Hsbc Holdings PLC Sells 24,491 Shares of Selective Insurance Group, Inc. $SIGI

Hsbc Holdings PLC lessened its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 66.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,575 shares of the insurance provider’s stock after selling 24,491 shares during the period. Hsbc Holdings PLC’s holdings in Selective Insurance Group were worth $950,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. bought a new position in shares of Selective Insurance Group during the fourth quarter worth approximately $25,000. Los Angeles Capital Management LLC acquired a new stake in Selective Insurance Group during the 4th quarter worth approximately $25,000. Amundi boosted its stake in Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 311 shares during the period. First Horizon Corp boosted its stake in Selective Insurance Group by 52.8% in the 4th quarter. First Horizon Corp now owns 550 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 190 shares during the period. Finally, IFP Advisors Inc grew its holdings in Selective Insurance Group by 177.5% in the 4th quarter. IFP Advisors Inc now owns 591 shares of the insurance provider’s stock valued at $49,000 after buying an additional 378 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Insider Buying and Selling at Selective Insurance Group

In other news, EVP Michael H. Lanza sold 17,100 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the completion of the sale, the executive vice president owned 16,565 shares of the company’s stock, valued at approximately $1,557,772.60. This represents a 50.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on SIGI shares. Piper Sandler increased their price objective on Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Weiss Ratings raised shares of Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods upped their price target on shares of Selective Insurance Group from $88.00 to $101.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Oppenheimer raised their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Finally, BMO Capital Markets cut shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 price objective for the company. in a research note on Tuesday. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $100.17.

Selective Insurance Group Stock Up 2.4%

SIGI stock opened at $96.68 on Thursday. The company has a market cap of $5.76 billion, a PE ratio of 12.00 and a beta of 0.29. The business has a 50-day simple moving average of $93.44 and a 200 day simple moving average of $86.09. Selective Insurance Group, Inc. has a 52 week low of $72.78 and a 52 week high of $100.40. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.29. The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. During the same quarter in the prior year, the business posted $1.31 earnings per share. Sell-side analysts anticipate that Selective Insurance Group, Inc. will post 7.98 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a $0.43 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.72 annualized dividend and a dividend yield of 1.8%. Selective Insurance Group’s payout ratio is presently 21.34%.

Selective Insurance Group Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.