US Bancorp DE Reduces Stock Position in Selective Insurance Group, Inc. $SIGI

US Bancorp DE trimmed its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 36.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,384 shares of the insurance provider’s stock after selling 8,990 shares during the period. US Bancorp DE’s holdings in Selective Insurance Group were worth $1,247,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SIGI. Amundi boosted its position in shares of Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after buying an additional 311 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Selective Insurance Group by 5.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock worth $19,555,000 after buying an additional 11,167 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Selective Insurance Group by 17.9% in the first quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock worth $248,000 after acquiring an additional 411 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Selective Insurance Group in the 2nd quarter valued at about $468,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Selective Insurance Group by 17.1% in the second quarter. Envestnet Asset Management Inc. now owns 118,070 shares of the insurance provider’s stock valued at $10,231,000 after buying an additional 17,213 shares during the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Price Performance

SIGI stock opened at $80.88 on Friday. The stock has a 50-day simple moving average of $84.34 and a 200-day simple moving average of $81.20. The firm has a market cap of $4.86 billion, a P/E ratio of 10.80 and a beta of 0.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. Selective Insurance Group, Inc. has a 1 year low of $71.75 and a 1 year high of $93.38.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.33. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter last year, the company earned $1.62 earnings per share. Selective Insurance Group’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities analysts predict that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, February 13th. Selective Insurance Group’s dividend payout ratio (DPR) is 22.96%.

Analyst Ratings Changes

A number of brokerages have recently commented on SIGI. Morgan Stanley lifted their price objective on Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, November 17th. Keefe, Bruyette & Woods decreased their price target on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 6th. Royal Bank Of Canada initiated coverage on shares of Selective Insurance Group in a research note on Monday, November 24th. They set an “outperform” rating and a $95.00 price objective for the company. Finally, Piper Sandler lifted their price target on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a report on Monday, February 2nd. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Selective Insurance Group has a consensus rating of “Hold” and an average target price of $83.00.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.