Assenagon Asset Management S.A. Acquires 98,390 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Assenagon Asset Management S.A. increased its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 319.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 129,184 shares of the insurance provider’s stock after buying an additional 98,390 shares during the period. Assenagon Asset Management S.A.’s holdings in Selective Insurance Group were worth $12,053,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the stock. AlphaMark Advisors LLC bought a new position in Selective Insurance Group during the first quarter valued at $334,000. Vaughan Nelson Investment Management L.P. grew its stake in shares of 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 during the period. Allspring Global Investments Holdings LLC increased its holdings in Selective Insurance Group by 15,444.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,721 shares of the insurance provider’s stock worth $1,935,000 after acquiring an additional 17,607 shares during the last quarter. State of Michigan Retirement System raised its stake in Selective Insurance Group by 2.1% in the 1st quarter. State of Michigan Retirement System now owns 14,881 shares of the insurance provider’s stock valued at $1,625,000 after acquiring an additional 300 shares during the period. Finally, Legacy Wealth Asset Management LLC purchased a new stake in Selective Insurance Group during the first quarter valued at about $216,000. Institutional investors own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

SIGI has been the subject of several recent research reports. Bank of America lifted their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 22nd. BMO Capital Markets increased their target price 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. Royal Bank of Canada lifted their price target 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 dropped their price objective on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their target price for the company from $104.00 to $99.00 in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $100.00.

Selective Insurance Group Price Performance

NASDAQ:SIGI opened at $91.37 on Monday. Selective Insurance Group, Inc. has a 52-week low of $81.00 and a 52-week high of $109.58. The stock has a fifty day moving average of $91.85 and a 200 day moving average of $93.44. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.32 and a current ratio of 0.35. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 1.57 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.29). The business had revenue of $1.24 billion for 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 firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.51 EPS. On average, research analysts expect that Selective Insurance Group, Inc. will post 3.76 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be given a dividend of $0.38 per share. The ex-dividend date is Friday, November 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.66%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is 26.86%.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the transaction, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is currently 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.