Ieq Capital LLC Buys Shares of 27,629 Selective Insurance Group, Inc. $SIGI

Ieq Capital LLC acquired a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 27,629 shares of the insurance provider’s stock, valued at approximately $2,680,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Selective Insurance Group during the 2nd quarter valued at $754,557,000. AQR Capital Management LLC increased its stake in Selective Insurance Group by 56.3% in the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock valued at $339,662,000 after acquiring an additional 1,462,838 shares during the last quarter. Geode Capital Management LLC increased its stake in Selective Insurance Group by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,660,758 shares of the insurance provider’s stock valued at $138,976,000 after acquiring an additional 8,580 shares during the last quarter. First Trust Advisors LP raised its position in Selective Insurance Group by 33.3% during the first quarter. First Trust Advisors LP now owns 1,381,867 shares of the insurance provider’s stock valued at $104,179,000 after purchasing an additional 345,348 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Selective Insurance Group by 3.4% during the first 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 in the last quarter. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Price Performance

Shares of SIGI stock opened at $92.65 on Tuesday. The firm has a market cap of $5.52 billion, a P/E ratio of 11.50 and a beta of 0.30. Selective Insurance Group, Inc. has a fifty-two week low of $72.78 and a fifty-two week high of $100.40. The business’s 50 day moving average price is $95.20 and its 200-day moving average price is $87.51. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.29. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same quarter last year, the firm posted $1.31 earnings per share. On average, equities research analysts anticipate that Selective Insurance Group, Inc. will post 8.12 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The business 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. This represents a $1.72 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, August 17th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 21.34%.

Insider Activity at Selective Insurance Group

In other news, EVP Michael H. Lanza sold 17,100 shares of Selective Insurance Group stock in a transaction dated 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 sale, the executive vice president owned 16,565 shares of the company’s stock, valued at approximately $1,557,772.60. The trade was a 50.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on SIGI shares. Piper Sandler boosted their target price 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. BMO Capital Markets downgraded shares of 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 note on Tuesday, July 28th. Oppenheimer boosted their price objective on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a report on Thursday, May 21st. Weiss Ratings raised shares of Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Finally, Royal Bank Of Canada increased their target price on shares of Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $100.33.

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.