Insurance Group in the third quarter worth about $1,480,000. Finally, Norges Bank acquired a new stake in Selective Insurance Group in the 2nd quarter valued at about $61,437,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Selective Insurance Group Trading Up 0.4%

Shares of NASDAQ SIGI opened at $74.04 on Friday. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26. Selective Insurance Group, Inc. has a 12 month low of $71.75 and a 12 month high of $93.38. The company has a market cap of $4.45 billion, a price-to-earnings ratio of 9.89 and a beta of 0.23. The business has a fifty day simple moving average of $82.60 and a 200-day simple moving average of $81.08.

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

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, February 13th. Selective Insurance Group’s dividend payout ratio (DPR) is 22.96%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada initiated coverage on shares of 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. Piper Sandler increased their target price on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a research note on Monday, February 2nd. Finally, Keefe, Bruyette & Woods reduced 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 report on Tuesday, January 6th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price 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.