US Asset Management LLC Makes New Investment in Selective Insurance Group, Inc. (NASDAQ:SIGI)

US Asset Management LLC bought a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,574 shares of the insurance provider’s stock, valued at approximately $256,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. State of Michigan Retirement System grew its stake in shares of Selective Insurance Group by 0.7% during the fourth quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider’s stock worth $1,451,000 after buying an additional 100 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Selective Insurance Group by 68.9% in the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 104 shares during the last quarter. Apollon Wealth Management LLC grew its stake in shares of Selective Insurance Group by 2.0% in the fourth quarter. Apollon Wealth Management LLC now owns 5,628 shares of the insurance provider’s stock worth $560,000 after purchasing an additional 109 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Selective Insurance Group by 12.3% in the third quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider’s stock worth $121,000 after purchasing an additional 128 shares during the last quarter. Finally, Keybank National Association OH grew its stake in shares of Selective Insurance Group by 2.6% in the third quarter. Keybank National Association OH now owns 5,328 shares of the insurance provider’s stock worth $550,000 after purchasing an additional 136 shares during the last quarter. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Down 0.6 %

Shares of NASDAQ SIGI traded down $0.55 during trading on Thursday, hitting $98.45. 370,159 shares of the company traded hands, compared to its average volume of 329,742. The business’s fifty day moving average is $103.00 and its 200 day moving average is $102.45. Selective Insurance Group, Inc. has a fifty-two week low of $92.06 and a fifty-two week high of $109.58. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 17.39, a P/E/G ratio of 0.77 and a beta of 0.55. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.55). Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the company posted $1.44 EPS. Selective Insurance Group’s revenue for the quarter was up 16.5% on a year-over-year basis. Equities research analysts predict that Selective Insurance Group, Inc. will post 7.49 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, May 14th. This represents a $1.40 annualized dividend and a dividend yield of 1.42%. Selective Insurance Group’s dividend payout ratio is currently 24.73%.

Insider Activity

In other news, COO Brenda M. Hall sold 2,626 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.88, for a total transaction of $278,040.88. Following the transaction, the chief operating officer now owns 10,511 shares in the company, valued at $1,112,904.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SIGI. Piper Sandler reissued a “neutral” rating and issued a $104.00 price objective on shares of Selective Insurance Group in a research note on Monday, April 1st. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th. Oppenheimer reissued an “outperform” rating and issued a $120.00 price objective on shares of Selective Insurance Group in a research note on Friday, April 5th. Royal Bank of Canada dropped their target price 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, Keefe, Bruyette & Woods dropped their target price on shares of Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating on the stock in a report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Selective Insurance Group currently has an average rating of “Hold” and an average target price of $105.17.

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.