Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Ensign Peak Advisors Inc

Posted by Defense World Staff on Mar 10th, 2023

Ensign Peak Advisors Inc decreased its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 10.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,084 shares of the insurance provider’s stock after selling 2,955 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Selective Insurance Group were worth $2,042,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SIGI. Pinebridge Investments L.P. increased its stake in Selective Insurance Group by 268.0% during the second quarter. Pinebridge Investments L.P. now owns 368 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 268 shares during the last quarter. Signaturefd LLC increased its stake in Selective Insurance Group by 79.8% during the third quarter. Signaturefd LLC now owns 392 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 174 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new stake in Selective Insurance Group during the third quarter worth $36,000. Bessemer Group Inc. acquired a new stake in Selective Insurance Group during the third quarter worth $39,000. Finally, Covestor Ltd boosted its position in shares of Selective Insurance Group by 37.3% during the first quarter. Covestor Ltd now owns 747 shares of the insurance provider’s stock worth $67,000 after buying an additional 203 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Selective Insurance Group Trading Down 2.2 %

NASDAQ:SIGI opened at $95.72 on Friday. The firm has a market cap of $5.78 billion, a PE ratio of 27.04, a price-to-earnings-growth ratio of 0.79 and a beta of 0.63. The stock has a fifty day moving average price of $96.31 and a 200 day moving average price of $90.86. Selective Insurance Group, Inc. has a 12-month low of $66.81 and a 12-month high of $103.61. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.22.

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

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Wednesday, February 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Tuesday, February 14th. Selective Insurance Group’s dividend payout ratio (DPR) is 33.90%.

Insiders Place Their Bets

In other Selective Insurance Group news, Director John Burville sold 20,000 shares of Selective Insurance Group stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $100.17, for a total transaction of $2,003,400.00. Following the completion of the sale, the director now directly owns 46,304 shares of the company’s stock, valued at approximately $4,638,271.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Selective Insurance Group news, Director John Burville sold 20,000 shares of Selective Insurance Group stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $100.17, for a total transaction of $2,003,400.00. Following the completion of the sale, the director now directly owns 46,304 shares of the company’s stock, valued at approximately $4,638,271.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vincent M. Senia sold 7,000 shares of Selective Insurance Group stock in a transaction dated Friday, February 10th. The stock was sold at an average price of $99.79, for a total value of $698,530.00. Following the sale, the executive vice president now directly owns 12,984 shares of the company’s stock, valued at $1,295,673.36. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SIGI. Morgan Stanley raised their price target on Selective Insurance Group from $98.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 22nd. Janney Montgomery Scott began coverage on Selective Insurance Group in a research report on Friday, November 11th. They set a “neutral” rating and a $96.00 price target for the company. Keefe, Bruyette & Woods raised 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. Piper Sandler raised their price target on Selective Insurance Group from $88.00 to $91.00 in a research report on Tuesday, January 10th. Finally, BMO Capital Markets assumed coverage on Selective Insurance Group in a research report on Thursday, January 19th. They set a “market perform” rating and a $90.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus price target of $97.50.

Selective Insurance Group Company Profile

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Selective Insurance Group, Inc is a New Jersey insurance holding company, which engages in the provision of 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.