The Manufacturers Life Insurance Company Invests $5.50 Million in Selective Insurance Group, Inc. $SIGI

The Manufacturers Life Insurance Company acquired a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 56,653 shares of the insurance provider’s stock, valued at approximately $5,496,000. The Manufacturers Life Insurance Company owned about 0.10% of Selective Insurance Group as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SIGI. Eurizon Capital SGR S.p.A. acquired a new position in Selective Insurance Group during the fourth quarter worth about $25,000. Los Angeles Capital Management LLC bought a new stake in shares of Selective Insurance Group during the 4th quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Selective Insurance Group during the 2nd quarter valued at approximately $26,000. Amundi increased its position in 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 purchasing an additional 311 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in Selective Insurance Group by 177.5% in the 4th quarter. IFP Advisors Inc now owns 591 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 378 shares during the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Michael H. Lanza sold 17,100 shares of the business’s 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 transaction, the executive vice president owned 16,565 shares in the company, valued at $1,557,772.60. The trade was a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.82% of the stock is owned by corporate insiders.

Selective Insurance Group Trading Down 1.3%

Shares of SIGI stock opened at $91.29 on Tuesday. Selective Insurance Group, Inc. has a 1-year low of $72.78 and a 1-year high of $100.40. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.26. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of 11.33 and a beta of 0.30. The stock has a 50-day moving average of $95.16 and a 200-day moving average of $87.61.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.29. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the firm earned $1.31 earnings per share. On average, equities research analysts forecast that Selective Insurance Group, Inc. will post 8.12 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

SIGI has been the topic of a number of research reports. BMO Capital Markets cut shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 target price on the stock. in a research note on Tuesday, July 28th. Weiss Ratings upgraded Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Oppenheimer raised their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Thursday, May 21st. Keefe, Bruyette & Woods boosted their price objective on Selective Insurance Group from $101.00 to $102.00 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Finally, Royal Bank Of Canada increased their target price on Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.