Selective Insurance Group, Inc. (NASDAQ:SIGI) Holdings Boosted by Principal Financial Group Inc.

Posted by Defense World Staff on Aug 23rd, 2023

Principal Financial Group Inc. grew its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Free Report) by 2.2% in the 1st quarter, Holdings Channel reports. The firm owned 239,587 shares of the insurance provider’s stock after acquiring an additional 5,070 shares during the quarter. Principal Financial Group Inc.’s holdings in Selective Insurance Group were worth $22,840,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in SIGI. Ronald Blue Trust Inc. increased its position in Selective Insurance Group by 46.0% in the first quarter. Ronald Blue Trust Inc. now owns 740 shares of the insurance provider’s stock worth $66,000 after buying an additional 233 shares during the period. Spire Wealth Management boosted its holdings in shares of Selective Insurance Group by 576.9% during the first quarter. Spire Wealth Management now owns 704 shares of the insurance provider’s stock valued at $67,000 after acquiring an additional 600 shares during the period. Covestor Ltd grew its position in shares of Selective Insurance Group by 37.3% during the first quarter. Covestor Ltd now owns 747 shares of the insurance provider’s stock worth $67,000 after acquiring an additional 203 shares during the last quarter. CI Investments Inc. increased its holdings in shares of Selective Insurance Group by 112.3% in the 4th quarter. CI Investments Inc. now owns 830 shares of the insurance provider’s stock worth $74,000 after acquiring an additional 439 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in Selective Insurance Group in the 1st quarter valued at about $114,000. Institutional investors own 84.67% of the company’s stock.

Insider Buying and Selling

In related news, Director Wole C. Coaxum purchased 351 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were bought at an average price of $100.67 per share, with a total value of $35,335.17. Following the completion of the acquisition, the director now owns 4,672 shares of the company’s stock, valued at $470,330.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Cynthia S. Nicholson sold 3,020 shares of Selective Insurance Group stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $101.51, for a total value of $306,560.20. Following the transaction, the director now directly owns 16,746 shares of the company’s stock, valued at $1,699,886.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Wole C. Coaxum purchased 351 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were purchased at an average price of $100.67 per share, for a total transaction of $35,335.17. Following the acquisition, the director now directly owns 4,672 shares of the company’s stock, valued at $470,330.24. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by insiders.

Selective Insurance Group Stock Performance

Shares of NASDAQ SIGI opened at $100.19 on Wednesday. Selective Insurance Group, Inc. has a 1 year low of $77.96 and a 1 year high of $105.54. The firm has a market cap of $6.07 billion, a P/E ratio of 22.57, a PEG ratio of 0.78 and a beta of 0.61. The stock has a fifty day moving average price of $99.00 and a two-hundred day moving average price of $98.51. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.31 and a current ratio of 0.31.

Selective Insurance Group (NASDAQ:SIGI – Get Free Report) last released its earnings results on Wednesday, August 2nd. The insurance provider reported $0.99 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.99. Selective Insurance Group had a return on equity of 12.83% and a net margin of 7.15%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company earned $1.17 earnings per share. Selective Insurance Group’s revenue was up 20.3% compared to the same quarter last year. Research analysts forecast that Selective Insurance Group, Inc. will post 6.1 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have commented on SIGI. Bank of America upped their target price on shares of Selective Insurance Group from $93.00 to $100.00 and gave the stock an “underperform” rating in a research report on Tuesday, July 25th. BMO Capital Markets increased their price objective on Selective Insurance Group from $90.00 to $93.00 in a report on Wednesday, June 14th. StockNews.com initiated coverage on Selective Insurance Group in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada boosted their price target on Selective Insurance Group from $100.00 to $105.00 and gave the stock a “sector perform” rating in a research report on Friday, August 4th. Finally, Piper Sandler raised their price target on Selective Insurance Group from $102.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $101.86.

Check Out Our Latest Report on Selective Insurance Group

Selective Insurance Group Profile

(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.