Principal Financial Group Inc. Reduces Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Principal Financial Group Inc. decreased its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 39.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 142,367 shares of the insurance provider's stock after selling 93,762 shares during the period. Principal Financial Group Inc. owned about 0.23% of Selective Insurance Group worth $13,283,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new position in shares of Selective Insurance Group during the 3rd quarter valued at $27,000. Quest Partners LLC bought a new stake in shares of Selective Insurance Group during the 2nd quarter valued at about $28,000. GAMMA Investing LLC increased its position in shares of Selective Insurance Group by 81.5% during the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 145 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Selective Insurance Group in the 2nd quarter worth approximately $44,000. Finally, Lazard Asset Management LLC boosted its holdings in shares of Selective Insurance Group by 245.9% in the first 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 last quarter. Hedge funds and other institutional investors own 82.88% of the company's stock.

Selective Insurance Group Stock Up 0.3 %

NASDAQ:SIGI traded up $0.29 during mid-day trading on Friday, reaching $98.94. The company's stock had a trading volume of 199,463 shares, compared to its average volume of 464,568. The stock has a fifty day moving average of $93.64 and a 200-day moving average of $92.87. The company has a quick ratio of 0.35, a current 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. Selective Insurance Group, Inc. has a 1 year low of $81.00 and a 1 year high of $109.58.

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

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.54%. This is an increase from Selective Insurance Group's previous quarterly dividend of $0.35. The ex-dividend date is Friday, November 15th. Selective Insurance Group's payout ratio is 37.74%.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the company's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the transaction, the chief accounting officer now owns 15,946 shares in the company, valued at approximately $1,476,759.06. This represents a 8.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and decreased their price target for the stock from $104.00 to $99.00 in a research report on Monday, July 22nd. JMP Securities reaffirmed a "market perform" rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Piper Sandler cut their price objective 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. Royal Bank of Canada lifted their price target on shares of Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a report on Wednesday, October 23rd. Finally, BMO Capital Markets upgraded shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $95.00 to $105.00 in a research report on Wednesday, October 30th. One 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. According to MarketBeat.com, Selective Insurance Group has an average rating of "Hold" and a consensus price target of $101.67.

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.