Private Advisor Group LLC Raises Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Private Advisor Group LLC raised its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 8.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,860 shares of the insurance provider’s stock after acquiring an additional 377 shares during the quarter. Private Advisor Group LLC’s holdings in Selective Insurance Group were worth $453,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SIGI. Westfield Capital Management Co. LP purchased a new stake in shares of Selective Insurance Group in the 1st quarter valued at about $55,468,000. Vanguard Group Inc. raised 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 valued at $717,735,000 after acquiring an additional 367,987 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Selective Insurance Group by 233.6% in the 2nd quarter. Millennium Management LLC now owns 106,239 shares of the insurance provider’s stock valued at $9,968,000 after acquiring an additional 74,390 shares in the last quarter. Comerica Bank raised its holdings in shares of Selective Insurance Group by 240.6% during the 1st quarter. Comerica Bank now owns 95,476 shares of the insurance provider’s stock valued at $10,423,000 after buying an additional 67,445 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Selective Insurance Group by 4.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock valued at $132,949,000 after buying an additional 62,699 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at approximately $1,476,759.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $92.07 on Tuesday. The stock has a 50-day simple moving average of $92.07 and a two-hundred day simple moving average of $93.09. Selective Insurance Group, Inc. has a 52-week low of $81.00 and a 52-week high of $109.58. 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 $5.60 billion, a PE ratio of 24.91, a P/E/G ratio of 1.52 and a beta of 0.57.

Selective Insurance Group (NASDAQ:SIGI) last released 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). The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business’s revenue was up 15.1% on a year-over-year basis. During the same period last year, the company earned $1.51 EPS. Analysts forecast that Selective Insurance Group, Inc. will post 3.68 EPS for the current year.

Selective Insurance Group Increases Dividend

The firm also recently disclosed 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 is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.65%. Selective Insurance Group’s dividend payout ratio is 37.74%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $95.00 to $105.00 in a report on Wednesday, October 30th. Piper Sandler reduced their price target 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. Bank of America raised their price target on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $104.00 to $99.00 in a research report on Monday, July 22nd. Finally, 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Selective Insurance Group has an average rating of “Hold” and a consensus price target of $101.67.

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.