New York State Common Retirement Fund Has $12.89 Million Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

New York State Common Retirement Fund trimmed its position in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 23.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,830 shares of the insurance provider’s stock after selling 41,911 shares during the period. New York State Common Retirement Fund owned approximately 0.23% of Selective Insurance Group worth $12,890,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James & Associates increased its stake in Selective Insurance Group by 10.9% in the third quarter. Raymond James & Associates now owns 118,944 shares of the insurance provider’s stock valued at $11,097,000 after purchasing an additional 11,713 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Selective Insurance Group by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,166 shares of the insurance provider’s stock valued at $1,415,000 after buying an additional 277 shares in the last quarter. Private Advisor Group LLC raised its stake in Selective Insurance Group by 8.4% during the 3rd quarter. Private Advisor Group LLC now owns 4,860 shares of the insurance provider’s stock worth $453,000 after buying an additional 377 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Selective Insurance Group by 319.5% during the third quarter. Assenagon Asset Management S.A. now owns 129,184 shares of the insurance provider’s stock worth $12,053,000 after acquiring an additional 98,390 shares in the last quarter. Finally, Pullen Investment Management LLC acquired a new position in Selective Insurance Group in the third quarter valued at about $784,000. Institutional investors own 82.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SIGI. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Thursday, January 30th. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $95.00 to $105.00 in a research note on Wednesday, October 30th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $93.00 price objective (down previously from $116.00) on shares of Selective Insurance Group in a research report on Friday, February 7th. Finally, Morgan Stanley cut their price objective on shares of Selective Insurance Group from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Selective Insurance Group currently has a consensus rating of “Hold” and an average price target of $98.71.

Selective Insurance Group Price Performance

NASDAQ SIGI opened at $78.49 on Monday. The firm’s 50 day moving average is $89.77 and its 200-day moving average is $92.22. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $4.77 billion, a PE ratio of 24.38 and a beta of 0.61. Selective Insurance Group, Inc. has a 12-month low of $78.13 and a 12-month high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $1.62 EPS for the quarter, missing the consensus estimate of $1.99 by ($0.37). Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. Equities research analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Friday, February 14th. Selective Insurance Group’s payout ratio is presently 47.21%.

Selective Insurance Group Company Profile

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.