Allworth Financial LP Grows Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Allworth Financial LP grew its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 29.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,125 shares of the insurance provider’s stock after buying an additional 938 shares during the quarter. Allworth Financial LP’s holdings in Selective Insurance Group were worth $368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Olde Wealth Management LLC purchased a new stake in Selective Insurance Group in the 1st quarter worth approximately $28,000. Quarry LP purchased a new stake in Selective Insurance Group in the 4th quarter worth approximately $38,000. Toth Financial Advisory Corp purchased a new stake in Selective Insurance Group in the 1st quarter worth approximately $41,000. UMB Bank n.a. raised its position in shares of Selective Insurance Group by 116.3% in the 1st quarter. UMB Bank n.a. now owns 928 shares of the insurance provider’s stock worth $85,000 after acquiring an additional 499 shares in the last quarter. Finally, CX Institutional bought a new position in shares of Selective Insurance Group in the 1st quarter worth approximately $136,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Up 1.8%

Selective Insurance Group stock opened at $87.80 on Tuesday. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 23.92 and a beta of 0.48. The stock has a fifty day simple moving average of $87.03 and a two-hundred day simple moving average of $87.67. Selective Insurance Group, Inc. has a 12 month low of $78.13 and a 12 month high of $103.56. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.10). The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a return on equity of 8.06% and a net margin of 4.70%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 EPS. Equities analysts predict that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date was Thursday, May 15th. Selective Insurance Group’s payout ratio is 41.42%.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of Selective Insurance Group stock in a transaction on Friday, April 25th. The stock was sold at an average price of $87.06, for a total value of $117,705.12. Following the completion of the sale, the chief accounting officer owned 15,946 shares of the company’s stock, valued at approximately $1,388,258.76. This trade represents a 7.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SIGI. Wall Street Zen raised Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Thursday, May 15th. Morgan Stanley increased their target price on Selective Insurance Group from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating for the company in a research report on Wednesday, April 30th. Finally, BMO Capital Markets raised their price objective on Selective Insurance Group from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Selective Insurance Group has a consensus rating of “Hold” and an average price target of $94.00.

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.