Retirement Systems of Alabama Boosts Stock Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Retirement Systems of Alabama raised its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 0.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 147,884 shares of the insurance provider’s stock after buying an additional 260 shares during the period. Retirement Systems of Alabama owned approximately 0.24% of Selective Insurance Group worth $14,712,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. State of Michigan Retirement System increased its holdings in Selective Insurance Group by 0.7% in the fourth quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider’s stock valued at $1,451,000 after buying an additional 100 shares in the last quarter. Blue Trust Inc. grew its position in shares of Selective Insurance Group by 68.9% in the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 104 shares during the last quarter. Fifth Third Bancorp grew its position in shares of Selective Insurance Group by 12.3% in the third quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 128 shares during the last quarter. Keybank National Association OH grew its position in shares of Selective Insurance Group by 2.6% in the third quarter. Keybank National Association OH now owns 5,328 shares of the insurance provider’s stock valued at $550,000 after purchasing an additional 136 shares during the last quarter. Finally, Narus Financial Partners LLC grew its position in shares of Selective Insurance Group by 4.6% in the third quarter. Narus Financial Partners LLC now owns 3,314 shares of the insurance provider’s stock valued at $342,000 after purchasing an additional 145 shares during the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $105.88, for a total transaction of $278,040.88. Following the transaction, the chief operating officer now owns 10,511 shares of the company’s stock, valued at $1,112,904.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by insiders.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $102.28 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The company has a market cap of $6.22 billion, a P/E ratio of 17.54, a P/E/G ratio of 0.75 and a beta of 0.55. Selective Insurance Group, Inc. has a fifty-two week low of $91.99 and a fifty-two week high of $109.58. The firm’s 50 day moving average is $103.63 and its two-hundred day moving average is $102.75.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.92 by $0.02. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. Selective Insurance Group had a net margin of 8.57% and a return on equity of 14.43%. Analysts expect that Selective Insurance Group, Inc. will post 7.67 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on SIGI. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research report on Monday, April 15th. Piper Sandler reiterated a “neutral” rating and issued a $104.00 price target on shares of Selective Insurance Group in a research report on Monday, April 1st. Keefe, Bruyette & Woods lowered their price target on shares of Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 6th. Oppenheimer reiterated an “outperform” rating and issued a $120.00 price target on shares of Selective Insurance Group in a research report on Friday, April 5th. Finally, Royal Bank of Canada decreased their target price on shares of Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $105.17.

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.