First Trust Advisors LP Reduces Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Posted by on May 28th, 2023

First Trust Advisors LP lessened its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 11.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,409 shares of the insurance provider’s stock after selling 7,246 shares during the period. First Trust Advisors LP owned about 0.09% of Selective Insurance Group worth $4,733,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SIGI. Raymond James & Associates raised its stake in shares of Selective Insurance Group by 11.4% during the first quarter. Raymond James & Associates now owns 3,725 shares of the insurance provider’s stock valued at $333,000 after acquiring an additional 381 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Selective Insurance Group by 116.2% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 5,904 shares of the insurance provider’s stock valued at $528,000 after acquiring an additional 3,173 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of Selective Insurance Group during the first quarter valued at approximately $201,000. Bank of Montreal Can raised its stake in shares of Selective Insurance Group by 8.6% during the first quarter. Bank of Montreal Can now owns 7,495 shares of the insurance provider’s stock valued at $684,000 after acquiring an additional 591 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Selective Insurance Group by 10.7% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,063 shares of the insurance provider’s stock valued at $1,972,000 after acquiring an additional 2,129 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Selective Insurance Group Price Performance

Shares of SIGI opened at $99.69 on Friday. The firm has a market capitalization of $6.03 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 0.80 and a beta of 0.63. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.30 and a quick ratio of 0.30. Selective Insurance Group, Inc. has a 1-year low of $66.81 and a 1-year high of $104.37. The company’s fifty day moving average price is $97.66 and its 200-day moving average price is $95.45.

Selective Insurance Group (NASDAQ:SIGI – Get Rating) last posted its quarterly earnings results on Wednesday, May 3rd. The insurance provider reported $1.44 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $1 billion. During the same period in the previous year, the company posted $1.41 earnings per share. Selective Insurance Group’s revenue for the quarter was up 18.2% compared to the same quarter last year. On average, equities research analysts predict that Selective Insurance Group, Inc. will post 6.41 EPS for the current year.

Selective Insurance Group Announces Dividend

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

Analyst Ratings Changes

A number of brokerages recently commented on SIGI. Keefe, Bruyette & Woods reduced their price objective 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. Royal Bank of Canada boosted their price objective on shares of 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. Bank of America downgraded shares of Selective Insurance Group from a “neutral” rating to an “underperform” rating and reduced their price objective 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. StockNews.com began coverage on shares of Selective Insurance Group in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Piper Sandler reduced their price objective on shares of Selective Insurance Group from $107.00 to $104.00 in a research note on Friday, May 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $98.86.

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.

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Institutional Ownership by Quarter for Selective Insurance Group (NASDAQ:SIGI)

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