Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 19,775 Selective Insurance Group, Inc. $SIGI

Connor Clark & Lunn Investment Management Ltd. bought a new position in Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 19,775 shares of the insurance provider’s stock, valued at approximately $1,714,000.

Other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its stake in Selective Insurance Group by 219.5% in the second quarter. Parallel Advisors LLC now owns 361 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 248 shares in the last quarter. Amundi lifted its holdings in Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after buying an additional 311 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Selective Insurance Group in the 1st quarter worth approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Selective Insurance Group by 752.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 537 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 474 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Selective Insurance Group by 58.7% in the 1st quarter. Signaturefd LLC now owns 673 shares of the insurance provider’s stock valued at $62,000 after acquiring an additional 249 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Zacks Research raised shares of Selective Insurance Group from a “strong sell” rating to a “hold” rating in a report on Friday, October 3rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. Piper Sandler lowered their price objective on shares of Selective Insurance Group from $88.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Morgan Stanley raised their target price on shares of Selective Insurance Group from $72.00 to $73.00 and gave the stock an “underweight” rating in a report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $84.00 to $82.00 and set a “market perform” rating for the company in a research note on Friday, October 24th. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $78.75.

Selective Insurance Group Stock Down 1.3%

Shares of Selective Insurance Group stock opened at $78.44 on Monday. The business’s fifty day moving average price is $79.40 and its two-hundred day moving average price is $82.46. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.33. The company has a market capitalization of $4.74 billion, a P/E ratio of 12.09 and a beta of 0.39. Selective Insurance Group, Inc. has a 1-year low of $71.75 and a 1-year high of $103.56.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, October 22nd. The insurance provider reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.04. Selective Insurance Group had a return on equity of 12.96% and a net margin of 7.78%.The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the business posted $1.40 earnings per share. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, research analysts forecast that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.38. Selective Insurance Group’s dividend payout ratio is 26.50%.

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.