Elo Mutual Pension Insurance Co Takes $911,000 Position in Selective Insurance Group, Inc. $SIGI

Elo Mutual Pension Insurance Co acquired a new position in Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 11,240 shares of the insurance provider’s stock, valued at approximately $911,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in 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 worth $137,340,000 after buying an additional 1,013,371 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Selective Insurance Group by 0.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 897,554 shares of the insurance provider’s stock valued at $77,773,000 after acquiring an additional 5,683 shares during the period. Bank of America Corp DE lifted its stake in Selective Insurance Group by 40.0% during 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 acquiring an additional 207,258 shares during the period. Norges Bank purchased a new stake in shares of Selective Insurance Group in the 2nd quarter valued at $61,437,000. Finally, Tributary Capital Management LLC boosted its holdings in shares of Selective Insurance Group by 91.2% in the 3rd quarter. Tributary Capital Management LLC now owns 552,650 shares of the insurance provider’s stock valued at $44,803,000 after acquiring an additional 263,631 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $80.08 on Friday. The company has a market capitalization of $4.81 billion, a P/E ratio of 10.69 and a beta of 0.23. The business’s 50 day moving average is $84.26 and its two-hundred day moving average is $81.23. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. Selective Insurance Group, Inc. has a 12-month low of $71.75 and a 12-month high of $93.38.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, January 29th. The insurance provider reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.24 by $0.33. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 earnings per share. Analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were paid a $0.43 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.72 dividend on an annualized basis and a yield of 2.1%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 22.96%.

Wall Street Analyst Weigh In

SIGI has been the topic of a number of research reports. Piper Sandler increased their price objective on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, February 2nd. Keefe, Bruyette & Woods lowered their price target on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a report on Tuesday, January 6th. Royal Bank Of Canada initiated coverage on Selective Insurance Group in a research report on Monday, November 24th. They set an “outperform” rating and a $95.00 price target on the stock. Finally, Morgan Stanley lifted their price objective on Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a research note on Monday, November 17th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Selective Insurance Group currently has an average rating of “Hold” and a consensus price target of $83.00.

About Selective Insurance Group

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.