Goodwin Investment Advisory Takes Position in Selective Insurance Group, Inc. $SIGI

Goodwin Investment Advisory bought a new position in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,000 shares of the insurance provider’s stock, valued at approximately $582,000. Selective Insurance Group comprises about 1.2% of Goodwin Investment Advisory’s investment portfolio, making the stock its 13th biggest holding.

A number of other hedge funds have also made changes to their positions in SIGI. State of Wyoming boosted its holdings in shares of Selective Insurance Group by 17.7% in the 4th quarter. State of Wyoming now owns 750 shares of the insurance provider’s stock worth $63,000 after acquiring an additional 113 shares in the last quarter. Oak Associates Ltd. OH lifted its position 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 worth $537,000 after buying an additional 125 shares in the last quarter. Merit Financial Group LLC grew its holdings 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 worth $271,000 after acquiring an additional 129 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Selective Insurance Group by 5.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 3,518 shares of the insurance provider’s stock worth $294,000 after acquiring an additional 187 shares during the last quarter. Finally, Royal Bank of Canada increased its position 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 acquiring an additional 192 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Stock Up 0.2%

NASDAQ:SIGI opened at $92.46 on Friday. 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, Inc. has a 12-month low of $72.78 and a 12-month high of $100.40. The stock’s fifty day simple moving average is $95.18 and its 200-day simple moving average is $87.60. The firm has a market capitalization of $5.51 billion, a P/E ratio of 11.47 and a beta of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.29. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate 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 in the prior year, the company posted $1.31 earnings per share. Equities research analysts expect that Selective Insurance Group, Inc. will post 8.12 earnings per share for the current year.

Selective Insurance Group Announces Dividend

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

Insider Buying and Selling

In other Selective Insurance Group news, EVP Michael H. Lanza sold 17,100 shares of the stock in a transaction 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 sale, the executive vice president directly owned 16,565 shares in the company, valued at approximately $1,557,772.60. This trade represents a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings raised shares of Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Oppenheimer increased their price target 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. Keefe, Bruyette & Woods raised their price target on shares of Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Piper Sandler boosted their price objective 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. Finally, Royal Bank Of Canada upped their price objective on Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Selective Insurance Group has a consensus rating of “Hold” and an average target price of $100.33.

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.