Jennison Associates LLC Makes New Investment in Selective Insurance Group, Inc. $SIGI

Jennison Associates LLC bought a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 12,092 shares of the insurance provider’s stock, valued at approximately $912,000.

A number of other institutional investors and hedge funds also recently modified their holdings of SIGI. State of Wyoming raised its position in shares of Selective Insurance Group by 17.7% in the 4th quarter. State of Wyoming now owns 750 shares of the insurance provider’s stock valued at $63,000 after acquiring an additional 113 shares during the period. True Wealth Design LLC boosted its stake in Selective Insurance Group by 45.9% during the 4th quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 129 shares during the last quarter. Merit Financial Group LLC boosted its stake 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 acquiring an additional 129 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in Selective Insurance Group by 38.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 154 shares during the period. Finally, Daiwa Securities Group Inc. grew its holdings in Selective Insurance Group by 5.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 3,518 shares of the insurance provider’s stock valued at $294,000 after purchasing an additional 187 shares during the period. 82.88% of the stock is owned by institutional investors.

Selective Insurance Group Price Performance

Shares of SIGI opened at $96.08 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a 50 day simple moving average of $92.71 and a 200 day simple moving average of $85.70. Selective Insurance Group, Inc. has a 52-week low of $71.75 and a 52-week high of $100.40. The firm has a market capitalization of $5.75 billion, a PE ratio of 13.14 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.12). Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the business posted $1.76 earnings per share. The business’s quarterly revenue was up 5.7% on a year-over-year basis. Sell-side analysts predict that Selective Insurance Group, Inc. will post 7.85 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Weiss Ratings raised shares of Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th. Royal Bank Of Canada boosted their price target on shares of Selective Insurance Group from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Morgan Stanley boosted their price target on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, July 6th. Oppenheimer upped their price objective on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Thursday, May 21st. Finally, BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $84.00 to $97.00 in a research note on Thursday, May 7th. Three research 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $99.33.

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.