Illinois Municipal Retirement Fund Increases Position in Selective Insurance Group, Inc. $SIGI

Illinois Municipal Retirement Fund increased its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 60.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 33,340 shares of the insurance provider’s stock after buying an additional 12,551 shares during the period. Illinois Municipal Retirement Fund’s holdings in Selective Insurance Group were worth $2,514,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. AQR Capital Management LLC boosted its position in Selective Insurance Group by 56.3% in the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock worth $339,662,000 after purchasing an additional 1,462,838 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Selective Insurance Group by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,660,758 shares of the insurance provider’s stock worth $138,976,000 after purchasing an additional 8,580 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Selective Insurance Group by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,314,692 shares of the insurance provider’s stock worth $110,004,000 after buying an additional 44,305 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Selective Insurance Group by 239.1% in the 4th quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider’s stock worth $86,726,000 after buying an additional 730,890 shares during the last quarter. Finally, Norges Bank bought a new position in Selective Insurance Group during the fourth quarter valued at about $65,625,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SIGI shares. Royal Bank Of Canada raised their price objective on shares of Selective Insurance Group from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Weiss Ratings raised shares of Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Oppenheimer raised their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research note on Thursday, May 21st. Piper Sandler lifted their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Morgan Stanley upped their price objective on Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, July 6th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Selective Insurance Group currently has an average rating of “Hold” and an average target price of $99.33.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $96.46 on Monday. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $100.40. The business has a 50-day moving average of $92.00 and a 200 day moving average of $85.42. The firm has a market cap of $5.78 billion, a P/E ratio of 13.20 and a beta of 0.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.12). The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. Selective Insurance Group’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the company earned $1.76 earnings per share. As a group, research analysts forecast that Selective Insurance Group, Inc. will post 7.85 EPS for the current year.

Selective Insurance Group Announces Dividend

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

Selective Insurance Group Company 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.