Selective Insurance Group, Inc. $SIGI Stock Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund increased its position in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 30.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,933 shares of the insurance provider’s stock after purchasing an additional 7,447 shares during the period. Illinois Municipal Retirement Fund owned 0.05% of Selective Insurance Group worth $2,670,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Selective Insurance Group during the second quarter valued at approximately $26,000. Heritage Family Offices LLP acquired a new position in shares of Selective Insurance Group in the 3rd quarter worth approximately $36,000. Parallel Advisors LLC grew its position in shares of Selective Insurance Group by 27.4% in the 3rd quarter. Parallel Advisors LLC now owns 576 shares of the insurance provider’s stock worth $48,000 after acquiring an additional 124 shares in the last quarter. IFP Advisors Inc grew its position in shares of Selective Insurance Group by 51.3% in the 3rd quarter. IFP Advisors Inc now owns 596 shares of the insurance provider’s stock worth $50,000 after acquiring an additional 202 shares in the last quarter. Finally, Westpac Banking Corp acquired a new position in shares of Selective Insurance Group in the 2nd quarter worth approximately $72,000. 82.88% of the stock is owned by institutional investors.

Insider Buying and Selling at Selective Insurance Group

In other news, Director Cynthia Nicholson sold 3,691 shares of the stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $98.71, for a total transaction of $364,338.61. Following the sale, the director directly owned 17,463 shares in the company, valued at approximately $1,723,772.73. This represents a 17.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Wednesday, October 21st. Royal Bank Of Canada raised their price objective on Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Wall Street Zen downgraded shares of Selective Insurance Group from a “buy” rating to a “hold” rating in a report on Sunday, November 1st. Piper Sandler decreased their price objective on shares of Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating for the company in a report on Monday, September 28th. Finally, Weiss Ratings upgraded shares of Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 28th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Selective Insurance Group currently has an average rating of “Hold” and a consensus price target of $101.83.

Selective Insurance Group Stock Performance

SIGI traded down $0.69 on Friday, hitting $102.67. 314,435 shares of the company’s stock were exchanged, compared to its average volume of 603,095. The firm has a market cap of $6.06 billion, a PE ratio of 12.34 and a beta of 0.22. Selective Insurance Group, Inc. has a twelve month low of $72.78 and a twelve month high of $105.65. The stock has a fifty day moving average of $91.56 and a two-hundred day moving average of $88.58. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.28.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.91 by $0.46. Selective Insurance Group had a net margin of 9.40% and a return on equity of 15.60%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the company posted $1.85 earnings per share. On average, research analysts anticipate that Selective Insurance Group, Inc. will post 8.44 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.9%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Monday, November 16th. Selective Insurance Group’s dividend payout ratio is currently 20.67%.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc. is a property and casualty insurance holding company headquartered in Branchville, New Jersey. Founded in 1926, the company provides insurance and related services to businesses and individuals through a network of independent agents. Its offerings include commercial property, general liability, workers’ compensation and commercial auto coverage, as well as personal insurance such as homeowners and auto policies. Selective also provides excess and surplus lines coverage for risks that may not fit standard insurance markets, along with risk management and claims services.