US Bancorp DE Purchases 2,896 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

US Bancorp DE boosted its position in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 15.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,150 shares of the insurance provider’s stock after purchasing an additional 2,896 shares during the period. US Bancorp DE’s holdings in Selective Insurance Group were worth $2,067,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of SIGI. Tributary Capital Management LLC increased its stake in Selective Insurance Group by 12.0% in the 3rd quarter. Tributary Capital Management LLC now owns 313,952 shares of the insurance provider’s stock worth $29,292,000 after buying an additional 33,681 shares during the period. State of Alaska Department of Revenue grew its stake in Selective Insurance Group by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 7,022 shares of the insurance provider’s stock worth $655,000 after acquiring an additional 475 shares in the last quarter. Pullen Investment Management LLC purchased a new position in shares of Selective Insurance Group during the third quarter worth approximately $784,000. Assenagon Asset Management S.A. boosted its holdings in shares of Selective Insurance Group by 319.5% in the third quarter. Assenagon Asset Management S.A. now owns 129,184 shares of the insurance provider’s stock valued at $12,053,000 after purchasing an additional 98,390 shares during the period. Finally, Ausbil Investment Management Ltd bought a new position in Selective Insurance Group in the third quarter worth approximately $401,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SIGI shares. Bank of America upped their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada increased their target price on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. 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 research note on Monday, July 22nd. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their target price for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. Finally, JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Selective Insurance Group has a consensus rating of “Hold” and a consensus price target of $101.67.

Insiders Place Their Bets

In other news, CAO Anthony D. Harnett sold 1,404 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $92.61, for a total value of $130,024.44. Following the sale, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by insiders.

Selective Insurance Group Stock Performance

Shares of Selective Insurance Group stock opened at $98.92 on Thursday. The company has a 50 day moving average price of $92.38 and a 200 day moving average price of $93.00. The firm has a market capitalization of $6.01 billion, a P/E ratio of 26.66, a PEG ratio of 1.54 and a beta of 0.57. Selective Insurance Group, Inc. has a 52 week low of $81.00 and a 52 week high of $109.58. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business’s revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the business earned $1.51 EPS. Sell-side analysts expect that Selective Insurance Group, Inc. will post 3.68 EPS for the current year.

Selective Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.54%. The ex-dividend date is Friday, November 15th. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio is 37.74%.

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.