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The Manufacturers Life Insurance Company reduced its position in Selective Insurance Group, Inc. (NASDAQ: SIGI – Get a rating) by 2.8% in the third quarter, according to the company in its latest filing with the Securities & Exchange Commission. The company held 70,929 shares of the insurance provider after selling 2,047 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.12% of Selective Insurance Group worth $5,774,000 at the time of its last filing with the Securities & Exchange Commission.
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A number of other institutional investors and hedge funds have also recently changed their positions in the company. Yousif Capital Management LLC increased its position in Selective Insurance Group by 5.2% during the 2nd quarter. Yousif Capital Management LLC now owns 33,693 shares of the insurance provider valued at $2,929,000 after purchasing an additional 1,655 shares last quarter. Van ECK Associates Corp increased its position in Selective Insurance Group by 9.9% during the third quarter. Van ECK Associates Corp now owns 1,755 shares of the insurance provider valued at $143,000 after buying 158 more shares last quarter. Boston Trust Walden Corp increased its position in Selective Insurance Group by 0.8% during the second quarter. Boston Trust Walden Corp now owns 469,659 shares of the insurance provider valued at $40,832,000 after buying 3,922 additional shares last quarter. Envestnet Asset Management Inc. increased its position in Selective Insurance Group by 1.4% during the second quarter. Envestnet Asset Management Inc. now owns 67,729 shares of the insurance provider valued at $5,888,000 after buying an additional 937 shares last quarter. Finally, Martingale Asset Management LP increased its position in Selective Insurance Group by 0.5% during the second quarter. Martingale Asset Management LP now owns 28,035 shares of the insurance provider valued at $2,438,000 after buying an additional 130 shares last quarter. Hedge funds and other institutional investors own 83.85% of the company’s shares.
Insider activity at Selective Insurance Group
In related news, director John Burville sold 2,652 shares of Selective Insurance Group in a trade on Tuesday, November 29. The stock was sold at an average price of $95.52, for a total transaction of $253,319.04. Following the transaction, the administrator now directly owns 83,649 shares of the company, valued at $7,990,152.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via the SEC website. In a similar vein, COO Brenda M. Hall sold 2,813 shares of Selective Insurance Group in a trade on Monday, November 28. The stock was sold at an average price of $95.11, for a total transaction of $267,544.43. Following the transaction, the COO now directly owns 18,650 shares of the company, valued at $1,773,801.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via the SEC website. Additionally, director John Burville sold 2,652 shares of Selective Insurance Group in a trade on Tuesday, November 29. The shares were sold at an average price of $95.52, for a total value of $253,319.04. Following the transaction, the administrator now owns 83,649 shares of the company, valued at $7,990,152.48. Disclosure of this sale can be found here. In the past three months, insiders have sold 8,734 shares of the company worth $825,796. Company insiders hold 2.00% of the company’s shares.
Analyst upgrades and downgrades
SIGI has been the subject of several analyst reports. Janney Montgomery Scott launched coverage on Selective Insurance Group in a research report on Friday, November 11. They set a “neutral” rating and a price target of $96.00 for the company. Morgan Stanley raised its price target on Selective Insurance Group from $98.00 to $105.00 and gave the stock an “overweight” rating in a Tuesday, November 22 report. Piper Sandler raised its price target on Selective Insurance Group from $88.00 to $91.00 in a Tuesday, January 10 report. StockNews.com launched coverage on Selective Insurance Group in a report on Wednesday, October 12. They issued a “hold” rating for the company. Finally, BMO Capital Markets launched coverage on Selective Insurance Group in a Thursday, January 19 report. They issued a “market performance” rating and a target price of $90.00 for the company.
Selective Insurance Group Stock Performance
Shares of GIS opened at $92.79 on Monday. The company has a debt ratio of 0.23, a current ratio of 0.30 and a quick ratio of 0.30. Selective Insurance Group, Inc. has a one-year minimum of $66.81 and a one-year maximum of $98.80. The company has a market capitalization of $5.59 billion, a P/E ratio of 24.74, a PEG ratio of 2.34 and a beta of 0.62. The company has a fifty-day moving average of $91.63 and a 200-day moving average of $87.05.
Selective Insurance Group (NASDAQ: SIGI – Get a rating) last released its quarterly earnings data on Wednesday, November 2. The insurance provider reported EPS of $0.99 for the quarter, missing the consensus estimate of $1.16 per ($0.17). Selective Insurance Group achieved a return on equity of 12.79% and a net margin of 6.76%. The company posted revenue of $920.70 million in the quarter, versus a consensus estimate of $908.21 million. As a group, sell-side analysts expect Selective Insurance Group, Inc. to post EPS of 5.04 for the current year.
Selective Insurance Group increases its dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 1. Investors of record on Tuesday, November 15 received a dividend of $0.30. The ex-dividend date was Monday, November 14. This represents an annualized dividend of $1.20 and a dividend yield of 1.29%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.28. Selective Insurance Group’s payout ratio is currently 32.00%.
About Selective Insurance Group
Selective Insurance Group, Inc provides property and casualty insurance products. It operates through the following segments: Standard Business Lines, Standard Personal Lines, E&S Lines and Investments. The Standard Commercial Lines segment offers insurance products and services to commercial customers, such as non-profit organizations and local government agencies.
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