Eagle Asset Management Inc. Has $42.67 Million Stock Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Eagle Asset Management Inc. raised its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 112.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 427,180 shares of the insurance provider's stock after purchasing an additional 226,387 shares during the period. Eagle Asset Management Inc. owned 0.70% of Selective Insurance Group worth $42,667,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SIGI. GAMMA Investing LLC grew its stake in Selective Insurance Group by 81.5% in the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider's stock valued at $30,000 after buying an additional 145 shares during the last quarter. Lindenwold Advisors INC increased its stake in shares of Selective Insurance Group by 5.4% during the third quarter. Lindenwold Advisors INC now owns 2,974 shares of the insurance provider's stock worth $277,000 after purchasing an additional 153 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Selective Insurance Group by 2.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider's stock worth $705,000 after purchasing an additional 205 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Selective Insurance Group by 5.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 4,086 shares of the insurance provider's stock worth $446,000 after purchasing an additional 216 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Selective Insurance Group by 2.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider's stock valued at $1,262,000 after purchasing an additional 266 shares during the period. 82.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SIGI has been the topic of several recent research reports. Royal Bank of Canada increased their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 23rd. BMO Capital Markets raised shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $95.00 to $105.00 in a research report on Wednesday, October 30th. Finally, Bank of America boosted their price objective on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an "underperform" rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $101.67.

Insiders Place Their Bets

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the business's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the transaction, the chief accounting officer now owns 15,946 shares of the company's stock, valued at approximately $1,476,759.06. The trade was a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company's stock.

Selective Insurance Group Price Performance

Shares of NASDAQ SIGI traded up $1.44 during mid-day trading on Friday, reaching $97.82. The company had a trading volume of 396,006 shares, compared to its average volume of 382,218. Selective Insurance Group, Inc. has a one year low of $81.00 and a one year high of $109.58. The business's 50-day simple moving average is $94.41 and its 200 day simple moving average is $92.87. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 26.37 and a beta of 0.57.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the business earned $1.51 earnings per share. Selective Insurance Group's quarterly revenue was up 15.1% compared to the same quarter last year. On average, research analysts predict that Selective Insurance Group, Inc. will post 3.59 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This is an increase from Selective Insurance Group's previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group's payout ratio is currently 40.97%.

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.