Geode Capital Management LLC Acquires 8,580 Shares of Selective Insurance Group, Inc. $SIGI

Geode Capital Management LLC raised its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 0.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,660,758 shares of the insurance provider’s stock after acquiring an additional 8,580 shares during the period. Geode Capital Management LLC owned approximately 2.75% of Selective Insurance Group worth $138,976,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC increased its position in shares of Selective Insurance Group by 174.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,593,645 shares of the insurance provider’s stock valued at $137,340,000 after buying an additional 1,013,371 shares in the last quarter. American Century Companies Inc. increased its position in shares of Selective Insurance Group by 1,299.9% in the 3rd quarter. American Century Companies Inc. now owns 301,965 shares of the insurance provider’s stock valued at $24,480,000 after buying an additional 280,395 shares in the last quarter. First Trust Advisors LP increased its position in shares of Selective Insurance Group by 657.3% in the 3rd quarter. First Trust Advisors LP now owns 305,629 shares of the insurance provider’s stock valued at $24,777,000 after buying an additional 265,270 shares in the last quarter. Bank of America Corp DE increased its position in shares of Selective Insurance Group by 40.0% in the 2nd quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider’s stock valued at $62,906,000 after buying an additional 207,258 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Selective Insurance Group by 58.9% in the 3rd quarter. Franklin Resources Inc. now owns 552,880 shares of the insurance provider’s stock valued at $44,822,000 after buying an additional 204,947 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SIGI. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Royal Bank Of Canada restated an “outperform” rating and issued a $95.00 price objective on shares of Selective Insurance Group in a research report on Monday, March 23rd. Oppenheimer upped their price objective on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Thursday, May 21st. Piper Sandler upped their price objective on shares of Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Selective Insurance Group from $84.00 to $88.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $91.67.

Selective Insurance Group Price Performance

SIGI stock opened at $86.01 on Friday. The stock has a 50-day moving average price of $83.13 and a two-hundred day moving average price of $82.35. The stock has a market cap of $5.15 billion, a PE ratio of 11.77 and a beta of 0.32. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. Selective Insurance Group, Inc. has a 1 year low of $71.75 and a 1 year high of $91.65.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.12). The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.Selective Insurance Group’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the company posted $1.76 EPS. Equities analysts forecast that Selective Insurance Group, Inc. will post 7.81 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, May 15th. Selective Insurance Group’s dividend payout ratio is 23.53%.

About Selective Insurance Group

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.