Selective Insurance Group (SIGI): Are Hedge Funds Right About This Stock?

Is Selective Insurance Group (NASDAQ:SIGI) a bargain? Prominent investors are betting on the stock. The number of long hedge fund bets went up by 1 recently.

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With all of this in mind, we’re going to take a gander at the latest action regarding Selective Insurance Group (NASDAQ:SIGI).

How have hedgies been trading Selective Insurance Group (NASDAQ:SIGI)?

Heading into Q2, a total of 6 of the hedge funds we track were long in this stock, a change of 20% from the first quarter. With hedge funds’ capital changing hands, there exists a select group of notable hedge fund managers who were upping their holdings significantly.

Selective Insurance Group (NASDAQ:SIGI)According to our comprehensive database, Diamond Hill Capital, managed by Ric Dillon, holds the most valuable position in Selective Insurance Group (NASDAQ:SIGI). Diamond Hill Capital has a $17.9 million position in the stock, comprising 0.2% of its 13F portfolio. Coming in second is Israel Englander of Millennium Management, with a $2.2 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Remaining hedge funds that are bullish include Ken Griffin’s Citadel Investment Group, Mike Vranos’s Ellington and Steven Cohen’s SAC Capital Advisors.

As aggregate interest increased, some big names have jumped into Selective Insurance Group (NASDAQ:SIGI) headfirst. SAC Capital Advisors, managed by Steven Cohen, established the largest position in Selective Insurance Group (NASDAQ:SIGI). SAC Capital Advisors had 0.3 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also made a $0.2 million investment in the stock during the quarter.

How are insiders trading Selective Insurance Group (NASDAQ:SIGI)?

Insider purchases made by high-level executives is at its handiest when the primary stock in question has experienced transactions within the past six months. Over the last half-year time frame, Selective Insurance Group (NASDAQ:SIGI) has seen zero unique insiders purchasing, and 6 insider sales (see the details of insider trades here).

Let’s go over hedge fund and insider activity in other stocks similar to Selective Insurance Group (NASDAQ:SIGI). These stocks are Argo Group International Holdings, Ltd. (NASDAQ:AGII), Tower Group International Ltd (NASDAQ:TWGP), Hilltop Holdings Inc. (NYSE:HTH), RLI Corp. (NYSE:RLI), and Montpelier Re Holdings Ltd. (NYSE:MRH). This group of stocks are in the property & casualty insurance industry and their market caps are similar to SIGI’s market cap.