Swiss National Bank Reduces Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Swiss National Bank lessened its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,800 shares of the insurance provider’s stock after selling 1,800 shares during the period. Swiss National Bank owned about 0.19% of Selective Insurance Group worth $10,783,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SIGI. Olde Wealth Management LLC purchased a new position in shares of Selective Insurance Group during the first quarter valued at approximately $28,000. Quarry LP purchased a new stake in shares of Selective Insurance Group in the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp purchased a new stake in shares of Selective Insurance Group in the first quarter valued at approximately $41,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Selective Insurance Group by 752.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 537 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 474 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Selective Insurance Group by 58.7% in the first quarter. Signaturefd LLC now owns 673 shares of the insurance provider’s stock valued at $62,000 after purchasing an additional 249 shares during the period. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Down 1.9%

Selective Insurance Group stock opened at $76.71 on Friday. The business has a fifty day moving average of $83.68 and a two-hundred day moving average of $85.79. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28. The firm has a market cap of $4.67 billion, a P/E ratio of 12.55 and a beta of 0.47. Selective Insurance Group, Inc. has a twelve month low of $71.75 and a twelve month high of $103.56.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.24). The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%. During the same period in the previous year, the company posted ($1.10) earnings per share. On average, analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group’s dividend payout ratio is presently 24.88%.

Insider Transactions at Selective Insurance Group

In related news, Director Robert Kelly Doherty purchased 1,500 shares of the business’s stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $77.00 per share, with a total value of $115,500.00. Following the transaction, the director owned 27,110 shares of the company’s stock, valued at approximately $2,087,470. This trade represents a 5.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas A. Mccarthy bought 2,500 shares of the stock in a transaction dated Monday, July 28th. The shares were purchased at an average cost of $77.42 per share, for a total transaction of $193,550.00. Following the completion of the purchase, the director owned 18,746 shares in the company, valued at approximately $1,451,315.32. This represents a 15.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 10,602 shares of company stock worth $817,440 over the last 90 days. Insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SIGI shares. Wall Street Zen upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Thursday, May 15th. Piper Sandler lowered their price target on Selective Insurance Group from $88.00 to $79.00 and set a “neutral” rating for the company in a report on Friday, July 25th. Keefe, Bruyette & Woods lowered their price target on Selective Insurance Group from $92.00 to $84.00 and set a “market perform” rating for the company in a report on Monday, July 28th. BMO Capital Markets set a $88.00 price target on Selective Insurance Group and gave the company an “outperform” rating in a report on Tuesday, August 5th. Finally, Morgan Stanley lowered Selective Insurance Group from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $86.00 to $72.00 in a report on Tuesday, August 5th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Selective Insurance Group presently has a consensus rating of “Hold” and a consensus price target of $87.33.

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.