Bank of New York Mellon Corp Has $88.63 Million Stock Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Posted by Defense World Staff on Aug 18th, 2023

Bank of New York Mellon Corp decreased its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Free Report) by 0.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 929,720 shares of the insurance provider’s stock after selling 8,128 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.54% of Selective Insurance Group worth $88,630,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Mackenzie Financial Corp grew its stake in 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 buying an additional 147 shares during the last quarter. Creative Planning grew its stake in 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 buying an additional 153 shares during the last quarter. Covestor Ltd grew its stake in Selective Insurance Group by 37.3% in the 1st quarter. Covestor Ltd now owns 747 shares of the insurance provider’s stock valued at $67,000 after buying an additional 203 shares during the last quarter. Verition Fund Management LLC grew its stake in Selective Insurance Group by 7.9% in the 1st quarter. Verition Fund Management LLC now owns 2,780 shares of the insurance provider’s stock valued at $248,000 after buying an additional 204 shares during the last quarter. Finally, Raymond James & Associates grew its stake in Selective Insurance Group by 0.7% in the 4th quarter. Raymond James & Associates now owns 32,271 shares of the insurance provider’s stock valued at $2,860,000 after buying an additional 223 shares during the last quarter. Institutional investors and hedge funds own 84.67% of the company’s stock.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock opened at $100.65 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.31 and a quick ratio of 0.31. Selective Insurance Group, Inc. has a fifty-two week low of $77.96 and a fifty-two week high of $105.54. The firm has a fifty day moving average price of $98.90 and a two-hundred day moving average price of $98.36. The company has a market cap of $6.10 billion, a PE ratio of 22.67, a price-to-earnings-growth ratio of 0.77 and a beta of 0.61.

Selective Insurance Group (NASDAQ:SIGI – Get Free Report) last released its quarterly earnings data on Wednesday, August 2nd. The insurance provider reported $0.99 EPS for the quarter, hitting analysts’ consensus estimates of $0.99. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. Selective Insurance Group had a net margin of 7.15% and a return on equity of 12.83%. The firm’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same period last year, the firm earned $1.17 EPS. Analysts expect that Selective Insurance Group, Inc. will post 6.13 EPS for the current year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Monday, August 14th. Selective Insurance Group’s payout ratio is 27.03%.

Analysts Set New Price Targets

SIGI has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Selective Insurance Group in a research note on Thursday. They issued a “hold” rating on the stock. Piper Sandler raised their target price on shares of Selective Insurance Group from $102.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, July 25th. Bank of America raised their target price on shares of Selective Insurance Group from $93.00 to $100.00 and gave the company an “underperform” rating in a research note on Tuesday, July 25th. BMO Capital Markets increased their price target on shares of Selective Insurance Group from $90.00 to $93.00 in a report on Wednesday, June 14th. Finally, Royal Bank of Canada increased their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company a “sector perform” rating in a report on Friday, August 4th. One investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $101.86.

Read Our Latest Stock Analysis on Selective Insurance Group

Insider Transactions at Selective Insurance Group

In other news, Director Cynthia S. Nicholson sold 980 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $101.86, for a total transaction of $99,822.80. Following the completion of the transaction, the director now directly owns 19,766 shares of the company’s stock, valued at approximately $2,013,364.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Cynthia S. Nicholson sold 980 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $101.86, for a total transaction of $99,822.80. Following the completion of the sale, the director now owns 19,766 shares in the company, valued at approximately $2,013,364.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wole C. Coaxum bought 351 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were purchased at an average price of $100.67 per share, with a total value of $35,335.17. Following the transaction, the director now directly owns 4,672 shares in the company, valued at $470,330.24. The disclosure for this purchase can be found here. 1.50% of the stock is owned by insiders.

About Selective Insurance Group

(Free Report)

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; casualty insurance products that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party; and flood insurance products.