Goodwin Investment Advisory Cuts Stock Position in Selective Insurance Group, Inc. $SIGI

Goodwin Investment Advisory decreased its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 62.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 6,000 shares of the insurance provider’s stock after selling 10,188 shares during the period. Selective Insurance Group accounts for about 0.5% of Goodwin Investment Advisory’s holdings, making the stock its 16th biggest holding. Goodwin Investment Advisory’s holdings in Selective Insurance Group were worth $486,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its holdings in Selective Insurance Group by 174.6% during the second quarter. AQR Capital Management LLC now owns 1,593,645 shares of the insurance provider’s stock valued at $137,340,000 after purchasing an additional 1,013,371 shares in the last quarter. Boston Trust Walden Corp lifted its stake in Selective Insurance Group by 6.0% in the 2nd quarter. Boston Trust Walden Corp now owns 1,109,922 shares of the insurance provider’s stock valued at $96,175,000 after buying an additional 63,255 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Selective Insurance Group by 0.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 897,554 shares of the insurance provider’s stock valued at $77,773,000 after buying an additional 5,683 shares in the last quarter. Bank of America Corp DE boosted its holdings in 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 worth $62,906,000 after buying an additional 207,258 shares during the last quarter. Finally, Norges Bank purchased a new stake in Selective Insurance Group during the 2nd quarter worth approximately $61,437,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SIGI shares. BMO Capital Markets downgraded Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 target price on the stock. in a research report on Tuesday, October 28th. Piper Sandler increased their price objective on Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a research note on Monday. Royal Bank Of Canada started coverage on Selective Insurance Group in a report on Monday, November 24th. They issued an “outperform” rating and a $95.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. Finally, Morgan Stanley increased their target price on shares of Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, November 17th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and an average price target of $83.00.

Selective Insurance Group Stock Up 2.6%

Shares of NASDAQ:SIGI opened at $86.82 on Wednesday. Selective Insurance Group, Inc. has a 52-week low of $71.75 and a 52-week high of $93.38. The stock has a market cap of $5.24 billion, a P/E ratio of 11.59 and a beta of 0.23. The business has a fifty day moving average of $82.32 and a two-hundred day moving average of $80.32. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, January 29th. The insurance provider reported $2.57 EPS for the quarter, topping the consensus estimate of $2.24 by $0.33. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the previous year, the firm earned $1.62 EPS. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, research analysts expect that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, February 13th. Selective Insurance Group’s payout ratio is presently 22.96%.

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.