Creative Planning Boosts Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Creative Planning increased its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 12.1% in the 3rd quarter, Holdings Channel reports. The fund owned 36,454 shares of the insurance provider’s stock after buying an additional 3,943 shares during the quarter. Creative Planning’s holdings in Selective Insurance Group were worth $3,401,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SIGI. Westfield Capital Management Co. LP purchased a new stake in Selective Insurance Group in the first quarter worth approximately $55,468,000. Vanguard Group Inc. lifted its holdings in shares of Selective Insurance Group by 5.9% in the 1st 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 last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Selective Insurance Group by 27.5% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 578,501 shares of the insurance provider’s stock valued at $63,155,000 after purchasing an additional 124,860 shares in the last quarter. Millennium Management LLC grew its holdings in shares of 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 last quarter. Finally, Comerica Bank raised its position in Selective Insurance Group by 240.6% in the 1st quarter. Comerica Bank now owns 95,476 shares of the insurance provider’s stock worth $10,423,000 after purchasing an additional 67,445 shares during the period. Institutional investors own 82.88% of the company’s stock.

Insider Activity

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group 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 completion of the sale, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at approximately $1,476,759.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SIGI. BMO Capital Markets raised their price target 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. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. 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 report on Monday, July 22nd. Royal Bank of Canada raised their price target on shares of Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a report on Wednesday. Finally, Bank of America increased their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $100.00.

Selective Insurance Group Stock Performance

Shares of Selective Insurance Group stock opened at $91.37 on Friday. The business has a fifty day simple moving average of $91.85 and a two-hundred day simple moving average of $93.59. The firm has a market capitalization of $5.55 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.57 and a beta of 0.56. The company has a current ratio of 0.35, a quick ratio of 0.32 and a debt-to-equity ratio of 0.17. Selective Insurance Group, Inc. has a 12 month low of $81.00 and a 12 month high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last posted 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). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the firm earned $1.51 EPS. The company’s revenue was up 15.1% on a year-over-year basis. On average, equities analysts forecast that Selective Insurance Group, Inc. will post 3.76 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio is currently 26.86%.

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.