Allspring Global Investments Holdings LLC Raises Stock Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Allspring Global Investments Holdings LLC grew its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 15,444.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,721 shares of the insurance provider’s stock after buying an additional 17,607 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Selective Insurance Group were worth $1,935,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SIGI. LPL Financial LLC raised its stake in Selective Insurance Group by 6.7% during the 3rd quarter. LPL Financial LLC now owns 56,886 shares of the insurance provider’s stock worth $5,869,000 after acquiring an additional 3,597 shares during the period. Mariner LLC increased its stake in shares of Selective Insurance Group by 2.1% in the third quarter. Mariner LLC now owns 7,420 shares of the insurance provider’s stock worth $765,000 after purchasing an additional 152 shares in the last quarter. Gotham Asset Management LLC raised its position in shares of Selective Insurance Group by 21.1% during the 3rd quarter. Gotham Asset Management LLC now owns 3,394 shares of the insurance provider’s stock valued at $350,000 after purchasing an additional 591 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in shares of Selective Insurance Group during the 3rd quarter valued at $5,122,000. Finally, Deutsche Bank AG boosted its holdings in Selective Insurance Group by 3.8% in the 3rd quarter. Deutsche Bank AG now owns 97,286 shares of the insurance provider’s stock worth $10,037,000 after buying an additional 3,599 shares during the period. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock opened at $93.49 on Wednesday. The firm has a market cap of $5.68 billion, a PE ratio of 16.52, a PEG ratio of 0.85 and a beta of 0.54. The stock has a 50 day moving average of $95.83 and a 200 day moving average of $100.27. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18. Selective Insurance Group, Inc. has a 12 month low of $89.78 and a 12 month high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last posted 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 net margin of 8.02% and a return on equity of 13.73%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company posted $1.44 earnings per share. The firm’s revenue was up 16.5% compared to the same quarter last year. On average, research analysts expect that Selective Insurance Group, Inc. will post 6.8 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th were paid 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 dividend yield of 1.50%. Selective Insurance Group’s payout ratio is currently 24.74%.

Analyst Upgrades and Downgrades

SIGI has been the topic of a number of recent analyst reports. Piper Sandler reissued a “neutral” rating and set a $104.00 price target on shares of Selective Insurance Group in a report on Monday, April 1st. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $103.00 price target on shares of Selective Insurance Group in a report on Monday, June 24th. Finally, Oppenheimer reiterated an “outperform” rating and set a $120.00 price objective on shares of Selective Insurance Group in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $107.20.

About Selective Insurance Group

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.