Goodwin Investment Advisory Reduces Stock Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Goodwin Investment Advisory lessened its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 9.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,651 shares of the insurance provider’s stock after selling 1,680 shares during the period. Selective Insurance Group makes up 0.9% of Goodwin Investment Advisory’s holdings, making the stock its 15th biggest position. Goodwin Investment Advisory’s holdings in Selective Insurance Group were worth $1,656,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SIGI. Morgan Stanley increased its holdings in shares of Selective Insurance Group by 516.0% during the 4th quarter. Morgan Stanley now owns 1,959,603 shares of the insurance provider’s stock valued at $173,641,000 after purchasing an additional 1,641,463 shares in the last quarter. Norges Bank purchased a new position in Selective Insurance Group in the fourth quarter valued at $41,343,000. Price T Rowe Associates Inc. MD increased its holdings in Selective Insurance Group by 317.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 525,083 shares of the insurance provider’s stock valued at $46,527,000 after buying an additional 399,386 shares in the last quarter. FMR LLC raised its position in shares of Selective Insurance Group by 11.5% in the third quarter. FMR LLC now owns 3,866,827 shares of the insurance provider’s stock worth $398,941,000 after acquiring an additional 398,517 shares during the period. Finally, Eaton Vance Management boosted its stake in shares of Selective Insurance Group by 27.0% during the 1st quarter. Eaton Vance Management now owns 998,842 shares of the insurance provider’s stock worth $89,256,000 after acquiring an additional 212,085 shares in the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Selective Insurance Group Price Performance

SIGI stock traded down $1.48 during mid-day trading on Wednesday, reaching $100.40. The company’s stock had a trading volume of 426,867 shares, compared to its average volume of 308,724. The stock has a market cap of $6.10 billion, a PE ratio of 17.22, a P/E/G ratio of 0.74 and a beta of 0.55. The company’s 50 day moving average is $103.58 and its two-hundred day moving average is $102.87. Selective Insurance Group, Inc. has a fifty-two week low of $91.99 and a fifty-two week high of $109.58. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.94 EPS for the quarter, beating the consensus estimate of $1.92 by $0.02. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. Equities research analysts expect that Selective Insurance Group, Inc. will post 7.67 EPS for the current year.

Selective Insurance Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were issued a dividend of $0.35 per share. The ex-dividend date was Wednesday, February 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.39%. Selective Insurance Group’s dividend payout ratio is currently 24.01%.

Insider Buying and Selling

In other news, COO Brenda M. Hall sold 2,626 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the transaction, the chief operating officer now owns 10,511 shares of the company’s stock, valued at approximately $1,112,904.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

SIGI has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reduced their price target on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. Oppenheimer reissued an “outperform” rating and issued a $120.00 price target on shares of Selective Insurance Group in a research note on Friday, April 5th. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a report on Monday. Royal Bank of Canada decreased their price objective on shares of Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a report on Friday, February 2nd. Finally, Piper Sandler reiterated a “neutral” rating and issued a $104.00 target price on shares of Selective Insurance Group in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $105.17.

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.