Rise Advisors LLC Purchases New Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Rise Advisors LLC purchased a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the first quarter, HoldingsChannel.com reports. The firm purchased 247 shares of the insurance provider’s stock, valued at approximately $27,000.

A number of other institutional investors have also recently modified their holdings of the business. CWM LLC boosted its stake in shares of Selective Insurance Group by 2,015.6% in the first quarter. CWM LLC now owns 3,808 shares of the insurance provider’s stock valued at $416,000 after buying an additional 3,628 shares in the last quarter. Moody National Bank Trust Division purchased a new stake in shares of Selective Insurance Group in the first quarter valued at approximately $305,000. Quadrature Capital Ltd purchased a new stake in shares of Selective Insurance Group in the fourth quarter valued at approximately $1,041,000. Skyline Advisors Inc. purchased a new stake in shares of Selective Insurance Group in the fourth quarter valued at approximately $754,000. Finally, Vanguard Group Inc. boosted its position in Selective Insurance Group by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 6,206,485 shares of the insurance provider’s stock worth $617,421,000 after purchasing an additional 41,276 shares in the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Up 1.0 %

Shares of NASDAQ:SIGI opened at $92.82 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. Selective Insurance Group, Inc. has a 52-week low of $89.78 and a 52-week high of $109.58. The stock’s fifty day simple moving average is $97.26 and its 200-day simple moving average is $100.82. The company has a market capitalization of $5.64 billion, a P/E ratio of 16.40, a P/E/G ratio of 0.83 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.88 by ($0.55). Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the company earned $1.44 earnings per share. The firm’s revenue was up 16.5% compared to the same quarter last year. As a group, equities research analysts forecast that Selective Insurance Group, Inc. will post 6.84 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were given a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $1.40 annualized dividend and a dividend yield of 1.51%. Selective Insurance Group’s dividend payout ratio is currently 24.74%.

Analysts Set New Price Targets

A number of 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 report on Friday, April 5th. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research report on Monday, April 15th. Finally, Piper Sandler reiterated a “neutral” rating and set a $104.00 target price on shares of Selective Insurance Group in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Selective Insurance Group has an average rating of “Hold” and an average target price of $107.60.

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.