HBK Sorce Advisory LLC Cuts Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

HBK Sorce Advisory LLC lessened its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 18.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,069 shares of the insurance provider’s stock after selling 471 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Selective Insurance Group were worth $206,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. State of Michigan Retirement System boosted its holdings in shares of Selective Insurance Group by 0.7% in the 4th quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider’s stock worth $1,451,000 after purchasing an additional 100 shares during the period. Blue Trust Inc. boosted its holdings in shares of Selective Insurance Group by 68.9% in the 4th quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 104 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Selective Insurance Group by 12.3% in the 3rd quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider’s stock worth $121,000 after purchasing an additional 128 shares during the period. Advisor Partners II LLC boosted its holdings in shares of Selective Insurance Group by 4.0% in the 1st quarter. Advisor Partners II LLC now owns 3,394 shares of the insurance provider’s stock worth $324,000 after purchasing an additional 132 shares during the period. Finally, Keybank National Association OH boosted its holdings in shares of Selective Insurance Group by 2.6% in the 3rd quarter. Keybank National Association OH now owns 5,328 shares of the insurance provider’s stock worth $550,000 after purchasing an additional 136 shares during the period. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Insider Buying and Selling at Selective Insurance Group

In other news, COO Brenda M. Hall sold 2,626 shares of Selective Insurance Group stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the transaction, the chief operating officer now directly owns 10,511 shares in the company, valued at approximately $1,112,904.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SIGI shares. Piper Sandler reiterated a “neutral” rating and issued a $104.00 target price on shares of Selective Insurance Group in a report on Monday, April 1st. Keefe, Bruyette & Woods decreased their price target on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a research note on Tuesday, February 6th. Oppenheimer reissued an “outperform” rating and set a $120.00 price target on shares of Selective Insurance Group in a research note on Friday, April 5th. Finally, Royal Bank of Canada decreased their price target on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating for the company in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Selective Insurance Group has a consensus rating of “Hold” and an average target price of $105.17.

Selective Insurance Group Trading Down 0.9 %

Shares of NASDAQ SIGI opened at $101.19 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $103.48 and a two-hundred day simple moving average of $102.93. The firm has a market cap of $6.15 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 0.75 and a beta of 0.55. Selective Insurance Group, Inc. has a twelve month low of $91.99 and a twelve month high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.02. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.11 billion. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. Analysts expect that Selective Insurance Group, Inc. will post 7.67 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Thursday, February 15th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date was Wednesday, February 14th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 24.01%.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers 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; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.