Aviva PLC Trims Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Posted by Defense World Staff on Feb 26th, 2023

Aviva PLC decreased its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 22.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 19,786 shares of the insurance provider’s stock after selling 5,825 shares during the period. Aviva PLC’s holdings in Selective Insurance Group were worth $1,611,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SIGI. Raymond James & Associates boosted its position in shares of Selective Insurance Group by 11.4% in the 1st quarter. Raymond James & Associates now owns 3,725 shares of the insurance provider’s stock worth $333,000 after purchasing an additional 381 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Selective Insurance Group by 116.2% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 5,904 shares of the insurance provider’s stock worth $528,000 after purchasing an additional 3,173 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of Selective Insurance Group in the 1st quarter worth approximately $201,000. Bank of Montreal Can boosted its position in shares of Selective Insurance Group by 8.6% in the 1st quarter. Bank of Montreal Can now owns 7,495 shares of the insurance provider’s stock worth $684,000 after purchasing an additional 591 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Selective Insurance Group by 10.7% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,063 shares of the insurance provider’s stock worth $1,972,000 after purchasing an additional 2,129 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Selective Insurance Group Price Performance

Shares of SIGI opened at $99.24 on Friday. The firm has a market cap of $5.99 billion, a PE ratio of 28.03, a P/E/G ratio of 0.80 and a beta of 0.64. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.22. The firm has a fifty day simple moving average of $94.61 and a two-hundred day simple moving average of $89.81. Selective Insurance Group, Inc. has a 1-year low of $66.81 and a 1-year high of $103.61.

Selective Insurance Group (NASDAQ:SIGI – Get Rating) last announced its earnings results on Friday, February 3rd. The insurance provider reported $1.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.46. The business had revenue of $952.20 million during the quarter, compared to analyst estimates of $965.14 million. Selective Insurance Group had a net margin of 6.25% and a return on equity of 13.15%. During the same period in the previous year, the business earned $1.56 EPS. On average, equities analysts anticipate that Selective Insurance Group, Inc. will post 6.57 EPS for the current year.

Selective Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Shareholders of record on Wednesday, February 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, February 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.21%. Selective Insurance Group’s dividend payout ratio is presently 33.90%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SIGI. Keefe, Bruyette & Woods boosted their price target on Selective Insurance Group from $105.00 to $107.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 14th. Morgan Stanley upped their price objective on Selective Insurance Group from $98.00 to $105.00 and gave the company an “overweight” rating in a research report on Tuesday, November 22nd. Janney Montgomery Scott started coverage on Selective Insurance Group in a research report on Friday, November 11th. They issued a “neutral” rating and a $96.00 price objective on the stock. Royal Bank of Canada upped their price objective on Selective Insurance Group from $90.00 to $96.00 and gave the company a “sector perform” rating in a research report on Monday, February 6th. Finally, BMO Capital Markets started coverage on Selective Insurance Group in a research report on Thursday, January 19th. They issued a “market perform” rating and a $90.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $97.50.

Insider Buying and Selling at Selective Insurance Group

In other news, COO Brenda M. Hall sold 2,813 shares of the company’s stock in a transaction on Monday, November 28th. The stock was sold at an average price of $95.11, for a total value of $267,544.43. Following the completion of the sale, the chief operating officer now directly owns 18,650 shares in the company, valued at approximately $1,773,801.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Brenda M. Hall sold 2,813 shares of the company’s stock in a transaction on Monday, November 28th. The stock was sold at an average price of $95.11, for a total value of $267,544.43. Following the completion of the sale, the chief operating officer now directly owns 18,650 shares in the company, valued at approximately $1,773,801.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vincent M. Senia sold 7,000 shares of the company’s stock in a transaction on Friday, February 10th. The stock was sold at an average price of $99.79, for a total value of $698,530.00. Following the completion of the sale, the executive vice president now owns 12,984 shares of the company’s stock, valued at $1,295,673.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,465 shares of company stock worth $3,222,793. Insiders own 2.00% of the company’s stock.

Selective Insurance Group Company Profile

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Selective Insurance Group, Inc provides property and casualty insurance products. It operates through the following segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. The Standard Commercial Lines segment offers insurance products and services to commercial customers, such as non-profit organizations and local government agencies.