New York Life Investment Management LLC Grows Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

New York Life Investment Management LLC grew its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 8.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,791 shares of the insurance provider’s stock after purchasing an additional 511 shares during the quarter. New York Life Investment Management LLC’s holdings in Selective Insurance Group were worth $676,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Natixis Advisors L.P. boosted its position in Selective Insurance Group by 6.3% in the 3rd quarter. Natixis Advisors L.P. now owns 89,197 shares of the insurance provider’s stock valued at $9,203,000 after buying an additional 5,289 shares during the period. Boston Trust Walden Corp boosted its holdings in shares of Selective Insurance Group by 1.8% in the fourth quarter. Boston Trust Walden Corp now owns 983,020 shares of the insurance provider’s stock valued at $97,791,000 after purchasing an additional 17,800 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Selective Insurance Group by 45.6% in the third quarter. Envestnet Asset Management Inc. now owns 94,670 shares of the insurance provider’s stock valued at $9,767,000 after purchasing an additional 29,662 shares during the period. Vanguard Group Inc. grew its stake in Selective Insurance Group by 0.7% in the third quarter. Vanguard Group Inc. now owns 6,165,209 shares of the insurance provider’s stock worth $636,065,000 after purchasing an additional 41,639 shares in the last quarter. Finally, State of Michigan Retirement System increased its holdings in Selective Insurance Group by 0.7% during 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. 82.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on SIGI shares. Keefe, Bruyette & Woods lowered their target price on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $120.00 price objective on shares of Selective Insurance Group in a research note on Friday, April 5th. Piper Sandler reissued a “neutral” rating and set a $104.00 target price on shares of Selective Insurance Group in a research report on Monday, April 1st. Royal Bank of Canada lowered their price target on shares of Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating for the company in a research report on Friday, February 2nd. Finally, JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $105.17.

Selective Insurance Group Trading Down 0.9 %

NASDAQ SIGI opened at $99.00 on Thursday. Selective Insurance Group, Inc. has a 52 week low of $92.06 and a 52 week high of $109.58. The company has a 50 day moving average price of $103.12 and a 200 day moving average price of $102.48. 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 firm has a market cap of $6.02 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 0.77 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.55). The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.11 billion. Selective Insurance Group had a return on equity of 13.73% and a net margin of 8.02%. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.44 earnings per share. As a group, sell-side analysts forecast that Selective Insurance Group, Inc. will post 7.49 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date is Tuesday, May 14th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 24.74%.

Insiders Place Their Bets

In other news, COO Brenda M. Hall sold 2,626 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.88, for a total transaction of $278,040.88. Following the transaction, the chief operating officer now owns 10,511 shares in the company, valued at $1,112,904.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Selective Insurance Group Profile

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.