Wellington Management Group LLP Makes New $77.15 Million Investment in Selective Insurance Group, Inc. $SIGI

Wellington Management Group LLP purchased a new position in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 795,272 shares of the insurance provider’s stock, valued at approximately $77,149,000.

Several other large investors have also bought and sold shares of SIGI. BlackRock Inc. purchased a new position in Selective Insurance Group in the 2nd quarter worth approximately $754,557,000. AQR Capital Management LLC increased its position in shares of Selective Insurance Group by 56.3% during the 4th quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock valued at $339,662,000 after purchasing an additional 1,462,838 shares during the last quarter. Norges Bank purchased a new stake in Selective Insurance Group during the fourth quarter valued at approximately $65,625,000. First Trust Advisors LP raised its holdings in Selective Insurance Group by 239.1% in the 4th quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider’s stock worth $86,726,000 after purchasing an additional 730,890 shares during the period. Finally, Bank of America Corp DE bought a new position in shares of Selective Insurance Group in the second quarter worth about $63,423,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Up 1.1%

Shares of SIGI stock opened at $92.23 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29. The stock’s 50-day simple moving average is $95.03 and its 200-day simple moving average is $87.66. Selective Insurance Group, Inc. has a fifty-two week low of $72.78 and a fifty-two week high of $100.40. The firm has a market capitalization of $5.49 billion, a PE ratio of 11.44 and a beta of 0.29.

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

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were paid a $0.43 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a yield of 1.9%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 21.34%.

Insider Activity at Selective Insurance Group

In other news, EVP Michael H. Lanza sold 17,100 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total value of $1,608,084.00. Following the transaction, the executive vice president owned 16,565 shares in the company, valued at $1,557,772.60. This trade represents a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SIGI shares. Weiss Ratings cut shares of Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Oppenheimer boosted their price objective on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Thursday, May 21st. Piper Sandler increased their price target on Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Finally, BMO Capital Markets cut Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 target price for the company. in a report on Tuesday, July 28th. Two equities research analysts have 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 MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $100.33.

About Selective Insurance Group

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.