Wealth Enhancement Advisory Services LLC Raises Stake in Selective Insurance Group, Inc. $SIGI

Wealth Enhancement Advisory Services LLC raised its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 19.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,897 shares of the insurance provider’s stock after buying an additional 1,580 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Selective Insurance Group were worth $854,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. GAMMA Investing LLC lifted its stake in Selective Insurance Group by 7,732.8% during the 1st quarter. GAMMA Investing LLC now owns 37,989 shares of the insurance provider’s stock worth $3,478,000 after acquiring an additional 37,504 shares in the last quarter. Procyon Advisors LLC lifted its holdings in shares of Selective Insurance Group by 17.9% in the 1st quarter. Procyon Advisors LLC now owns 14,702 shares of the insurance provider’s stock valued at $1,346,000 after buying an additional 2,227 shares during the period. Congress Asset Management Co. acquired a new stake in shares of Selective Insurance Group in the 1st quarter valued at approximately $8,034,000. UMB Bank n.a. increased its stake in Selective Insurance Group by 116.3% in the 1st quarter. UMB Bank n.a. now owns 928 shares of the insurance provider’s stock valued at $85,000 after purchasing an additional 499 shares in the last quarter. Finally, Toth Financial Advisory Corp purchased a new position in Selective Insurance Group in the 1st quarter valued at approximately $41,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Stock Up 1.1%

NASDAQ:SIGI opened at $82.19 on Friday. The firm has a market capitalization of $5.00 billion, a PE ratio of 13.45 and a beta of 0.39. The stock has a 50 day moving average of $78.59 and a 200-day moving average of $84.51. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28.

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

Selective Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.8%. Selective Insurance Group’s dividend payout ratio is 24.88%.

Analyst Ratings Changes

Several research firms have weighed in on SIGI. BMO Capital Markets set a $88.00 price target on Selective Insurance Group and gave the stock an “outperform” rating in a research report on Tuesday, August 5th. Keefe, Bruyette & Woods reduced their price objective on Selective Insurance Group from $92.00 to $84.00 and set a “market perform” rating on the stock in a research note on Monday, July 28th. Morgan Stanley cut Selective Insurance Group from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $86.00 to $72.00 in a research note on Tuesday, August 5th. Finally, Piper Sandler cut their price target on Selective Insurance Group from $88.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday, July 25th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $87.33.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, Director Terrence W. Cavanaugh acquired 2,000 shares of Selective Insurance Group stock in a transaction dated Friday, July 25th. The stock was acquired 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 owned 25,295 shares in the company, valued at approximately $1,915,337.40. This represents a 8.59% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert Kelly Doherty acquired 1,500 shares of Selective Insurance Group stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $77.00 per share, with a total value of $115,500.00. Following the completion of the transaction, the director owned 27,110 shares of the company’s stock, valued at approximately $2,087,470. This trade represents a 5.86% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 10,602 shares of company stock valued at $817,440. 1.50% of the stock is owned by insiders.

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.