Shelton Capital Management reduced its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Free Report) by 3.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,016 shares of the insurance provider’s stock after selling 115 shares during the quarter. Shelton Capital Management’s holdings in Selective Insurance Group were worth $289,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Spire Wealth Management grew its stake in shares of Selective Insurance Group by 576.9% during the first quarter. Spire Wealth Management now owns 704 shares of the insurance provider’s stock valued at $67,000 after acquiring an additional 600 shares in the last quarter. Covestor Ltd grew its stake in Selective Insurance Group by 37.3% during the 1st quarter. Covestor Ltd now owns 747 shares of the insurance provider’s stock valued at $67,000 after purchasing an additional 203 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Selective Insurance Group during the 1st quarter worth approximately $114,000. Private Advisor Group LLC acquired a new position in shares of Selective Insurance Group in the 1st quarter valued at approximately $201,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of Selective Insurance Group during the 1st quarter valued at approximately $217,000. 83.66% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on SIGI shares. StockNews.com started coverage on shares of Selective Insurance Group in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Royal Bank of Canada upped their target price on Selective Insurance Group from $105.00 to $108.00 and gave the company a “sector perform” rating in a report on Friday, November 3rd. Oppenheimer started coverage on Selective Insurance Group in a report on Thursday, November 16th. They issued an “outperform” rating and a $120.00 price target on the stock. Bank of America upped their price objective on Selective Insurance Group from $93.00 to $100.00 and gave the stock an “underperform” rating in a research note on Tuesday, July 25th. Finally, Piper Sandler cut their target price on Selective Insurance Group from $112.00 to $106.00 and set a “neutral” rating on the stock in a research note on Friday, October 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $105.14.
Selective Insurance Group Price Performance
Shares of Selective Insurance Group stock opened at $101.02 on Tuesday. Selective Insurance Group, Inc. has a 52 week low of $84.47 and a 52 week high of $108.18. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock has a market cap of $6.12 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 0.72 and a beta of 0.61. The company’s 50-day moving average price is $103.47 and its two-hundred day moving average price is $100.91.
Selective Insurance Group (NASDAQ:SIGI – Get Free Report) last released its earnings results on Wednesday, November 1st. The insurance provider reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.15). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.07 billion. Selective Insurance Group had a return on equity of 13.86% and a net margin of 7.97%. During the same quarter in the previous year, the firm earned $0.99 earnings per share. As a group, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 5.9 EPS for the current fiscal year.
Selective Insurance Group Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 15th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.39%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, November 14th. Selective Insurance Group’s payout ratio is presently 26.92%.
Insider Transactions at Selective Insurance Group
In related news, CEO John J. Marchioni sold 2,976 shares of Selective Insurance Group stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $99.94, for a total value of $297,421.44. Following the transaction, the chief executive officer now owns 141,460 shares of the company’s stock, valued at approximately $14,137,512.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Selective Insurance Group news, CEO John J. Marchioni sold 2,976 shares of the business’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $99.94, for a total transaction of $297,421.44. Following the sale, the chief executive officer now directly owns 141,460 shares of the company’s stock, valued at approximately $14,137,512.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John J. Marchioni sold 20,906 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $102.01, for a total value of $2,132,621.06. Following the transaction, the chief executive officer now directly owns 120,554 shares in the company, valued at $12,297,713.54. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
Selective Insurance Group Company Profile
Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; casualty insurance products that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party; and flood insurance products.
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