Hsbc Holdings PLC Sells 24,491 Shares of Selective Insurance Group, Inc. $SIGI

Hsbc Holdings PLC cut its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 66.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,575 shares of the insurance provider’s stock after selling 24,491 shares during the period. Hsbc Holdings PLC’s holdings in Selective Insurance Group were worth $950,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. State of Wyoming boosted its holdings in Selective Insurance Group by 17.7% during the fourth quarter. State of Wyoming now owns 750 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 113 shares during the last quarter. Merit Financial Group LLC lifted its position in Selective Insurance Group by 4.0% during the 3rd quarter. Merit Financial Group LLC now owns 3,345 shares of the insurance provider’s stock worth $271,000 after buying an additional 129 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Selective Insurance Group by 5.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 3,518 shares of the insurance provider’s stock worth $294,000 after buying an additional 187 shares during the last quarter. First Horizon Corp boosted its stake in shares of Selective Insurance Group by 52.8% during the 4th quarter. First Horizon Corp now owns 550 shares of the insurance provider’s stock worth $46,000 after buying an additional 190 shares during the last quarter. Finally, Choreo LLC grew its holdings in shares of Selective Insurance Group by 5.2% in the 4th quarter. Choreo LLC now owns 3,867 shares of the insurance provider’s stock valued at $327,000 after acquiring an additional 192 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

Analysts Set New Price Targets

SIGI has been the topic of a number of recent research reports. 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 report on Thursday, May 21st. 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 research note on Monday, July 6th. Weiss Ratings raised Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Royal Bank Of Canada boosted their price target on Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods upped their price objective on Selective Insurance Group from $88.00 to $101.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $100.17.

Insiders Place Their Bets

In related news, EVP Michael H. Lanza sold 17,100 shares of the stock in a transaction on 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 sale, the executive vice president owned 16,565 shares in the company, valued at approximately $1,557,772.60. This represents a 50.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.82% of the company’s stock.

Selective Insurance Group Trading Up 2.4%

Selective Insurance Group stock opened at $96.68 on Thursday. Selective Insurance Group, Inc. has a 52 week low of $72.78 and a 52 week high of $100.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.30 and a current ratio of 0.29. The stock has a market capitalization of $5.76 billion, a P/E ratio of 12.00 and a beta of 0.29. The stock has a 50-day simple moving average of $93.44 and a 200 day simple moving average of $86.09.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.29. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the company earned $1.31 earnings per share. Analysts expect that Selective Insurance Group, Inc. will post 7.98 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.8%. Selective Insurance Group’s payout ratio is presently 21.34%.

Selective Insurance Group Company 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.