Legal & General Group Plc Purchases Shares of 86,065 Selective Insurance Group, Inc. $SIGI

Legal & General Group Plc acquired a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 86,065 shares of the insurance provider’s stock, valued at approximately $8,349,000.

Other institutional investors have also recently made changes to their positions in the company. State of Wyoming lifted its position in shares of Selective Insurance Group by 17.7% in the fourth quarter. State of Wyoming now owns 750 shares of the insurance provider’s stock worth $63,000 after buying an additional 113 shares in the last quarter. Oak Associates Ltd. OH grew its holdings in Selective Insurance Group by 1.8% during the 1st quarter. Oak Associates Ltd. OH now owns 7,124 shares of the insurance provider’s stock valued at $537,000 after buying an additional 125 shares in the last quarter. Merit Financial Group LLC grew its holdings 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 valued at $271,000 after buying an additional 129 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Selective Insurance Group by 5.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,518 shares of the insurance provider’s stock worth $294,000 after acquiring an additional 187 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in Selective Insurance Group by 0.5% in the 1st quarter. Royal Bank of Canada now owns 35,809 shares of the insurance provider’s stock worth $2,699,000 after acquiring an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SIGI. BMO Capital Markets downgraded Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 target price for the company. in a research report on Tuesday, July 28th. Royal Bank Of Canada upped their price target on shares of Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Weiss Ratings upgraded shares of Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, August 17th. Morgan Stanley lifted their price objective on shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, July 6th. Finally, Piper Sandler boosted their target price on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. 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 stock. Based on data from MarketBeat.com, Selective Insurance Group presently has an average rating of “Hold” and a consensus target price of $100.33.

Insider Buying and Selling

In related news, EVP Michael H. Lanza sold 17,100 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were 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 of the company’s stock, valued at $1,557,772.60. This trade represents a 50.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.82% of the stock is owned by corporate insiders.

Selective Insurance Group Price Performance

Shares of SIGI stock opened at $91.21 on Wednesday. The stock has a 50 day moving average price of $95.10 and a 200 day moving average price of $87.63. 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 0.29 and a current ratio of 0.29. The firm has a market capitalization of $5.43 billion, a P/E ratio of 11.32 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last announced 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. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the company posted $1.31 EPS. As a group, sell-side analysts predict that Selective Insurance Group, Inc. will post 8.12 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were issued a $0.43 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.9%. Selective Insurance Group’s dividend payout ratio is presently 21.34%.

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.