California Public Employees Retirement System Has $32.23 Million Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

California Public Employees Retirement System increased its position in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 323,998 shares of the insurance provider’s stock after acquiring an additional 3,469 shares during the period. California Public Employees Retirement System’s holdings in Selective Insurance Group were worth $32,231,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SIGI. SG Americas Securities LLC increased its holdings in Selective Insurance Group by 15.3% in the third quarter. SG Americas Securities LLC now owns 1,718 shares of the insurance provider’s stock worth $177,000 after buying an additional 228 shares during the last quarter. Lindenwold Advisors INC bought a new stake in Selective Insurance Group during the third quarter worth approximately $293,000. Raymond James & Associates boosted its position in Selective Insurance Group by 2.1% during the third quarter. Raymond James & Associates now owns 43,341 shares of the insurance provider’s stock worth $4,471,000 after purchasing an additional 898 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in Selective Insurance Group by 91.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 11,587 shares of the insurance provider’s stock worth $1,195,000 after purchasing an additional 5,547 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Selective Insurance Group by 2.0% during the third quarter. Bank of New York Mellon Corp now owns 923,764 shares of the insurance provider’s stock worth $95,305,000 after purchasing an additional 18,508 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Stock Down 1.5 %

SIGI opened at $100.13 on Friday. The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 0.75 and a beta of 0.55. Selective Insurance Group, Inc. has a 1-year low of $91.99 and a 1-year high of $109.58. The business has a 50 day moving average of $103.72 and a 200-day moving average of $102.78. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, January 31st. The insurance provider reported $1.94 EPS for the quarter, topping the consensus estimate of $1.92 by $0.02. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. As a group, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 7.67 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.40%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 24.01%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and set a $104.00 target price on shares of Selective Insurance Group in a research report on Monday, April 1st. Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research report on Monday, April 15th. Royal Bank of Canada reduced their price objective on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating for the company in a research report on Friday, February 2nd. Finally, Oppenheimer reissued an “outperform” rating and issued a $120.00 price objective on shares of Selective Insurance Group in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $105.17.

Insider Activity

In other news, COO Brenda M. Hall sold 2,626 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the completion of the sale, the chief operating officer now directly owns 10,511 shares in the company, valued at $1,112,904.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.50% of the stock is currently owned by corporate insiders.

About Selective Insurance Group

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 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; 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; and flood insurance products.