ProShare Advisors LLC Reduces Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

ProShare Advisors LLC cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 20.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 10,939 shares of the insurance provider’s stock after selling 2,847 shares during the quarter. ProShare Advisors LLC’s holdings in Selective Insurance Group were worth $1,026,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. UBS Group AG increased its position in Selective Insurance Group by 17.9% during the 4th quarter. UBS Group AG now owns 87,302 shares of the insurance provider’s stock valued at $8,685,000 after purchasing an additional 13,237 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Selective Insurance Group by 7.6% during the 4th quarter. Wells Fargo & Company MN now owns 109,607 shares of the insurance provider’s stock valued at $10,904,000 after purchasing an additional 7,752 shares in the last quarter. US Bancorp DE boosted its stake in shares of Selective Insurance Group by 1.8% during the 4th quarter. US Bancorp DE now owns 19,793 shares of the insurance provider’s stock valued at $1,969,000 after purchasing an additional 358 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Selective Insurance Group by 479.8% during the fourth quarter. Hsbc Holdings PLC now owns 11,595 shares of the insurance provider’s stock valued at $1,155,000 after buying an additional 9,595 shares during the period. Finally, TFO Wealth Partners LLC raised its stake in Selective Insurance Group by 114,533.3% in the fourth quarter. TFO Wealth Partners LLC now owns 3,439 shares of the insurance provider’s stock worth $342,000 after buying an additional 3,436 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Royal Bank of Canada reduced their price target on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a research note on Monday, July 22nd. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $104.00 to $99.00 in a research report on Monday, July 22nd. BMO Capital Markets boosted their target price on shares of Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a report on Wednesday, July 24th. Finally, Piper Sandler decreased their price target on shares of 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $98.67.

Selective Insurance Group Trading Up 0.5 %

NASDAQ SIGI opened at $91.70 on Friday. Selective Insurance Group, Inc. has a 12 month low of $81.00 and a 12 month high of $109.58. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average price is $89.07 and its 200-day moving average price is $95.01. The stock has a market cap of $5.57 billion, a P/E ratio of 16.20, a P/E/G ratio of 1.50 and a beta of 0.56.

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 the consensus estimate of $1.49 by ($2.59). The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. During the same period last year, the company posted $0.99 earnings per share. As a group, equities analysts forecast that Selective Insurance Group, Inc. will post 3.84 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Thursday, August 15th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 24.73%.

Insider Buying and Selling

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

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.