Corient Private Wealth LP Buys Shares of 18,297 Selective Insurance Group, Inc. $SIGI

Corient Private Wealth LP purchased a new position in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 2nd quarter, HoldingsChannel reports. The firm purchased 18,297 shares of the insurance provider’s stock, valued at approximately $1,775,000.

A number of other large investors also recently modified their holdings of the business. State of Wyoming boosted its position in shares of Selective Insurance Group by 17.7% in the fourth quarter. State of Wyoming now owns 750 shares of the insurance provider’s stock valued at $63,000 after acquiring an additional 113 shares during the period. Oak Associates Ltd. OH raised its stake in Selective Insurance Group by 1.8% during the 1st quarter. Oak Associates Ltd. OH now owns 7,124 shares of the insurance provider’s stock valued at $537,000 after purchasing an additional 125 shares during the last quarter. Merit Financial Group LLC raised its stake in Selective Insurance Group by 4.0% during the 3rd quarter. Merit Financial Group LLC now owns 3,345 shares of the insurance provider’s stock valued at $271,000 after purchasing an additional 129 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Selective Insurance Group by 5.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,518 shares of the insurance provider’s stock valued at $294,000 after purchasing an additional 187 shares during the period. Finally, Royal Bank of Canada boosted its holdings in Selective Insurance Group by 0.5% in the 1st quarter. Royal Bank of Canada now owns 35,809 shares of the insurance provider’s stock valued at $2,699,000 after purchasing an additional 192 shares during the period. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. BMO Capital Markets lowered shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 price target on the stock. in a research report on Tuesday, July 28th. Weiss Ratings lowered shares of Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday. Oppenheimer increased their target price on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Piper Sandler lifted their target price on Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods boosted their price target on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $100.33.

Selective Insurance Group Stock Up 1.1%

Shares of SIGI stock opened at $93.20 on Friday. The stock has a market cap of $5.55 billion, a P/E ratio of 11.56 and a beta of 0.29. Selective Insurance Group, Inc. has a one year low of $72.78 and a one year high of $100.40. The stock has a fifty day moving average price of $95.01 and a 200 day moving average price of $87.70. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.29. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.30 billion. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. During the same quarter in the previous year, the firm posted $1.31 EPS. Analysts predict that Selective Insurance Group, Inc. will post 8.12 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were given a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, August 17th. Selective Insurance Group’s payout ratio is 21.34%.

Insider Buying and Selling at Selective Insurance Group

In related news, EVP Michael Lanza sold 17,100 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total value of $1,608,084.00. Following the sale, the executive vice president owned 16,565 shares of the company’s stock, valued at $1,557,772.60. The trade was a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.82% of the company’s stock.

Selective Insurance Group 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.