US Bancorp DE Sells 3,091 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

US Bancorp DE cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGIGet Rating) by 10.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,496 shares of the insurance provider’s stock after selling 3,091 shares during the quarter. US Bancorp DE’s holdings in Selective Insurance Group were worth $2,075,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SIGI. Van ECK Associates Corp increased its stake in Selective Insurance Group by 9.9% in the third quarter. Van ECK Associates Corp now owns 1,755 shares of the insurance provider’s stock valued at $143,000 after acquiring an additional 158 shares during the last quarter. Wipfli Financial Advisors LLC bought a new position in Selective Insurance Group in the third quarter valued at approximately $36,000. Hightower 6M Holding LLC bought a new position in Selective Insurance Group in the third quarter valued at approximately $203,000. Raymond James & Associates bought a new position in Selective Insurance Group in the third quarter valued at approximately $2,609,000. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Selective Insurance Group by 4.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 5,944 shares of the insurance provider’s stock valued at $484,000 after acquiring an additional 240 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Insider Transactions at Selective Insurance Group

In related news, Director J Brian Thebault sold 3,269 shares of the business’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $93.28, for a total value of $304,932.32. Following the transaction, the director now owns 51,500 shares in the company, valued at $4,803,920. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director J Brian Thebault sold 3,269 shares of the business’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $93.28, for a total value of $304,932.32. Following the transaction, the director now owns 51,500 shares in the company, valued at $4,803,920. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John Burville sold 2,652 shares of the business’s stock in a transaction on Tuesday, November 29th. The shares were sold at an average price of $95.52, for a total transaction of $253,319.04. Following the completion of the transaction, the director now owns 83,649 shares in the company, valued at approximately $7,990,152.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,734 shares of company stock worth $825,796. Company insiders own 2.00% of the company’s stock.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $95.43 on Monday. The firm has a market cap of $5.75 billion, a PE ratio of 25.45, a price-to-earnings-growth ratio of 2.39 and a beta of 0.62. The firm’s fifty day moving average is $91.61 and its 200-day moving average is $86.69. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.30 and a current ratio of 0.30. Selective Insurance Group, Inc. has a 52 week low of $66.81 and a 52 week high of $98.80.

Selective Insurance Group (NASDAQ:SIGIGet Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The insurance provider reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.17). The business had revenue of $920.70 million for the quarter, compared to analyst estimates of $908.21 million. Selective Insurance Group had a return on equity of 12.79% and a net margin of 6.76%. Sell-side analysts predict that Selective Insurance Group, Inc. will post 5.02 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 1st. Stockholders of record on Tuesday, November 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date was Monday, November 14th. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.28. Selective Insurance Group’s payout ratio is 32.00%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Selective Insurance Group from $88.00 to $91.00 in a research note on Tuesday, January 10th. Morgan Stanley raised their target price on shares of Selective Insurance Group from $98.00 to $105.00 and gave the company an “overweight” rating in a research report on Tuesday, November 22nd. StockNews.com began coverage on shares of Selective Insurance Group in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Janney Montgomery Scott began coverage on shares of Selective Insurance Group in a research report on Friday, November 11th. They issued a “neutral” rating and a $96.00 target price on the stock.

About Selective Insurance Group

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Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. The company offers property insurance products, which covers the financial consequences of accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and casualty insurance products that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party, as well as flood insurance products.

Further Reading

Institutional Ownership by Quarter for Selective Insurance Group (NASDAQ:SIGI)

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