Selective Insurance Group, Inc. $SIGI Stake Trimmed by Sei Investments Co.

Sei Investments Co. lessened its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 30.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 69,466 shares of the insurance provider’s stock after selling 30,553 shares during the period. Sei Investments Co.’s holdings in Selective Insurance Group were worth $5,237,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Sivia Capital Partners LLC acquired a new stake in shares of Selective Insurance Group during the second quarter valued at approximately $468,000. Comerica Bank grew its position in Selective Insurance Group by 94.8% during the 4th quarter. Comerica Bank now owns 55,955 shares of the insurance provider’s stock worth $4,682,000 after purchasing an additional 27,236 shares in the last quarter. Intech Investment Management LLC grew its position in Selective Insurance Group by 138.0% during the 4th quarter. Intech Investment Management LLC now owns 62,686 shares of the insurance provider’s stock worth $5,245,000 after purchasing an additional 36,351 shares in the last quarter. UBS Group AG raised its stake in Selective Insurance Group by 46.1% during the 4th quarter. UBS Group AG now owns 237,076 shares of the insurance provider’s stock valued at $19,836,000 after purchasing an additional 74,757 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Selective Insurance Group by 3.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,359,224 shares of the insurance provider’s stock valued at $102,473,000 after purchasing an additional 44,532 shares during the period. 82.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SIGI has been the topic of several recent analyst reports. BMO Capital Markets lowered Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 price target on the stock. in a research report on Tuesday, July 28th. Piper Sandler raised 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. Oppenheimer lifted their target price on Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Keefe, Bruyette & Woods upped their target price on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Finally, 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. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Selective Insurance Group has a consensus rating of “Hold” and an average price target of $100.33.

Insiders Place Their Bets

In other Selective Insurance Group news, EVP Michael H. Lanza sold 17,100 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total value of $1,608,084.00. Following the transaction, the executive vice president directly owned 16,565 shares of the company’s stock, valued at $1,557,772.60. This represents a 50.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.82% of the stock is currently owned by insiders.

Selective Insurance Group Trading Up 1.3%

Shares of NASDAQ:SIGI opened at $96.63 on Wednesday. The firm has a fifty day moving average of $93.84 and a two-hundred day moving average of $86.44. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.26. Selective Insurance Group, Inc. has a 12-month low of $72.78 and a 12-month high of $100.40. The firm has a market capitalization of $5.76 billion, a P/E ratio of 11.99 and a beta of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.29. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business posted $1.31 earnings per share. On average, equities analysts expect 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. Shareholders of record on Monday, August 17th will be paid a $0.43 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a yield of 1.8%. Selective Insurance Group’s payout ratio is 21.34%.

About Selective Insurance Group

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.