Thrivent Financial for Lutherans Acquires 7,429 Shares of Selective Insurance Group, Inc. $SIGI

Thrivent Financial for Lutherans increased its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 12.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 66,354 shares of the insurance provider’s stock after purchasing an additional 7,429 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Selective Insurance Group were worth $5,379,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Arizona State Retirement System grew its holdings in Selective Insurance Group by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 17,965 shares of the insurance provider’s stock valued at $1,456,000 after purchasing an additional 244 shares during the last quarter. LRI Investments LLC grew its stake in shares of Selective Insurance Group by 12.8% during the third quarter. LRI Investments LLC now owns 16,804 shares of the insurance provider’s stock valued at $1,362,000 after buying an additional 1,903 shares during the last quarter. Belpointe Asset Management LLC raised its holdings in shares of Selective Insurance Group by 1.8% in the third quarter. Belpointe Asset Management LLC now owns 8,559 shares of the insurance provider’s stock worth $694,000 after buying an additional 149 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Selective Insurance Group by 6.8% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 7,055 shares of the insurance provider’s stock worth $572,000 after acquiring an additional 451 shares during the last quarter. Finally, Olympiad Research LP purchased a new position in Selective Insurance Group during the 3rd quarter valued at $200,000. Institutional investors own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Piper Sandler raised their price target on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday. Morgan Stanley boosted their price target on Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, November 17th. BMO Capital Markets downgraded Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price target on the stock. in a research report on Tuesday, October 28th. Keefe, Bruyette & Woods decreased their price objective on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a report on Tuesday, January 6th. Finally, Royal Bank Of Canada started coverage on shares of Selective Insurance Group in a report on Monday, November 24th. They set an “outperform” rating and a $95.00 target price on the stock. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $83.00.

Selective Insurance Group Stock Performance

Shares of Selective Insurance Group stock opened at $90.10 on Friday. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $93.38. The company has a 50 day moving average price of $82.95 and a 200 day moving average price of $80.46. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $5.44 billion, a P/E ratio of 12.03 and a beta of 0.23.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.33. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.36 billion. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The firm’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.62 EPS. Sell-side analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, February 13th. Selective Insurance Group’s dividend payout ratio is presently 22.96%.

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.