Hudson Bay Capital Management LP Acquires New Shares in Selective Insurance Group, Inc. $SIGI

Hudson Bay Capital Management LP acquired a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 78,598 shares of the insurance provider’s stock, valued at approximately $6,372,000. Hudson Bay Capital Management LP owned about 0.13% of Selective Insurance Group at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. First Horizon Corp acquired a new position in shares of Selective Insurance Group during the third quarter valued at $29,000. Amundi increased its holdings 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. Rothschild Investment LLC increased its holdings in shares of Selective Insurance Group by 680.0% in the 3rd quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 476 shares during the period. Danske Bank A S bought a new stake in Selective Insurance Group in the 3rd quarter valued at about $57,000. Finally, Advisory Services Network LLC bought a new stake in Selective Insurance Group in the 3rd quarter valued at about $68,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SIGI shares. Royal Bank Of Canada started coverage on shares of Selective Insurance Group in a research note on Monday, November 24th. They set an “outperform” rating and a $95.00 target price for the company. Piper Sandler raised their price target 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 cut their price target on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock 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 given a Sell rating to the company’s stock. According to data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus target price of $83.00.

Selective Insurance Group Price Performance

Shares of NASDAQ SIGI opened at $74.04 on Friday. The stock has a market cap of $4.45 billion, a P/E ratio of 9.89 and a beta of 0.23. The firm’s 50-day simple moving average is $82.60 and its 200 day simple moving average is $81.08. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $93.38. 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 (NASDAQ:SIGI) last announced 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. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.36 billion. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. Selective Insurance Group’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 EPS. Equities analysts expect that Selective Insurance Group, Inc. 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. Stockholders of record on Friday, February 13th were issued a $0.43 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.72 annualized dividend and a dividend yield of 2.3%. Selective Insurance Group’s dividend payout ratio (DPR) is 22.96%.

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.