Man Group plc Makes New Investment in Selective Insurance Group, Inc. $SIGI

Man Group plc acquired a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 31,086 shares of the insurance provider’s stock, valued at approximately $3,016,000. Man Group plc owned 0.05% of Selective Insurance Group at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Eurizon Capital SGR S.p.A. purchased a new position in Selective Insurance Group during the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC purchased a new stake in Selective Insurance Group in the fourth quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Selective Insurance Group during the second quarter valued at approximately $26,000. Amundi increased its stake in shares of Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 311 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in shares of Selective Insurance Group by 177.5% during the fourth quarter. IFP Advisors Inc now owns 591 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 378 shares during the last quarter. Institutional investors own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SIGI. Keefe, Bruyette & Woods raised their price objective on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Royal Bank Of Canada increased their target price on Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Morgan Stanley raised their price target on Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, July 6th. Piper Sandler lifted their price target 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. Finally, Weiss Ratings upgraded shares of Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $100.33.

Selective Insurance Group Trading Down 1.3%

Shares of NASDAQ:SIGI opened at $91.29 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.29. Selective Insurance Group, Inc. has a 1 year low of $72.78 and a 1 year high of $100.40. The company has a market cap of $5.44 billion, a P/E ratio of 11.33 and a beta of 0.30. The stock’s fifty day moving average price is $95.16 and its 200-day moving average price is $87.61.

Selective Insurance Group (NASDAQ:SIGI) last issued its 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. The business 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 in the previous year, the firm earned $1.31 EPS. Sell-side analysts expect 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be issued a dividend of $0.43 per share. 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 payout ratio is presently 21.34%.

Insiders Place Their Bets

In related news, EVP Michael H. Lanza sold 17,100 shares of the 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 transaction, the executive vice president owned 16,565 shares in the company, valued at $1,557,772.60. This represents a 50.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is currently owned by company insiders.

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.