Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Swiss National Bank

Swiss National Bank lowered its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,700 shares of the insurance provider’s stock after selling 600 shares during the quarter. Swiss National Bank’s holdings in Selective Insurance Group were worth $11,075,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC raised its stake in Selective Insurance Group by 81.5% in the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 145 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Selective Insurance Group by 2.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider’s stock valued at $705,000 after buying an additional 205 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in shares of Selective Insurance Group by 5.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 4,086 shares of the insurance provider’s stock worth $446,000 after buying an additional 216 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Selective Insurance Group by 2.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider’s stock worth $1,262,000 after acquiring an additional 266 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Selective Insurance Group by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,166 shares of the insurance provider’s stock valued at $1,415,000 after acquiring an additional 277 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 company’s stock in a transaction that occurred on 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 approximately $1,476,759.06. This represents a 8.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Selective Insurance Group Price Performance

SIGI stock opened at $97.82 on Friday. The business’s fifty day moving average price is $94.41 and its 200 day moving average price is $92.87. Selective Insurance Group, Inc. has a 12-month low of $81.00 and a 12-month high of $109.58. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $5.95 billion, a PE ratio of 26.37 and a beta of 0.57.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.29). The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.51 EPS. On average, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 3.59 EPS for the current year.

Selective Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a $0.38 dividend. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.55%. Selective Insurance Group’s payout ratio is 40.97%.

Analyst Upgrades and Downgrades

SIGI has been the subject of a number of analyst reports. Bank of America upped their price objective on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a report on Tuesday, October 22nd. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $95.00 to $105.00 in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada upped their price target on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $101.67.

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.