Deutsche Bank AG Acquires Shares of 314,118 Selective Insurance Group, Inc. $SIGI

Deutsche Bank AG purchased a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 314,118 shares of the insurance provider’s stock, valued at approximately $30,473,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in Selective Insurance Group by 56.3% in the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock valued at $339,662,000 after purchasing an additional 1,462,838 shares during the period. Norges Bank acquired a new position in Selective Insurance Group during the fourth quarter worth $65,625,000. First Trust Advisors LP increased its stake in Selective Insurance Group by 239.1% in the 4th quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider’s stock valued at $86,726,000 after purchasing an additional 730,890 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Selective Insurance Group in the second quarter valued at approximately $47,482,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Selective Insurance Group by 332.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 420,106 shares of the insurance provider’s stock valued at $31,672,000 after purchasing an additional 322,901 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Price Performance

Shares of SIGI stock opened at $91.47 on Friday. The stock has a 50-day moving average price of $95.19 and a 200 day moving average price of $87.45. Selective Insurance Group, Inc. has a 12 month low of $72.78 and a 12 month high of $100.40. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 11.35 and a beta of 0.30. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last issued 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 company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same quarter last year, the company posted $1.31 EPS. Research analysts expect that Selective Insurance Group, Inc. will post 8.12 EPS for the current year.

Selective Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.72 annualized dividend and a dividend yield of 1.9%. Selective Insurance Group’s payout ratio is currently 21.34%.

Insider Transactions at Selective Insurance Group

In related news, EVP Michael H. Lanza sold 17,100 shares of Selective Insurance Group stock in a transaction that occurred on 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 completion of the sale, the executive vice president directly owned 16,565 shares in the company, valued at $1,557,772.60. This trade represents a 50.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SIGI has been the subject of several research analyst reports. Piper Sandler upped their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Royal Bank Of Canada boosted their price objective on Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Morgan Stanley increased their target price on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday, July 6th. BMO Capital Markets lowered Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 price objective for the company. in a research note on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods upped their price target on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $100.33.

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.