Ieq Capital LLC Acquires New Shares in Selective Insurance Group, Inc. $SIGI

Ieq Capital LLC bought a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,629 shares of the insurance provider’s stock, valued at approximately $2,680,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. bought a new stake in shares of Selective Insurance Group in the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC bought a new position in Selective Insurance Group during the 4th quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Selective Insurance Group during the second quarter valued at approximately $26,000. Amundi grew its holdings in 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 during the period. Finally, IFP Advisors Inc increased its stake in Selective Insurance Group by 177.5% in 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 in the last quarter. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Up 1.3%

Selective Insurance Group stock opened at $92.65 on Tuesday. The company has a 50 day moving average of $95.20 and a 200-day moving average of $87.51. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.26. Selective Insurance Group, Inc. has a twelve month low of $72.78 and a twelve month high of $100.40. The stock has a market capitalization of $5.52 billion, a PE ratio of 11.50 and a beta of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.66 by $0.29. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. During the same period in the previous year, the firm posted $1.31 EPS. On average, equities research analysts anticipate that Selective Insurance Group, Inc. will post 8.12 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a 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%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Oppenheimer lifted their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Royal Bank Of Canada raised their price objective 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. Piper Sandler lifted their target price on Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Finally, BMO Capital Markets downgraded Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 price target for the company. in a report on Tuesday, July 28th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Selective Insurance Group currently has an average rating of “Hold” and a consensus target price of $100.33.

Insider Activity at Selective Insurance Group

In other news, EVP Michael H. Lanza sold 17,100 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president owned 16,565 shares in the company, valued at $1,557,772.60. The trade was a 50.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.82% of the company’s stock.

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.