Selective Insurance Group, Inc. (NASDAQ:SIGI) Holdings Raised by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 10.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 179,741 shares of the insurance provider's stock after buying an additional 16,689 shares during the period. New York State Common Retirement Fund owned approximately 0.30% of Selective Insurance Group worth $16,770,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Westfield Capital Management Co. LP purchased a new stake in shares of Selective Insurance Group during the first quarter valued at approximately $55,468,000. Vanguard Group Inc. lifted its holdings 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 worth $717,735,000 after buying an additional 367,987 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Selective Insurance Group by 319.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 129,184 shares of the insurance provider's stock valued at $12,053,000 after buying an additional 98,390 shares during the last quarter. Millennium Management LLC grew its stake in shares of Selective Insurance Group by 233.6% during the second quarter. Millennium Management LLC now owns 106,239 shares of the insurance provider's stock valued at $9,968,000 after acquiring an additional 74,390 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Selective Insurance Group by 240.6% during the first quarter. Comerica Bank now owns 95,476 shares of the insurance provider's stock worth $10,423,000 after acquiring an additional 67,445 shares during the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SIGI has been the subject of a number of analyst reports. Royal Bank of Canada increased their price target on Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a report on Wednesday, October 23rd. BMO Capital Markets upgraded shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $95.00 to $105.00 in a research note on Wednesday, October 30th. Piper Sandler reduced their price objective on shares of Selective Insurance Group from $104.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, July 22nd. Bank of America boosted their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an "underperform" rating in a research report on Tuesday, October 22nd. Finally, JMP Securities reissued a "market perform" rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. One 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 MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $101.67.

Insider Buying and Selling at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the company's stock in a transaction on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the completion of the sale, the chief accounting officer now owns 15,946 shares in the company, valued at $1,476,759.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by corporate insiders.

Selective Insurance Group Stock Performance

SIGI traded up $6.66 during trading hours on Wednesday, hitting $98.92. The company's stock had a trading volume of 706,597 shares, compared to its average volume of 354,959. The company has a 50-day simple moving average of $92.21 and a 200 day simple moving average of $92.96. 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 24.87, a PEG ratio of 1.54 and a beta of 0.57. Selective Insurance Group, Inc. has a fifty-two week low of $81.00 and a fifty-two week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 earnings per share 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 company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company earned $1.51 EPS. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, sell-side analysts expect that Selective Insurance Group, Inc. will post 3.68 EPS for the current year.

Selective Insurance Group Increases Dividend

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

Selective Insurance Group Company 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.