State of Michigan Retirement System Has $1.38 Million Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

State of Michigan Retirement System lessened its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,681 shares of the insurance provider’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Selective Insurance Group were worth $1,378,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SIGI. Tributary Capital Management LLC increased its holdings in Selective Insurance Group by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 280,271 shares of the insurance provider’s stock worth $26,298,000 after purchasing an additional 728 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new position in Selective Insurance Group during the 2nd quarter worth about $188,000. Vaughan Nelson Investment Management L.P. increased its holdings in Selective Insurance Group by 6.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 616,901 shares of the insurance provider’s stock worth $57,883,000 after purchasing an additional 38,400 shares in the last quarter. Raymond James & Associates increased its holdings in Selective Insurance Group by 28.0% during the 2nd quarter. Raymond James & Associates now owns 107,231 shares of the insurance provider’s stock worth $10,061,000 after purchasing an additional 23,487 shares in the last quarter. Finally, Boston Trust Walden Corp increased its holdings in Selective Insurance Group by 1.2% during the 2nd quarter. Boston Trust Walden Corp now owns 988,846 shares of the insurance provider’s stock worth $92,783,000 after purchasing an additional 11,327 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Trading Up 0.6 %

Selective Insurance Group stock opened at $90.73 on Friday. Selective Insurance Group, Inc. has a 52 week low of $81.00 and a 52 week high of $109.58. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a market capitalization of $5.52 billion, a P/E ratio of 16.03, a PEG ratio of 1.47 and a beta of 0.54. The stock has a 50-day simple moving average of $90.31 and a 200 day simple moving average of $96.94.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the previous year, the business posted $0.99 EPS. Analysts expect that Selective Insurance Group, Inc. will post 3.84 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Thursday, August 15th. Selective Insurance Group’s payout ratio is currently 24.74%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. BMO Capital Markets increased their target price on Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Royal Bank of Canada decreased their price objective on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a report on Monday, July 22nd. Piper Sandler decreased their price objective on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $104.00 to $99.00 in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $98.67.

Insider Buying and Selling

In other Selective Insurance Group news, Director Terrence W. Cavanaugh purchased 2,000 shares of Selective Insurance Group stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average price of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the acquisition, the director now owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO John J. Marchioni acquired 2,400 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was purchased at an average cost of $83.56 per share, for a total transaction of $200,544.00. Following the completion of the transaction, the chief executive officer now directly owns 136,397 shares of the company’s stock, valued at approximately $11,397,333.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Terrence W. Cavanaugh acquired 2,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average price of $85.85 per share, with a total value of $171,700.00. Following the completion of the transaction, the director now directly owns 20,651 shares of the company’s stock, valued at $1,772,888.35. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by corporate insiders.

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.