SG Americas Securities LLC Sells 7,700 Shares of Selective Insurance Group, Inc. $SIGI

SG Americas Securities LLC cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 56.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,891 shares of the insurance provider’s stock after selling 7,700 shares during the quarter. SG Americas Securities LLC’s holdings in Selective Insurance Group were worth $478,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Frontier Capital Management Co. LLC acquired a new stake in shares of Selective Insurance Group during the 2nd quarter worth approximately $20,108,000. Arkadios Wealth Advisors bought a new position in Selective Insurance Group in the second quarter worth $299,000. Norges Bank acquired a new stake in Selective Insurance Group during the second quarter worth $61,437,000. Ameritas Advisory Services LLC acquired a new stake in Selective Insurance Group during the second quarter worth $103,000. Finally, Ausbil Investment Management Ltd increased its holdings in Selective Insurance Group by 88.9% in the 2nd quarter. Ausbil Investment Management Ltd now owns 14,064 shares of the insurance provider’s stock valued at $1,219,000 after buying an additional 6,618 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

Analysts Set New Price Targets

SIGI has been the subject of a number of recent research reports. Keefe, Bruyette & Woods dropped their target price on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a report on Tuesday, January 6th. Morgan Stanley upped their price target on Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, November 17th. BMO Capital Markets lowered Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price objective for the company. in a research note on Tuesday, October 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. Finally, Piper Sandler upped their target price on shares of Selective Insurance Group from $76.00 to $79.00 and gave the stock a “neutral” rating in a report on Monday, December 22nd. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $81.60.

Selective Insurance Group Price Performance

Shares of SIGI stock opened at $80.07 on Friday. The firm has a market cap of $4.84 billion, a price-to-earnings ratio of 12.34 and a beta of 0.24. Selective Insurance Group, Inc. has a 12 month low of $71.75 and a 12 month high of $96.49. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average price of $81.56 and a 200 day moving average price of $80.56.

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

Selective Insurance Group Company 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.