Texas Permanent School Fund trimmed its position in Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 6.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,522 shares of the insurance provider’s stock after selling 2,869 shares during the quarter. Texas Permanent School Fund owned 0.07% of Selective Insurance Group worth $3,591,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in SIGI. Raymond James & Associates lifted its holdings 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 buying an additional 381 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings 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 buying an additional 3,173 shares during the period. Private Advisor Group LLC purchased a new stake in shares of Selective Insurance Group in the 1st quarter worth $201,000. Bank of Montreal Can lifted its holdings 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 buying an additional 591 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised 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 acquiring an additional 2,129 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Selective Insurance Group
In other Selective Insurance Group news, EVP Vincent M. Senia sold 7,000 shares of the stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $99.79, for a total transaction of $698,530.00. Following the completion of the transaction, the executive vice president now owns 12,984 shares of the company’s stock, valued at $1,295,673.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.50% of the company’s stock.
Selective Insurance Group Stock Performance
Selective Insurance Group (NASDAQ:SIGI – Get Rating) last announced its earnings results on Wednesday, May 3rd. The insurance provider reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.13). Selective Insurance Group had a net margin of 6.97% and a return on equity of 13.38%. The firm had revenue of $999.80 million for the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the company earned $1.41 EPS. Selective Insurance Group’s revenue was up 18.2% compared to the same quarter last year. Analysts expect that Selective Insurance Group, Inc. will post 6.56 EPS for the current fiscal year.
Selective Insurance Group Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, May 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.16%. Selective Insurance Group’s payout ratio is currently 29.06%.
Analysts Set New Price Targets
Several research analysts have recently commented on the company. Piper Sandler reduced their price target on Selective Insurance Group from $107.00 to $104.00 in a research report on Friday. Keefe, Bruyette & Woods lowered their target price on Selective Insurance Group from $107.00 to $104.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 18th. BMO Capital Markets initiated coverage on Selective Insurance Group in a research note on Thursday, January 19th. They issued a “market perform” rating and a $90.00 target price on the stock. StockNews.com initiated coverage on Selective Insurance Group in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, Royal Bank of Canada upped their target price on Selective Insurance Group from $90.00 to $96.00 and gave the stock a “sector perform” rating in a research note on Monday, February 6th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $99.17.
About Selective Insurance Group
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.
Read More
- Get a free copy of the StockNews.com research report on Selective Insurance Group (SIGI)
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