Short interest in Selective Insurance Group, Inc. (NASDAQ:SIGI) up 29.3%

Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating ) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 1,810,000 shares, an increase of 29.3% from June 30th’s total of 1,400,000 shares. Currently, 3.1% of the company’s shares are sold short. Based on an average daily trading volume of 319,400 shares, the days-to-cover ratio is currently 5.7 days.

Introducing Selective Insurance Group shares

Shares of NASDAQ SIGI traded down $0.77 during mid-day trading on Monday, reaching $77.09. 18,397 shares of the company traded hands, with an average volume of 285,574. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 3.99 and a beta of 0.63. Selective Insurance Group has a 52-week low of $74.29 and a 52-week high of $94.35. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.29, and a quick ratio of 0.29. The firm has a 50-day moving average of $81.06 and a 200-day moving average of $81.83.

Selective Insurance Group (NASDAQ:SIGI – Get Rating) last posted its earnings results on Wednesday, May 4th. The insurance provider reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.03. Selective Insurance Group had a return on equity of 13.77% and a net margin of 10.19%. The company had revenue of $846.10 million for the quarter, compared to analysts’ expectations of $883.09 million. During the same period in the previous year, the business reported $1.70 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. analysts predict that Selective Insurance Group will post 5.59 EPS for the current year.

Selective Insurance Group announces dividend

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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 1st. Investors of record on Monday, May 16th were given a $0.28 dividend. This represents a $1.12 annual dividend and a yield of 1.45%. The ex-dividend date of this dividend was Friday, May 13th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 19.86%.

Institutional inflows and outflows

Hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management LP boosted its holdings in Selective Insurance Group by 96.2% in the 4th quarter. Rockefeller Capital Management LP now owns 306 shares of the insurance provider’s stock valued at $25,000 after buying an additional 150 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV bought a new position in Selective Insurance Group in the 2nd quarter worth about $38,000. Covestor Ltd bought a new position in Selective Insurance Group in the 4th quarter worth about $45,000. First Horizon Advisors Inc. grew its holdings in Selective Insurance Group by 2,790.6% during the 4th quarter. First Horizon Advisors Inc. now owns 925 shares of the insurance provider’s stock valued at $75,000 after buying an additional 893 shares during the last quarter. Finally, UMB Bank NA MO purchased a new position in Selective Insurance Group in the 4th quarter worth about $76,000. The hedge fund and other institutional investors owned 81.37% of the company’s stock.

Promote and demote an analyst

Separately, Morgan Stanley initiated coverage on Selective Insurance Group in a report on Monday, June 27th. They issued an “overweight” rating and a $98.00 target price on the stock.

About Selective Insurance Group

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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 that cover the financial consequences of accidental loss of real estate, personal property and/or earnings of the insured due to loss of property; and accident insurance products that cover the financial consequences of on-the-job injuries to employees and third-party bodily injury and/or property damage, as well as flood insurance products.

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