Jupiter Topco LLC Buys New Stake in Selective Insurance Group, Inc. $SIGI

Jupiter Topco LLC bought a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) during the second quarter, HoldingsChannel reports. The fund bought 490,237 shares of the insurance provider’s stock, valued at approximately $47,558,000.

Several other hedge funds also recently bought and sold shares of SIGI. Amundi lifted its position in shares of Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 311 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Selective Insurance Group by 5.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock worth $19,555,000 after purchasing an additional 11,167 shares in the last quarter. Focus Partners Wealth increased its position in Selective Insurance Group by 17.9% during the 1st quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock worth $248,000 after purchasing an additional 411 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Selective Insurance Group in the 2nd quarter valued at about $468,000. Finally, Cetera Investment Advisers raised its stake in Selective Insurance Group by 14.1% in the 2nd quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock valued at $325,000 after purchasing an additional 462 shares during the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Insider Transactions at Selective Insurance Group

In related news, EVP Michael H. Lanza sold 17,100 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the completion of the transaction, the executive vice president owned 16,565 shares of the company’s stock, valued at approximately $1,557,772.60. This represents a 50.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on SIGI. Piper Sandler raised their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Weiss Ratings raised shares of Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, August 17th. Morgan Stanley upped their price objective on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, July 6th. BMO Capital Markets lowered shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 target price on the stock. in a research report on Tuesday, July 28th. Finally, Oppenheimer raised their target price on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and a consensus target price of $100.33.

Selective Insurance Group Stock Down 0.1%

Shares of NASDAQ:SIGI opened at $92.30 on Friday. The stock’s 50-day moving average price is $95.18 and its two-hundred day moving average price is $87.57. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.26. Selective Insurance Group, Inc. has a 12-month low of $72.78 and a 12-month high of $100.40. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 11.45 and a beta of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.29. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the company posted $1.31 EPS. On average, research analysts forecast that Selective Insurance Group, Inc. will post 8.12 EPS for the current year.

Selective Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, August 17th. Selective Insurance Group’s payout ratio is presently 21.34%.

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.