Arizona State Retirement System Acquires 325 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Arizona State Retirement System raised its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 2.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 16,976 shares of the insurance provider’s stock after acquiring an additional 325 shares during the period. Arizona State Retirement System’s holdings in Selective Insurance Group were worth $1,593,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in Selective Insurance Group in the first quarter valued at $27,000. GAMMA Investing LLC increased its stake in shares of Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock valued at $30,000 after buying an additional 145 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Selective Insurance Group during the first quarter worth about $48,000. Burkett Financial Services LLC acquired a new position in shares of Selective Insurance Group in the fourth quarter worth approximately $75,000. Finally, Lazard Asset Management LLC lifted its stake in shares of Selective Insurance Group by 245.9% in the first quarter. Lazard Asset Management LLC now owns 1,228 shares of the insurance provider’s stock worth $134,000 after acquiring an additional 873 shares during the period. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $87.55 on Thursday. Selective Insurance Group, Inc. has a one year low of $81.00 and a one year high of $109.58. The company has a market cap of $5.33 billion, a PE ratio of 15.47, a P/E/G ratio of 1.47 and a beta of 0.56. The stock has a 50-day moving average of $89.89 and a 200-day moving average of $96.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data 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 net margin of 5.12% and a return on equity of 8.75%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the business posted $0.99 EPS. On average, equities research analysts predict that Selective Insurance Group, Inc. will post 3.84 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.60%. Selective Insurance Group’s dividend payout ratio is presently 24.74%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their price target for the stock from $104.00 to $99.00 in a report on Monday, July 22nd. Royal Bank of Canada lowered their target price on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research note on Monday, July 22nd. Bank of America cut their price target on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating on the stock in a research report on Thursday, July 11th. BMO Capital Markets lifted their price objective on Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler dropped their price objective on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Selective Insurance Group currently has an average rating of “Hold” and an average target price of $98.67.

Insider Buying and Selling at Selective Insurance Group

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

Selective Insurance Group 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.