BNP Paribas Financial Markets Raises Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

BNP Paribas Financial Markets lifted its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 14.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 57,072 shares of the insurance provider’s stock after purchasing an additional 7,291 shares during the quarter. BNP Paribas Financial Markets owned about 0.09% of Selective Insurance Group worth $6,231,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. grew its holdings in shares of Selective Insurance Group by 68.9% during the 4th quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 104 shares during the period. Rise Advisors LLC purchased a new stake in shares of Selective Insurance Group during the 1st quarter worth about $27,000. Headinvest LLC purchased a new stake in shares of Selective Insurance Group during the 3rd quarter worth about $62,000. Burkett Financial Services LLC purchased a new stake in shares of Selective Insurance Group during the 4th quarter worth about $75,000. Finally, Morton Brown Family Wealth LLC purchased a new stake in shares of Selective Insurance Group during the 4th quarter worth about $82,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $93.14 on Thursday. The business’s 50 day moving average is $94.64 and its two-hundred day moving average is $99.94. Selective Insurance Group, Inc. has a 52-week low of $89.78 and a 52-week high of $109.58. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 0.83 and a beta of 0.54. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.55). Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the company earned $1.44 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. Analysts forecast that Selective Insurance Group, Inc. will post 6.8 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Tuesday, May 14th. Selective Insurance Group’s payout ratio is 24.73%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Royal Bank of Canada restated a “sector perform” rating and issued a $103.00 price target on shares of Selective Insurance Group in a report on Monday, June 24th. Oppenheimer restated an “outperform” rating and issued a $120.00 price target on shares of Selective Insurance Group in a report on Friday, April 5th. Finally, Piper Sandler restated a “neutral” rating and issued a $104.00 price target on shares of Selective Insurance Group in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $107.20.

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.