NFJ Investment Group LLC trimmed its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 2.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 42,492 shares of the insurance provider’s stock after selling 1,095 shares during the period. NFJ Investment Group LLC’s holdings in Selective Insurance Group were worth $3,448,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of SIGI. Vaughan Nelson Investment Management L.P. purchased a new position in Selective Insurance Group during the second quarter worth about $48,532,000. BlackRock Inc. lifted its stake in Selective Insurance Group by 5.9% during the first quarter. BlackRock Inc. now owns 7,072,267 shares of the insurance provider’s stock worth $513,023,000 after purchasing an additional 394,010 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Selective Insurance Group by 31.9% during the second quarter. Victory Capital Management Inc. now owns 1,283,762 shares of the insurance provider’s stock worth $104,177,000 after purchasing an additional 310,631 shares during the last quarter. Boston Trust Walden Corp lifted its stake in Selective Insurance Group by 40.1% during the second quarter. Boston Trust Walden Corp now owns 447,127 shares of the insurance provider’s stock worth $36,284,000 after purchasing an additional 128,078 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Selective Insurance Group by 41.6% during the first quarter. JPMorgan Chase & Co. now owns 313,384 shares of the insurance provider’s stock worth $22,733,000 after purchasing an additional 91,994 shares during the last quarter. Institutional investors and hedge funds own 81.11% of the company’s stock.
Several equities research analysts have issued reports on the company. Royal Bank of Canada lifted their price target on Selective Insurance Group from $79.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Friday, July 30th. Zacks Investment Research lowered Selective Insurance Group from a “strong-buy” rating to a “hold” rating and set a $84.00 price target for the company. in a research note on Tuesday, June 29th. JMP Securities lowered Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $80.00 price target for the company. in a research note on Wednesday, July 14th. Finally, Wolfe Research assumed coverage on Selective Insurance Group in a research note on Monday, August 16th. They issued an “outperform” rating and a $91.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus target price of $82.33.
Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, July 28th. The insurance provider reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.49. The company had revenue of $830.40 million during the quarter, compared to analyst estimates of $807.15 million. Selective Insurance Group had a return on equity of 15.42% and a net margin of 13.23%. As a group, equities research analysts forecast that Selective Insurance Group, Inc. will post 6.3 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 13th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend was Thursday, August 12th. Selective Insurance Group’s payout ratio is 24.10%.
In other Selective Insurance Group news, Director Gregory E. Murphy sold 24,691 shares of the company’s stock in a transaction that occurred on Friday, July 30th. The stock was sold at an average price of $81.19, for a total transaction of $2,004,662.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.00% of the company’s stock.
Selective Insurance Group Company Profile
Selective Insurance Group, Inc provides property and casualty insurance products. It operates through the following segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. The Standard Commercial Lines segment offers insurance products and services to commercial customers, such as non-profit organizations and local government agencies.
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