Raymond James & Associates Grows Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Raymond James & Associates lifted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 10.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 118,944 shares of the insurance provider’s stock after purchasing an additional 11,713 shares during the period. Raymond James & Associates’ holdings in Selective Insurance Group were worth $11,097,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SIGI. Westfield Capital Management Co. LP acquired a new stake in Selective Insurance Group in the 1st quarter valued at about $55,468,000. Vanguard Group Inc. grew its position in shares of 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 valued at $717,735,000 after purchasing an additional 367,987 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Selective Insurance Group by 233.6% in the second 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 last quarter. Comerica Bank lifted its position in Selective Insurance Group by 240.6% during the first quarter. Comerica Bank now owns 95,476 shares of the insurance provider’s stock worth $10,423,000 after buying an additional 67,445 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Selective Insurance Group by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock worth $132,949,000 after buying an additional 62,699 shares during the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SIGI shares. Royal Bank of Canada lifted their price target on Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. BMO Capital Markets lifted 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 research note on Wednesday, July 24th. Piper Sandler dropped 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. Bank of America lifted their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $104.00 to $99.00 in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $100.00.

Selective Insurance Group Trading Up 0.2 %

Shares of SIGI stock opened at $91.57 on Tuesday. Selective Insurance Group, Inc. has a 1-year low of $81.00 and a 1-year high of $109.58. The firm has a market cap of $5.57 billion, a PE ratio of 24.68, a price-to-earnings-growth ratio of 1.53 and a beta of 0.56. The company has a 50-day moving average of $91.90 and a two-hundred day moving average of $93.37. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.32.

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

Selective Insurance Group Increases Dividend

The company also recently declared 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. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Friday, November 15th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 37.74%.

Insider Activity

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at $1,476,759.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.00% of the company’s stock.

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.