Fayez Sarofim & Co Buys Shares of 6,846 Selective Insurance Group, Inc. $SIGI

Fayez Sarofim & Co purchased a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,846 shares of the insurance provider’s stock, valued at approximately $555,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Horizon Corp acquired a new position in shares of Selective Insurance Group in the third quarter valued at approximately $29,000. Amundi boosted its position 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 buying an additional 311 shares during the period. Rothschild Investment LLC boosted its position in Selective Insurance Group by 680.0% in the 3rd quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider’s stock valued at $44,000 after buying an additional 476 shares during the period. EverSource Wealth Advisors LLC boosted its position in Selective Insurance Group by 415.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 846 shares of the insurance provider’s stock valued at $73,000 after buying an additional 682 shares during the period. Finally, Versant Capital Management Inc grew its stake in shares of Selective Insurance Group by 362.1% in the third quarter. Versant Capital Management Inc now owns 901 shares of the insurance provider’s stock worth $73,000 after acquiring an additional 706 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $76.56 on Tuesday. Selective Insurance Group, Inc. has a 12 month low of $71.75 and a 12 month high of $93.38. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a market capitalization of $4.60 billion, a PE ratio of 10.22 and a beta of 0.23. The business’s fifty day moving average price is $83.38 and its 200 day moving average price is $81.22.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.24 by $0.33. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.36 billion. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.Selective Insurance Group’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. On average, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were paid a dividend of $0.43 per share. The ex-dividend date was Friday, February 13th. This represents a $1.72 annualized dividend and a yield of 2.2%. Selective Insurance Group’s payout ratio is presently 22.96%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SIGI shares. Piper Sandler upped their price objective on Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, February 2nd. Royal Bank Of Canada began coverage on Selective Insurance Group in a research note on Monday, November 24th. They set an “outperform” rating and a $95.00 target price for the company. Morgan Stanley upped their price target on Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, November 17th. Finally, Keefe, Bruyette & Woods decreased their price objective on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a research note on Tuesday, January 6th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus price target of $83.00.

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.