Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 16.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 14,889 shares of the insurance provider’s stock after selling 2,832 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Selective Insurance Group were worth $1,397,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Russell Investments Group Ltd. boosted its stake in shares of Selective Insurance Group by 1.9% during the 4th quarter. Russell Investments Group Ltd. now owns 60,778 shares of the insurance provider’s stock worth $6,046,000 after acquiring an additional 1,104 shares in the last quarter. Van ECK Associates Corp increased its holdings in Selective Insurance Group by 38.8% in the 4th quarter. Van ECK Associates Corp now owns 14,884 shares of the insurance provider’s stock worth $1,481,000 after acquiring an additional 4,157 shares in the last quarter. New York Life Investment Management LLC raised its position in Selective Insurance Group by 8.1% during the fourth quarter. New York Life Investment Management LLC now owns 6,791 shares of the insurance provider’s stock worth $676,000 after acquiring an additional 511 shares during the period. Natixis Advisors L.P. lifted its holdings in Selective Insurance Group by 1.8% during the fourth quarter. Natixis Advisors L.P. now owns 90,821 shares of the insurance provider’s stock valued at $9,034,000 after purchasing an additional 1,624 shares in the last quarter. Finally, Private Advisor Group LLC acquired a new stake in shares of Selective Insurance Group in the fourth quarter valued at about $404,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, CEO John J. Marchioni acquired 2,400 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was bought at an average cost of $83.56 per share, for a total transaction of $200,544.00. Following the completion of the transaction, the chief executive officer now owns 136,397 shares of the company’s stock, valued at approximately $11,397,333.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Terrence W. Cavanaugh purchased 2,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the transaction, the director now directly owns 20,651 shares in the company, valued at $1,772,888.35. The acquisition was disclosed in a document filed 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 dated Monday, July 22nd. The stock was bought at an average cost of $83.56 per share, for a total transaction of $200,544.00. Following the completion of the purchase, the chief executive officer now directly owns 136,397 shares in the company, valued at approximately $11,397,333.32. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

Selective Insurance Group Stock Performance

NASDAQ SIGI opened at $91.02 on Wednesday. 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’s fifty day moving average is $90.23 and its two-hundred day moving average is $96.58. The firm has a market capitalization of $5.54 billion, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 1.50 and a beta of 0.56. Selective Insurance Group, Inc. has a fifty-two week low of $81.00 and a fifty-two week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing the consensus estimate of $1.49 by ($2.59). Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the firm posted $0.99 EPS. On average, research analysts anticipate that Selective Insurance Group, Inc. will post 3.84 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.54%. Selective Insurance Group’s dividend payout ratio is currently 24.74%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SIGI shares. Royal Bank of Canada decreased 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 research note on Monday, July 22nd. Piper Sandler decreased their target price on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. Bank of America reduced their price objective on Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a research note on Thursday, July 11th. Finally, 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. 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’s stock. According to MarketBeat, Selective Insurance Group currently has a consensus rating of “Hold” and a consensus target price of $98.67.

About Selective Insurance Group

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.