Mutual of America Capital Management LLC Grows Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Mutual of America Capital Management LLC lifted its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 9.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 170,281 shares of the insurance provider's stock after buying an additional 14,004 shares during the period. Mutual of America Capital Management LLC owned approximately 0.28% of Selective Insurance Group worth $15,887,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new position in Selective Insurance Group in the 3rd quarter worth $27,000. Quest Partners LLC purchased a new position in shares of Selective Insurance Group in the second quarter worth about $28,000. GAMMA Investing LLC lifted its holdings in shares of Selective Insurance Group by 81.5% during the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider's stock worth $30,000 after purchasing an additional 145 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Selective Insurance Group in the second quarter valued at approximately $44,000. Finally, Lazard Asset Management LLC increased its holdings in Selective Insurance Group by 245.9% in the 1st quarter. Lazard Asset Management LLC now owns 1,228 shares of the insurance provider's stock worth $134,000 after buying an additional 873 shares during the period. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SIGI. Royal Bank of Canada lifted their price objective on shares of Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and lowered their price target for the company from $104.00 to $99.00 in a report on Monday, July 22nd. JMP Securities reiterated a "market perform" rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. BMO Capital Markets raised Selective Insurance Group from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $95.00 to $105.00 in a report on Wednesday, October 30th. Finally, Piper Sandler dropped their target price on Selective Insurance Group from $104.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Selective Insurance Group currently has an average rating of "Hold" and a consensus target price of $101.67.

Insider Buying and Selling

In related news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at approximately $1,476,759.06. The trade was a 8.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by insiders.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock traded up $0.29 during trading hours on Friday, reaching $98.94. The stock had a trading volume of 199,463 shares, compared to its average volume of 464,568. Selective Insurance Group, Inc. has a twelve month low of $81.00 and a twelve month high of $109.58. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $6.01 billion, a PE ratio of 26.67 and a beta of 0.57. The stock's 50 day moving average is $93.64 and its 200 day moving average is $92.81.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing analysts' consensus estimates of $1.69 by ($0.29). The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.51 EPS. Equities analysts expect that Selective Insurance Group, Inc. will post 3.63 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.54%. This is a boost from Selective Insurance Group's previous quarterly dividend of $0.35. Selective Insurance Group's dividend payout ratio (DPR) is currently 37.74%.

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.