Arizona State Retirement System Has $1.51 Million Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Posted by Defense World Staff on May 12th, 2023

Arizona State Retirement System boosted its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 3.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,023 shares of the insurance provider’s stock after purchasing an additional 622 shares during the period. Arizona State Retirement System’s holdings in Selective Insurance Group were worth $1,508,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its holdings in Selective Insurance Group by 0.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 17,741 shares of the insurance provider’s stock worth $1,572,000 after purchasing an additional 129 shares in the last quarter. Dakota Wealth Management grew its holdings in shares of Selective Insurance Group by 4.9% in the 3rd quarter. Dakota Wealth Management now owns 2,828 shares of the insurance provider’s stock valued at $230,000 after acquiring an additional 132 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Selective Insurance Group by 4.6% in the 1st quarter. Mackenzie Financial Corp now owns 3,359 shares of the insurance provider’s stock valued at $300,000 after acquiring an additional 147 shares in the last quarter. Creative Planning grew its holdings in shares of Selective Insurance Group by 0.6% in the 2nd quarter. Creative Planning now owns 25,118 shares of the insurance provider’s stock valued at $2,184,000 after acquiring an additional 153 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Selective Insurance Group by 9.9% in the 3rd quarter. Van ECK Associates Corp now owns 1,755 shares of the insurance provider’s stock valued at $143,000 after acquiring an additional 158 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

SIGI has been the subject of several analyst reports. Royal Bank of Canada raised their price objective on Selective Insurance Group from $90.00 to $96.00 and gave the company a “sector perform” rating in a report on Monday, February 6th. Piper Sandler cut their target price on shares of Selective Insurance Group from $107.00 to $104.00 in a research note on Friday, May 5th. StockNews.com assumed coverage on shares of Selective Insurance Group in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods cut their target price on shares of Selective Insurance Group from $107.00 to $104.00 and set a “market perform” rating for the company in a research note on Tuesday, April 18th. Finally, BMO Capital Markets assumed coverage on shares of Selective Insurance Group in a research note on Thursday, January 19th. They issued a “market perform” rating and a $90.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus target price of $99.17.

Selective Insurance Group Stock Up 0.3 %

NASDAQ SIGI opened at $102.26 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.20. Selective Insurance Group, Inc. has a 1-year low of $66.81 and a 1-year high of $104.37. The company has a 50 day moving average of $96.30 and a 200-day moving average of $94.89. The company has a market cap of $6.19 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 0.83 and a beta of 0.63.

Selective Insurance Group (NASDAQ:SIGI – Get Rating) last released its quarterly earnings results on Wednesday, May 3rd. The insurance provider reported $1.44 earnings per share 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 business had revenue of $999.80 million during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the firm posted $1.41 earnings per share. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. On average, equities research analysts expect that Selective Insurance Group, Inc. will post 6.46 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Monday, May 15th will be paid a $0.30 dividend. The ex-dividend date is Friday, May 12th. This represents a $1.20 dividend on an annualized basis and a yield of 1.17%. Selective Insurance Group’s dividend payout ratio (DPR) is 29.06%.

About Selective Insurance Group

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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.