Nuveen Asset Management LLC reduced its holding in Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 3.3% in the third quarter, the company said in its most recent 13F filing with the SEC. The fund owned 393,568 shares of the insurance provider after selling 13,403 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.65% of the Selective Insurance Group valued at $32,037,000 at the end of the most recent quarter.
Other hedge funds have also recently changed their positions in the company. Pinebridge Investments LP increased its position in Selective Insurance Group by 268.0% in the second quarter. Pinebridge Investments LP now owns 368 shares of the insurance provider, valued at $32,000, after purchasing an additional 268 shares last quarter. Signaturefd LLC increased its stake in Selective Insurance Group by 79.8% in the third quarter. Signaturefd LLC now owns 392 shares of the insurance provider, valued at $32,000, after purchasing an additional 174 shares last quarter. Wipfli Financial Advisors LLC acquired a new position in Selective Insurance Group stock valued at approximately $36,000 during the third quarter. Bessemer Group Inc. acquired a new position in Selective Insurance Group valued at approximately $39,000 during the third quarter. Finally, Covestor Ltd increased its stake in Selective Insurance Group by 37.3% in the first quarter. Covestor Ltd now owns 747 shares of the insurance provider, valued at $67,000, after purchasing an additional 203 shares last quarter. 83.85% of the shares are currently owned by institutional investors.
Selective insurance group trading increased by 1.6%
Shares of SIGI opened at $101.53 on Wednesday. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of 28.68, a price-to-earnings ratio of 0.81, and a beta of 0.64. The company has a leverage ratio of 0.22, a quick ratio of 0.33 and a current ratio of 0.33. The company has a 50-day moving average of $94.85 and a 200-day moving average of $90.03. Selective Insurance Group, Inc. has a 52-week low of $66.81 and a 52-week high of $103.61.
The Selective Insurance Group (NASDAQ:SIGI – Get Rating) last announced its earnings results on Friday, February 3rd. The insurance provider reported earnings per share (EPS) of $1.46 for the quarter, beating the consensus estimate of $1.46. The company had revenue of $952.20 million for the quarter, compared to analyst estimates of $965.14 million. The Selective Insurance Group had a net margin of 6.25% and a return on equity of 13.15%. In the same quarter last year, the company earned $1.56 per share. On average, equities analysts are forecasting that Selective Insurance Group, Inc. will post earnings per share of 6.57 for the current fiscal year.
Selective announcement of the insurance group’s dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Shareholders of record on Wednesday, February 15 will receive a dividend of $0.30 per share. That equates to an annualized dividend of $1.20 and a yield of 1.18%. The ex-dividend date is Tuesday February 14th. The payout ratio of the Selective Insurance Group is 33.90%.
insider activity
In addition, EVP Vincent M. Senia sold 7,000 shares of the company’s stock in a transaction that took place on Friday, February 10th. The stock sold at an average price of $99.79 for a total transaction of $698,530.00. Following the transaction, the Executive Vice President now directly owns 12,984 shares of the Company, valued at $1,295,673.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC’s website. In related news, Director John Burville sold 20,000 shares of Selective Insurance Group in a transaction that took place Monday, February 6th. The stock sold at an average price of $100.17 for a total transaction of $2,003,400.00. Following the sale, the Director now directly owns 46,304 shares of the Company, valued at $4,638,271.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also on Friday, February 10, EVP Vincent M. Senia sold 7,000 shares of the company’s shares in a transaction. The shares sold at an average price of $99.79 for a total value of $698,530.00. Following the sale, the Executive Vice President now owns 12,984 shares of the Company, valued at approximately $1,295,673.36. The disclosure for this sale can be found here. 2.00% of the shares are currently owned by insiders.
Analysts set new price targets
A number of research companies have recently commented on SIGI. Piper Sandler raised his price target on Selective Insurance Group from $88.00 to $91.00 in a research report on Tuesday, January 10. Keefe, Bruyette & Woods increased its price target on Selective Insurance Group shares to $107.00 from $105.00 and gave the company a market perform rating in a report dated Tuesday, February 14. BMO Capital Markets began reporting on shares of Selective Insurance Group in a research note on Thursday, January 19th. They set a “Market Perform” rating and price target of $90.00 for the company. Janney Montgomery Scott began coverage on shares of Selective Insurance Group in a research report on Friday, November 11th. They put a “neutral” rating and a price target of $96.00 on the stock. Finally, Morgan Stanley raised its target price on Selective Insurance Group shares to $105.00 from $98.00 and gave the company an overweight rating in a report Tuesday, November 22. Five equities research analysts have rated the stock with a hold rating and one has rated the company’s stock with a buy. According to data from MarketBeat.com, Selective Insurance Group currently has a consensus rating of Hold and an average price target of $97.50.
Selective Insurance Group Company Profile (Retain Rating)
Selective Insurance Group, Inc offers property and casualty insurance products. It operates through the following segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines and Investments. The Standard Commercial Lines segment provides insurance products and services to commercial customers such as non-profit organizations and local government agencies.
Further reading
Want to see what other hedge funds are holding SIGI? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating).
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