Raymond James & Associates Boosts Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Posted by Defense World Staff on Oct 26th, 2023

Raymond James & Associates boosted its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Free Report) by 20.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,443 shares of the insurance provider’s stock after buying an additional 7,077 shares during the quarter. Raymond James & Associates owned 0.07% of Selective Insurance Group worth $4,072,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. increased its holdings in 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 during the period. Private Advisor Group LLC acquired a new position in shares of Selective Insurance Group during the first quarter worth about $201,000. Bank of Montreal Can increased 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 worth $684,000 after buying an additional 591 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Selective Insurance Group by 10.7% in 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. Finally, BlackRock Inc. lifted its stake in Selective Insurance Group by 0.3% in the first quarter. BlackRock Inc. now owns 6,857,220 shares of the insurance provider’s stock worth $612,760,000 after acquiring an additional 18,339 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SIGI has been the subject of several recent analyst reports. Bank of America lifted their price objective 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. StockNews.com assumed coverage on Selective Insurance Group in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Piper Sandler lowered their price objective on Selective Insurance Group from $112.00 to $106.00 and set a “neutral” rating for the company in a research report on Friday, October 6th. Finally, Royal Bank of Canada raised their target price 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. One 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. According to MarketBeat, Selective Insurance Group has an average rating of “Hold” and a consensus price target of $101.29.

Get Our Latest Stock Analysis on Selective Insurance Group

Insider Buying and Selling

In other Selective Insurance Group news, CEO John J. Marchioni sold 2,976 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $99.94, for a total transaction of $297,421.44. Following the completion of the sale, the chief executive officer now directly owns 141,460 shares of the company’s stock, valued at approximately $14,137,512.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Cynthia S. Nicholson sold 3,020 shares of Selective Insurance Group stock in a transaction 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 in the company, valued at approximately $1,699,886.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John J. Marchioni sold 2,976 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $99.94, for a total transaction of $297,421.44. Following the transaction, the chief executive officer now owns 141,460 shares of the company’s stock, valued at approximately $14,137,512.40. The disclosure for this sale can be found here. Insiders have sold a total of 6,976 shares of company stock valued at $703,804 over the last quarter. 1.50% of the stock is currently owned by insiders.

Selective Insurance Group Trading Up 0.6 %

NASDAQ:SIGI opened at $104.60 on Thursday. The company has a market capitalization of $6.34 billion, a PE ratio of 23.56, a P/E/G ratio of 0.77 and a beta of 0.59. Selective Insurance Group, Inc. has a 52-week low of $84.47 and a 52-week high of $108.10. The stock’s 50 day moving average price is $102.14 and its 200 day moving average price is $100.09. 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 (NASDAQ:SIGI – Get Free Report) last announced 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. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Selective Insurance Group had a net margin of 7.15% and a return on equity of 12.83%. The company’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same period last year, the firm posted $1.17 earnings per share. On average, research analysts anticipate that Selective Insurance Group, Inc. will post 6.08 EPS for the current year.

Selective Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were paid a dividend of $0.30 per share. The ex-dividend date was Monday, August 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.15%. Selective Insurance Group’s dividend payout ratio (DPR) is 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.