Hsbc Holdings PLC Buys New Position in Selective Insurance Group, Inc. $SIGI

Hsbc Holdings PLC bought a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 37,066 shares of the insurance provider’s stock, valued at approximately $3,115,000.

Other institutional investors have also recently bought and sold shares of the company. Amundi grew its stake in shares of Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 311 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Selective Insurance Group by 5.5% in 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 valued at $19,555,000 after purchasing an additional 11,167 shares during the last quarter. Focus Partners Wealth lifted its position 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 purchasing an additional 411 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Selective Insurance Group in the second quarter worth $468,000. Finally, Cetera Investment Advisers boosted its holdings in Selective Insurance Group by 14.1% during the second quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock worth $325,000 after purchasing an additional 462 shares during the last quarter. Institutional investors own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SIGI. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Selective Insurance Group in a research report on Monday, March 23rd. Morgan Stanley increased their price objective on shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday. Keefe, Bruyette & Woods raised their price objective on Selective Insurance Group from $88.00 to $101.00 and gave the company a “market perform” rating in a report on Wednesday. Piper Sandler lifted their target price on 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, Oppenheimer upped their target price on Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a report on Thursday, May 21st. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus price target of $95.17.

Selective Insurance Group Stock Up 0.4%

SIGI opened at $95.93 on Friday. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $100.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $5.74 billion, a P/E ratio of 13.12 and a beta of 0.29. The stock has a fifty day moving average of $90.78 and a 200-day moving average of $85.02.

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

Selective Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a $0.43 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.72 dividend on an annualized basis and a yield of 1.8%. Selective Insurance Group’s payout ratio is currently 23.53%.

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.