New York State Common Retirement Fund lifted its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 199.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,332 shares of the insurance provider’s stock after acquiring an additional 82,814 shares during the period. New York State Common Retirement Fund owned about 0.21% of Selective Insurance Group worth $10,121,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Martingale Asset Management L P raised its position in shares of Selective Insurance Group by 0.5% during the 2nd quarter. Martingale Asset Management L P now owns 28,035 shares of the insurance provider’s stock valued at $2,438,000 after acquiring an additional 130 shares in the last quarter. Mackenzie Financial Corp increased its position in Selective Insurance Group by 4.6% in the first quarter. Mackenzie Financial Corp now owns 3,359 shares of the insurance provider’s stock worth $300,000 after buying an additional 147 shares during the period. Creative Planning increased its position in Selective Insurance Group by 0.6% in the second quarter. Creative Planning now owns 25,118 shares of the insurance provider’s stock worth $2,184,000 after buying an additional 153 shares during the period. Van ECK Associates Corp increased its position in Selective Insurance Group by 9.9% in the third quarter. Van ECK Associates Corp now owns 1,755 shares of the insurance provider’s stock worth $143,000 after buying an additional 158 shares during the period. Finally, Fifth Third Bancorp increased its position in Selective Insurance Group by 19.3% in the second quarter. Fifth Third Bancorp now owns 1,025 shares of the insurance provider’s stock worth $89,000 after buying an additional 166 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.
Selective Insurance Group Price Performance
Shares of SIGI opened at $100.01 on Friday. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of 28.25, a price-to-earnings-growth ratio of 0.82 and a beta of 0.64. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.30 and a current ratio of 0.33. Selective Insurance Group, Inc. has a one year low of $66.81 and a one year high of $103.54. The stock’s fifty day moving average is $92.27 and its 200-day moving average is $88.04.
Selective Insurance Group (NASDAQ:SIGI – Get Rating) last announced its earnings results on Friday, February 3rd. The insurance provider reported $1.46 earnings per share for the quarter, meeting the consensus estimate of $1.46. Selective Insurance Group had a return on equity of 13.15% and a net margin of 6.25%. The business had revenue of $952.20 million during the quarter, compared to analysts’ expectations of $965.14 million. During the same quarter last year, the business posted $1.56 earnings per share. Equities analysts anticipate that Selective Insurance Group, Inc. will post 6.57 EPS for the current year.
Selective Insurance Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Wednesday, February 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, February 14th. This represents a $1.20 annualized dividend and a yield of 1.20%. Selective Insurance Group’s dividend payout ratio is currently 33.90%.
Insider Activity at Selective Insurance Group
In related news, COO Brenda M. Hall sold 2,813 shares of the firm’s stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $95.11, for a total transaction of $267,544.43. Following the completion of the transaction, the chief operating officer now owns 18,650 shares of the company’s stock, valued at $1,773,801.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Brenda M. Hall sold 2,813 shares of the stock in a transaction on Monday, November 28th. The stock was sold at an average price of $95.11, for a total value of $267,544.43. Following the completion of the transaction, the chief operating officer now owns 18,650 shares in the company, valued at approximately $1,773,801.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Burville sold 20,000 shares of the stock in a transaction on Monday, February 6th. The shares were sold at an average price of $100.17, for a total value of $2,003,400.00. Following the completion of the transaction, the director now owns 46,304 shares of the company’s stock, valued at approximately $4,638,271.68. The disclosure for this sale can be found here. Insiders sold 25,465 shares of company stock valued at $2,524,263 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Piper Sandler increased their target price on Selective Insurance Group from $88.00 to $91.00 in a research report on Tuesday, January 10th. Royal Bank of Canada increased their target price on Selective Insurance Group from $90.00 to $96.00 and gave the stock a “sector perform” rating in a research report on Monday. BMO Capital Markets assumed coverage on Selective Insurance Group in a research report on Thursday, January 19th. They issued a “market perform” rating and a $90.00 target price on the stock. Janney Montgomery Scott began coverage on Selective Insurance Group in a research report on Friday, November 11th. They issued a “neutral” rating and a $96.00 target price on the stock. Finally, Morgan Stanley raised their price target on Selective Insurance Group from $98.00 to $105.00 and gave the company an “overweight” rating in a report on Tuesday, November 22nd. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Selective Insurance Group presently has a consensus rating of “Hold” and a consensus target price of $95.60.
About Selective Insurance Group
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Selective Insurance Group, Inc provides property and casualty insurance products. It operates through the following segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. The Standard Commercial Lines segment offers insurance products and services to commercial customers, such as non-profit organizations and local government agencies.
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