Handelsbanken Fonder AB Purchases 3,100 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Handelsbanken Fonder AB increased its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 24.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,616 shares of the insurance provider’s stock after purchasing an additional 3,100 shares during the period. Handelsbanken Fonder AB’s holdings in Selective Insurance Group were worth $1,457,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of Selective Insurance Group by 188.2% in the fourth quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock worth $144,287,000 after buying an additional 947,147 shares during the period. Westfield Capital Management Co. LP purchased a new stake in Selective Insurance Group in the first quarter worth about $55,468,000. Vanguard Group Inc. lifted its stake in Selective Insurance Group by 5.9% in the first quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock worth $717,735,000 after acquiring an additional 367,987 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in Selective Insurance Group by 27.5% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 578,501 shares of the insurance provider’s stock worth $63,155,000 after acquiring an additional 124,860 shares in the last quarter. Finally, Millennium Management LLC increased its position in Selective Insurance Group by 233.6% during the 2nd quarter. Millennium Management LLC now owns 106,239 shares of the insurance provider’s stock valued at $9,968,000 after purchasing an additional 74,390 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 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. BMO Capital Markets boosted their target price on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Finally, Royal Bank of Canada lowered their price target on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $98.50.

Selective Insurance Group Trading Down 0.5 %

Selective Insurance Group stock opened at $92.47 on Friday. 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 cap of $5.62 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 1.55 and a beta of 0.56. The stock has a 50-day moving average of $89.79 and a two-hundred day moving average of $94.38. Selective Insurance Group, Inc. has a one year low of $81.00 and a one year high of $109.58.

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 company had revenue of $1.20 billion during 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 in the previous year, the business earned $0.99 earnings per share. On average, research analysts anticipate that Selective Insurance Group, Inc. will post 3.84 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.51%. Selective Insurance Group’s payout ratio is currently 24.73%.

Insider Activity

In other news, Director Terrence W. Cavanaugh bought 2,000 shares of Selective Insurance Group stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought at an average price of $85.85 per share, for a total transaction 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 trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Selective Insurance Group news, Director Terrence W. Cavanaugh purchased 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were bought at an average price of $85.85 per share, for a total transaction of $171,700.00. Following the acquisition, the director now owns 20,651 shares in the company, valued at $1,772,888.35. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John J. Marchioni purchased 2,400 shares of Selective Insurance Group stock in a transaction on Monday, July 22nd. The shares were acquired 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 directly owns 136,397 shares in the company, valued at $11,397,333.32. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate 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.