Thrivent Financial for Lutherans Acquires 13,139 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Thrivent Financial for Lutherans boosted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 10.7% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 135,739 shares of the insurance provider’s stock after buying an additional 13,139 shares during the period. Thrivent Financial for Lutherans’ holdings in Selective Insurance Group were worth $12,736,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of SIGI. Rise Advisors LLC purchased a new stake in Selective Insurance Group in the 1st quarter worth $27,000. Quest Partners LLC purchased a new stake in Selective Insurance Group in the 2nd quarter worth $28,000. GAMMA Investing LLC increased its stake in Selective Insurance Group by 81.5% in the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after buying an additional 145 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in Selective Insurance Group in the 1st quarter worth $48,000. Finally, Burkett Financial Services LLC purchased a new stake in Selective Insurance Group in the 4th quarter worth $75,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SIGI. Piper Sandler cut their price target on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Bank of America cut their price objective on Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a research report on Thursday, July 11th. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their price objective for the company from $104.00 to $99.00 in a research report on Monday, July 22nd. Royal Bank of Canada cut their price objective on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research report on Monday, July 22nd. Finally, BMO Capital Markets raised their price objective on Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $98.67.

Selective Insurance Group Stock Down 0.1 %

Shares of NASDAQ SIGI opened at $91.19 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.32. The company has a market cap of $5.55 billion, a P/E ratio of 16.11, a PEG ratio of 1.51 and a beta of 0.56. Selective Insurance Group, Inc. has a 1 year low of $81.00 and a 1 year high of $109.58. The firm has a 50-day simple moving average of $89.06 and a two-hundred day simple moving average of $95.19.

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

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.54%. The ex-dividend date was Thursday, August 15th. Selective Insurance Group’s payout ratio is currently 24.74%.

Insiders Place Their Bets

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