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Alamar Capital Management LLC Cuts Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Financial News Live · Sep 21, 2022 11:21

Alamar Capital Management LLC trimmed its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 2.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 38,543 shares of the insurance provider's stock after selling 928 shares during the quarter. Selective Insurance Group makes up about 3.8% of Alamar Capital Management LLC's investment portfolio, making the stock its 4th largest holding. Alamar Capital Management LLC owned about 0.06% of Selective Insurance Group worth $3,351,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. grew its holdings in Selective Insurance Group by 96.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 306 shares of the insurance provider's stock worth $25,000 after acquiring an additional 150 shares during the period. Covestor Ltd boosted its position in shares of Selective Insurance Group by 37.3% in the 1st quarter. Covestor Ltd now owns 747 shares of the insurance provider's stock valued at $67,000 after purchasing an additional 203 shares during the period. Van ECK Associates Corp boosted its position in Selective Insurance Group by 15.9% during the 1st quarter. Van ECK Associates Corp now owns 1,527 shares of the insurance provider's stock worth $136,000 after acquiring an additional 210 shares during the period. Private Advisor Group LLC acquired a new stake in Selective Insurance Group during the 1st quarter worth about $201,000. Finally, CIBC Asset Management Inc acquired a new stake in Selective Insurance Group during the 1st quarter worth about $206,000. 83.50% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Separately, Morgan Stanley started coverage on Selective Insurance Group in a research report on Monday, June 27th. They set an "overweight" rating and a $98.00 price objective for the company.

Selective Insurance Group Stock Performance

Shares of SIGI stock traded up $0.45 during trading on Wednesday, reaching $82.94. The company had a trading volume of 922 shares, compared to its average volume of 200,615. The firm's 50 day simple moving average is $80.65 and its two-hundred day simple moving average is $82.18. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.30 and a quick ratio of 0.30. Selective Insurance Group, Inc. has a one year low of $66.81 and a one year high of $94.35. The company has a market capitalization of $5.00 billion, a PE ratio of 19.32, a PEG ratio of 2.78 and a beta of 0.61.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 15th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.35%. The ex-dividend date was Friday, August 12th. Selective Insurance Group's dividend payout ratio is currently 26.23%.

Insiders Place Their Bets

In related news, Director Cynthia S. Nicholson sold 6,600 shares of the business's stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $83.23, for a total value of $549,318.00. Following the sale, the director now owns 19,885 shares of the company's stock, valued at approximately $1,655,028.55. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.00% of the company's stock.

Selective Insurance Group Profile

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Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. The company offers property insurance products, which covers the financial consequences of accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and 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, as well as flood insurance products.