Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Bank of Nova Scotia

Posted by Defense World Staff on May 24th, 2023

Bank of Nova Scotia reduced its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 50.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,217 shares of the insurance provider’s stock after selling 6,447 shares during the period. Bank of Nova Scotia’s holdings in Selective Insurance Group were worth $551,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Oregon Public Employees Retirement Fund raised its position in Selective Insurance Group by 0.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 17,741 shares of the insurance provider’s stock valued at $1,572,000 after purchasing an additional 129 shares during the period. Dakota Wealth Management raised 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 buying an additional 132 shares during the period. Mackenzie Financial Corp lifted its stake in Selective Insurance Group by 4.6% during the 1st quarter. Mackenzie Financial Corp now owns 3,359 shares of the insurance provider’s stock worth $300,000 after acquiring an additional 147 shares in the last quarter. Creative Planning lifted its stake in Selective Insurance Group by 0.6% during the 2nd quarter. Creative Planning now owns 25,118 shares of the insurance provider’s stock worth $2,184,000 after acquiring an additional 153 shares in the last quarter. Finally, Harbor Investment Advisory LLC boosted its holdings in Selective Insurance Group by 19.8% during the 4th quarter. Harbor Investment Advisory LLC now owns 1,011 shares of the insurance provider’s stock valued at $90,000 after acquiring an additional 167 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Selective Insurance Group Price Performance

Selective Insurance Group stock opened at $101.57 on Wednesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.20. The company has a fifty day simple moving average of $97.21 and a 200-day simple moving average of $95.33. The stock has a market cap of $6.14 billion, a P/E ratio of 24.59, a price-to-earnings-growth ratio of 0.83 and a beta of 0.63. Selective Insurance Group, Inc. has a 12-month low of $66.81 and a 12-month high of $104.37.

Selective Insurance Group (NASDAQ:SIGI – Get Rating) last announced its quarterly earnings results on Wednesday, May 3rd. The insurance provider reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.13). Selective Insurance Group had a return on equity of 13.38% and a net margin of 6.97%. The business had revenue of $999.80 million for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the firm earned $1.41 earnings per share. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. Equities analysts expect that Selective Insurance Group, Inc. will post 6.45 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Monday, May 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Friday, May 12th. Selective Insurance Group’s dividend payout ratio (DPR) is 29.06%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SIGI shares. Bank of America lowered shares of Selective Insurance Group from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $101.00 to $97.00 in a research note on Thursday, May 18th. They noted that the move was a valuation call. Royal Bank of Canada raised their price target on shares of 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. Keefe, Bruyette & Woods cut their price objective on Selective Insurance Group from $107.00 to $104.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 18th. Piper Sandler reduced their price objective on Selective Insurance Group from $107.00 to $104.00 in a research note on Friday, May 5th. Finally, StockNews.com initiated coverage on Selective Insurance Group in a research note on Thursday, May 18th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $98.86.

Selective Insurance Group Profile

(Get Rating)

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.