Boston Trust Walden Corp Trims Position in Selective Insurance Group, Inc. $SIGI

Boston Trust Walden Corp lowered its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 44.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 617,500 shares of the insurance provider’s stock after selling 492,422 shares during the quarter. Boston Trust Walden Corp owned about 1.01% of Selective Insurance Group worth $50,061,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its stake in shares of Selective Insurance Group by 174.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,593,645 shares of the insurance provider’s stock valued at $137,340,000 after purchasing an additional 1,013,371 shares during the last quarter. Norges Bank acquired a new stake in shares of Selective Insurance Group during the second quarter worth $61,437,000. Franklin Resources Inc. grew its position in Selective Insurance Group by 4,903.4% in the 2nd quarter. Franklin Resources Inc. now owns 347,933 shares of the insurance provider’s stock valued at $30,148,000 after buying an additional 340,979 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new position in Selective Insurance Group in the 2nd quarter valued at $20,108,000. Finally, Bank of America Corp DE increased its stake in Selective Insurance Group by 40.0% in the 2nd quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider’s stock valued at $62,906,000 after buying an additional 207,258 shares during the period. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Trading Up 0.6%

Shares of Selective Insurance Group stock opened at $84.54 on Tuesday. The company has a 50-day moving average of $79.45 and a two-hundred day moving average of $80.88. The stock has a market cap of $5.11 billion, a PE ratio of 13.03 and a beta of 0.26. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27. Selective Insurance Group, Inc. has a 12-month low of $71.75 and a 12-month high of $96.49.

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

Selective Insurance Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were given a $0.43 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.72 annualized dividend and a dividend yield of 2.0%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.38. Selective Insurance Group’s payout ratio is presently 26.50%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. BMO Capital Markets cut shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 target price for the company. in a research note on Tuesday, October 28th. Zacks Research upgraded shares of Selective Insurance Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. Piper Sandler lifted their price objective on Selective Insurance Group from $76.00 to $79.00 and gave the company a “neutral” rating in a report on Monday, December 22nd. Royal Bank Of Canada assumed coverage on Selective Insurance Group in a research note on Monday, November 24th. They set an “outperform” rating and a $95.00 target price for the company. Finally, Keefe, Bruyette & Woods reduced their price target on Selective Insurance Group from $84.00 to $82.00 and set a “market perform” rating for the company in a report on Friday, October 24th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $81.80.

Selective Insurance Group Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.