Hsbc Holdings PLC Has $922,000 Position in Selective Insurance Group, Inc. $SIGI

Hsbc Holdings PLC lifted its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,075 shares of the insurance provider’s stock after purchasing an additional 173 shares during the period. Hsbc Holdings PLC’s holdings in Selective Insurance Group were worth $922,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SIGI. Nuveen LLC acquired a new stake in shares of Selective Insurance Group in the first quarter valued at approximately $36,943,000. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Selective Insurance Group by 36.2% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,128,252 shares of the insurance provider’s stock valued at $103,280,000 after purchasing an additional 299,925 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Selective Insurance Group by 245.7% in the fourth quarter. Point72 Asset Management L.P. now owns 284,669 shares of the insurance provider’s stock valued at $26,622,000 after purchasing an additional 202,318 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Selective Insurance Group by 39.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 564,542 shares of the insurance provider’s stock valued at $52,796,000 after purchasing an additional 160,193 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Selective Insurance Group by 2.0% in the first quarter. Vanguard Group Inc. now owns 6,756,225 shares of the insurance provider’s stock valued at $618,465,000 after purchasing an additional 135,324 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SIGI shares. Wall Street Zen raised shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Thursday, May 15th. BMO Capital Markets set a $88.00 target price on shares of Selective Insurance Group and gave the stock an “outperform” rating in a report on Tuesday, August 5th. Keefe, Bruyette & Woods lowered their target price on shares of Selective Insurance Group from $92.00 to $84.00 and set a “market perform” rating for the company in a report on Monday, July 28th. Morgan Stanley lowered shares of Selective Insurance Group from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $86.00 to $72.00 in a report on Tuesday, August 5th. Finally, Piper Sandler lowered their target price on shares of Selective Insurance Group from $88.00 to $79.00 and set a “neutral” rating for the company in a report on Friday, July 25th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $87.33.

Insider Activity at Selective Insurance Group

In other news, EVP Joseph Eppers purchased 1,402 shares of Selective Insurance Group stock in a transaction dated Friday, July 25th. The shares were bought at an average cost of $76.82 per share, with a total value of $107,701.64. Following the completion of the transaction, the executive vice president directly owned 12,492 shares in the company, valued at $959,635.44. This trade represents a 12.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Terrence W. Cavanaugh acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, July 25th. The stock was bought at an average cost of $75.72 per share, for a total transaction of $151,440.00. Following the completion of the transaction, the director directly owned 25,295 shares in the company, valued at $1,915,337.40. This represents a 8.59% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 10,602 shares of company stock valued at $817,440. 1.50% of the stock is owned by corporate insiders.

Selective Insurance Group Trading Up 0.1%

Shares of NASDAQ SIGI opened at $78.23 on Friday. The company’s fifty day moving average is $82.18 and its 200-day moving average is $85.31. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 12.80 and a beta of 0.47. Selective Insurance Group, Inc. has a twelve month low of $71.75 and a twelve month high of $103.56. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.24). The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%.During the same period in the prior year, the business earned ($1.10) earnings per share. Equities research analysts predict that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 24.88%.

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.