Selective Insurance Group, Inc. (NASDAQ:SIGI) Stake Cut by Swiss National Bank

Posted by Defense World Staff on Aug 25th, 2023

Swiss National Bank reduced its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI – Free Report) by 10.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,100 shares of the insurance provider’s stock after selling 15,600 shares during the period. Swiss National Bank owned about 0.22% of Selective Insurance Group worth $12,402,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SIGI. Raymond James & Associates lifted its stake in Selective Insurance Group by 11.4% in the 1st quarter. Raymond James & Associates now owns 3,725 shares of the insurance provider’s stock worth $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 1st quarter. Raymond James Financial Services Advisors Inc. now owns 5,904 shares of the insurance provider’s stock worth $528,000 after purchasing an additional 3,173 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Selective Insurance Group during the 1st quarter worth about $201,000. Bank of Montreal Can raised its stake in shares of Selective Insurance Group by 8.6% during the 1st quarter. Bank of Montreal Can now owns 7,495 shares of the insurance provider’s stock worth $684,000 after purchasing 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 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,063 shares of the insurance provider’s stock worth $1,972,000 after purchasing an additional 2,129 shares in the last quarter. 84.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, Director Cynthia S. Nicholson sold 3,020 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $101.51, for a total value of $306,560.20. Following the sale, the director now owns 16,746 shares of the company’s stock, valued at approximately $1,699,886.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 stock was sold at an average price of $101.51, for a total transaction of $306,560.20. Following the sale, the director now owns 16,746 shares of the company’s stock, valued at approximately $1,699,886.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cynthia S. Nicholson sold 980 shares of Selective Insurance Group stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $101.86, for a total value of $99,822.80. Following the sale, the director now directly owns 19,766 shares in the company, valued at approximately $2,013,364.76. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada raised their price target on Selective Insurance Group from $100.00 to $105.00 and gave the stock a “sector perform” rating in a research note on Friday, August 4th. StockNews.com initiated coverage on Selective Insurance Group in a research note on Thursday, August 17th. They set a “hold” rating for the company. Bank of America raised their price objective on Selective Insurance Group from $93.00 to $100.00 and gave the company an “underperform” rating in a research note on Tuesday, July 25th. Piper Sandler raised their price objective on Selective Insurance Group from $102.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, July 25th. Finally, BMO Capital Markets raised their price objective on Selective Insurance Group from $90.00 to $93.00 in a research note on Wednesday, June 14th. 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 company. Based on data from MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and an average price target of $101.86.

Read Our Latest Research Report on Selective Insurance Group

Selective Insurance Group Stock Performance

SIGI opened at $99.45 on Friday. The firm has a market capitalization of $6.02 billion, a P/E ratio of 22.40, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The stock’s 50 day moving average price is $99.05 and its two-hundred day moving average price is $98.53. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.20. Selective Insurance Group, Inc. has a 12-month low of $77.96 and a 12-month high of $105.54.

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, meeting analysts’ consensus estimates of $0.99. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Selective Insurance Group had a return on equity of 12.83% and a net margin of 7.15%. The company’s revenue was up 20.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.17 EPS. On average, equities analysts forecast that Selective Insurance Group, Inc. will post 6.1 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Monday, August 14th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 27.03%.

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.