Comerica Bank Acquires 27,236 Shares of Selective Insurance Group, Inc. $SIGI

Comerica Bank lifted its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 94.8% in the 4th quarter, HoldingsChannel reports. The fund owned 55,955 shares of the insurance provider’s stock after purchasing an additional 27,236 shares during the period. Comerica Bank’s holdings in Selective Insurance Group were worth $4,682,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Horizon Corp bought a new stake in shares of Selective Insurance Group during the third quarter worth about $29,000. Amundi increased its position in shares of Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 311 shares in the last quarter. True Wealth Design LLC increased its position in shares of Selective Insurance Group by 45.9% during the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 129 shares in the last quarter. Rothschild Investment LLC increased its position in shares of Selective Insurance Group by 680.0% during the third quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 476 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of Selective Insurance Group by 38.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 154 shares in the last quarter. 82.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SIGI has been the subject of several recent research reports. Royal Bank Of Canada reissued an “outperform” rating and set a $95.00 target price on shares of Selective Insurance Group in a research report on Monday, March 23rd. Piper Sandler boosted their target price on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $84.40.

Selective Insurance Group Stock Down 2.2%

SIGI opened at $82.08 on Friday. The company has a quick ratio of 0.32, a current ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market cap of $4.91 billion, a price-to-earnings ratio of 11.23 and a beta of 0.32. Selective Insurance Group, Inc. has a twelve month low of $71.75 and a twelve month high of $91.63. The company’s 50-day moving average price is $79.59 and its two-hundred day moving average price is $80.99.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.12). The company had revenue of $1.36 billion during 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%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.76 earnings per share. As a group, equities analysts expect that Selective Insurance Group, Inc. will post 7.76 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, May 15th. Selective Insurance Group’s dividend payout ratio is presently 23.53%.

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.