Raymond James & Associates Has $11.10 Million Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Raymond James & Associates lifted its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 10.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 118,944 shares of the insurance provider's stock after purchasing an additional 11,713 shares during the quarter. Raymond James & Associates owned 0.20% of Selective Insurance Group worth $11,097,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SIGI. Westfield Capital Management Co. LP acquired a new stake in Selective Insurance Group in the 1st quarter valued at approximately $55,468,000. Allspring Global Investments Holdings LLC raised its position in Selective Insurance Group by 15,444.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,721 shares of the insurance provider's stock valued at $1,935,000 after buying an additional 17,607 shares during the last quarter. Vanguard Group Inc. raised its position in Selective Insurance Group by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider's stock valued at $717,735,000 after buying an additional 367,987 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Selective Insurance Group by 4.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider's stock valued at $132,949,000 after buying an additional 62,699 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in Selective Insurance Group by 32.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 35,798 shares of the insurance provider's stock valued at $3,908,000 after buying an additional 8,807 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SIGI. Royal Bank of Canada lifted their target price on Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised Selective Insurance Group from a "market perform" rating to an "outperform" rating and dropped their target price for the company from $104.00 to $99.00 in a research report on Monday, July 22nd. Piper Sandler decreased their price target on Selective Insurance Group from $104.00 to $85.00 and set a "neutral" rating for the company in a research note on Monday, July 22nd. BMO Capital Markets raised their price target on Selective Insurance Group from $92.00 to $95.00 and gave the company a "market perform" rating in a research note on Wednesday, July 24th. Finally, Bank of America raised their price target on Selective Insurance Group from $96.00 to $102.00 and gave the company an "underperform" rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $100.00.

Selective Insurance Group Stock Down 1.7 %

SIGI stock traded down $1.52 during mid-day trading on Tuesday, reaching $90.05. The company had a trading volume of 393,328 shares, compared to its average volume of 352,529. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.32. Selective Insurance Group, Inc. has a 52 week low of $81.00 and a 52 week high of $109.58. The stock has a 50 day simple moving average of $91.90 and a two-hundred day simple moving average of $93.37. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 1.53 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued 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 return on equity of 8.11% and a net margin of 5.01%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm posted $1.51 earnings per share. The business's revenue was up 15.1% compared to the same quarter last year. As a group, equities analysts predict that Selective Insurance Group, Inc. will post 3.68 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid 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 dividend yield of 1.69%. The ex-dividend date is Friday, November 15th. Selective Insurance Group's payout ratio is currently 26.86%.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 15,946 shares of the company's stock, valued at approximately $1,476,759.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

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.