Wellington Management Group LLP Boosts Stock Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Wellington Management Group LLP increased its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 188.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,450,417 shares of the insurance provider’s stock after buying an additional 947,147 shares during the quarter. Wellington Management Group LLP’s holdings in Selective Insurance Group were worth $144,287,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SIGI. UBS Group AG grew its stake in shares of Selective Insurance Group by 2.4% in the 3rd quarter. UBS Group AG now owns 74,065 shares of the insurance provider’s stock worth $7,641,000 after buying an additional 1,759 shares during the last quarter. Deutsche Bank AG boosted its stake in Selective Insurance Group by 3.8% during the 3rd quarter. Deutsche Bank AG now owns 97,286 shares of the insurance provider’s stock valued at $10,037,000 after purchasing an additional 3,599 shares during the last quarter. Aviva PLC boosted its stake in Selective Insurance Group by 20.5% during the 3rd quarter. Aviva PLC now owns 5,894 shares of the insurance provider’s stock valued at $608,000 after purchasing an additional 1,004 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Selective Insurance Group during the 3rd quarter valued at $374,000. Finally, Envestnet Asset Management Inc. boosted its stake in Selective Insurance Group by 45.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 94,670 shares of the insurance provider’s stock valued at $9,767,000 after purchasing an additional 29,662 shares during the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Oppenheimer reiterated an “outperform” rating and set a $120.00 target price on shares of Selective Insurance Group in a research note on Friday, April 5th. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th. Finally, Piper Sandler restated a “neutral” rating and issued a $104.00 price target on shares of Selective Insurance Group in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Selective Insurance Group has a consensus rating of “Hold” and a consensus price target of $107.60.

Selective Insurance Group Stock Performance

SIGI stock opened at $91.91 on Thursday. The company has a market cap of $5.59 billion, a P/E ratio of 16.24, a price-to-earnings-growth ratio of 0.82 and a beta of 0.55. Selective Insurance Group, Inc. has a 1 year low of $89.78 and a 1 year high of $109.58. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.30 and a quick ratio of 0.30. The stock’s fifty day moving average price is $97.45 and its 200-day moving average price is $100.88.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, May 1st. The insurance provider reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.55). Selective Insurance Group had a return on equity of 13.73% and a net margin of 8.02%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the business posted $1.44 earnings per share. Selective Insurance Group’s revenue for the quarter was up 16.5% compared to the same quarter last year. On average, equities analysts forecast that Selective Insurance Group, Inc. will post 6.87 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were issued a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $1.40 dividend on an annualized basis and a yield of 1.52%. Selective Insurance Group’s dividend payout ratio is currently 24.74%.

Selective Insurance Group Company Profile

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