Cibc World Markets Corp Purchases New Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Cibc World Markets Corp purchased a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 5,692 shares of the insurance provider’s stock, valued at approximately $532,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. UMB Bank n.a. grew its position in Selective Insurance Group by 37.1% during the fourth quarter. UMB Bank n.a. now owns 429 shares of the insurance provider’s stock valued at $40,000 after buying an additional 116 shares during the period. Arizona State Retirement System boosted its position in Selective Insurance Group by 0.7% during the fourth quarter. Arizona State Retirement System now owns 17,628 shares of the insurance provider’s stock worth $1,649,000 after purchasing an additional 123 shares during the period. Pacer Advisors Inc. boosted its position in Selective Insurance Group by 1.5% during the fourth quarter. Pacer Advisors Inc. now owns 9,061 shares of the insurance provider’s stock worth $847,000 after purchasing an additional 137 shares during the period. Caprock Group LLC boosted its position in Selective Insurance Group by 3.8% during the fourth quarter. Caprock Group LLC now owns 3,950 shares of the insurance provider’s stock worth $369,000 after purchasing an additional 145 shares during the period. Finally, Glenmede Trust Co. NA boosted its position in Selective Insurance Group by 3.1% during the third quarter. Glenmede Trust Co. NA now owns 5,101 shares of the insurance provider’s stock worth $476,000 after purchasing an additional 155 shares during the period. Institutional investors own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

SIGI has been the subject of a number of research reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $93.00 target price (down previously from $116.00) on shares of Selective Insurance Group in a research report on Friday, February 7th. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research report on Thursday, January 30th. Finally, Morgan Stanley cut their target price on shares of Selective Insurance Group from $95.00 to $87.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $98.71.

Selective Insurance Group Trading Down 0.4 %

Shares of Selective Insurance Group stock opened at $88.71 on Friday. Selective Insurance Group, Inc. has a 12-month low of $78.13 and a 12-month high of $109.58. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 27.55 and a beta of 0.54. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average price is $86.81 and its 200-day moving average price is $91.79.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $1.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.37). Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. On average, equities analysts expect that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Friday, February 14th. Selective Insurance Group’s dividend payout ratio is currently 47.20%.

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.