BlackRock Inc. Acquires 284,094 Shares of Selective Insurance Group (SIGI)
BlackRock Inc. increased its holdings in shares of Selective Insurance Group (NASDAQ:SIGI) by 3.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,434,767 shares of the insurance provider’s stock after acquiring an additional 284,094 shares during the quarter. BlackRock Inc. owned about 0.14% of Selective Insurance Group worth $535,608,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in the stock. Macquarie Group Ltd. increased its position in Selective Insurance Group by 2.2% during the second quarter. Macquarie Group Ltd. now owns 2,838,451 shares of the insurance provider’s stock worth $156,115,000 after acquiring an additional 60,210 shares during the period. Northern Trust Corp increased its holdings in Selective Insurance Group by 5.1% in the 2nd quarter. Northern Trust Corp now owns 1,414,324 shares of the insurance provider’s stock valued at $77,788,000 after buying an additional 68,680 shares during the period. Bank of New York Mellon Corp increased its holdings in Selective Insurance Group by 1.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,061,088 shares of the insurance provider’s stock valued at $67,379,000 after buying an additional 11,769 shares during the period. Bank of America Corp DE increased its holdings in Selective Insurance Group by 1.3% in the 2nd quarter. Bank of America Corp DE now owns 681,513 shares of the insurance provider’s stock valued at $37,483,000 after buying an additional 8,494 shares during the period. Finally, Systematic Financial Management LP increased its holdings in Selective Insurance Group by 13.4% in the 2nd quarter. Systematic Financial Management LP now owns 510,905 shares of the insurance provider’s stock valued at $28,100,000 after buying an additional 60,208 shares during the period. 78.45% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Paul D. Bauer sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $64.40, for a total value of $161,000.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 3.00% of the company’s stock.
Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Thursday, October 25th. The insurance provider reported $0.99 EPS for the quarter, beating the consensus estimate of $0.89 by $0.10. Selective Insurance Group had a net margin of 6.34% and a return on equity of 11.62%. The firm had revenue of $666.70 million for the quarter, compared to analyst estimates of $665.10 million. Equities research analysts forecast that Selective Insurance Group will post 3.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th were paid a $0.20 dividend. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Wednesday, November 14th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 25.72%.
SIGI has been the topic of several recent analyst reports. BidaskClub raised shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Saturday, October 27th. ValuEngine raised shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Monday, October 29th. Credit Suisse Group raised their target price on shares of Selective Insurance Group from $54.00 to $61.00 and gave the company a “sell” rating in a report on Wednesday, October 31st. Boenning Scattergood reissued a “hold” rating on shares of Selective Insurance Group in a report on Monday, October 29th. Finally, JMP Securities initiated coverage on shares of Selective Insurance Group in a report on Friday, November 16th. They issued a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $61.80.
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About Selective Insurance Group
Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates in four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus (E&S) Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.
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