Shares are trading at $59.60 impressively higher than the 50 day moving average which is $54.10 and which is quite a bit higher than the 200 day moving average of $51.27. The 50 day moving average was up $5.50 or +10.17% whereas the 200 day average was up by +16.25%. (NASDAQ:SIGI) shares saw heavy trading volume with 230K shares changing hands in the last trading session. Volume was up 83.53% over the stocks average daily volume.
Traders are more bearish on the company considering the increase in short interest. The company experienced a rise in short interest of 14.13% between September 29, 2017 and October 13, 2017. Short interest increased from 435,699 to 497,266 over that period. The days to cover increased to 3.0 and the percentage of shorted shares is 0.01% as of October 13.
These firms have modified their investment in SIGI. As of quarter end Victory Capital Management Inc had acquired a total of 648 shares growing its position 14.7%. The value in dollars went from $221,000 to $272,000 a change of 23.1% since the last quarter. First Trust Advisors Lp reduced its investment by shedding 11,721 shares a decrease of 34.4% in the quarter. First Trust Advisors Lp claims 22,378 shares with a value of $1,205,000. The value of the position overall is down by 29.4%.
As of the end of the quarter Nationwide Fund Advisors had sold 44,288 shares trimming its holdings by 37.8%. The value of the company’s investment in Selective Insurance Group, Inc. decreased from $5,866,000 to $3,927,000 decreasing 33.1% for the reporting period. As of quarter end Aperio Group, LLC had sold 1,260 shares trimming its stake by 3.8%. The value of the investment in (SIGI) increased from $1,676,000 to $1,736,000 a change of $60,000 quarter to quarter.
The company is up from yesterday’s close of $59.60. Selective Insurance Group, Inc. also announced a dividend to be paid on Friday the 1st of December 2017. The dividend will be $0.180 per share for the quarter which is $0.72 annualized. This dividend amount will represent a yield of $1.22. The ex-dividend date has been established as Friday the 11th of August 2017.
The most current P/E ratio is 20.76 and the market value is 3.48B. As of the last earnings report the EPS was $2.87 and is estimated to be $3.02 for the current year with 58,364,000 shares outstanding. Next quarter’s EPS is forecasted to be $0.84 with next year’s EPS projected to be $3.20.
Selective Insurance Group, Inc., incorporated in August 1977, is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business in the standard market. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market. The Company operates its business through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines and Investments. Its Standard Commercial Lines segment consists of insurance products and services provided in the standard marketplace to its commercial customers, including businesses, non-profit organizations, and local government agencies. Its Standard Personal Lines segment consists of insurance products and services, including flood insurance coverage that it writes through the National Flood Insurance Program (NFIP), provided primarily to individuals acquiring coverage in the standard marketplace. Its E&S Lines segment consists of insurance products and services provided to customers who have not obtained coverage in the standard marketplace. The investment segment invests insurance premiums, as well as amounts generated through its capital management strategies, which includes the issuance of debt and equity securities..