Assenagon Asset Management S.A. lifted its holdings in shares of Selective Insurance Group (NASDAQ:SIGI) by 38.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,754 shares of the insurance provider’s stock after purchasing an additional 23,223 shares during the period. Assenagon Asset Management S.A. owned about 0.14% of Selective Insurance Group worth $4,916,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SIGI. Public Employees Retirement System of Ohio grew its holdings in shares of Selective Insurance Group by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 2,449 shares of the insurance provider’s stock worth $123,000 after purchasing an additional 23 shares in the last quarter. Amalgamated Bank lifted its position in Selective Insurance Group by 1.7% in the 2nd quarter. Amalgamated Bank now owns 7,839 shares of the insurance provider’s stock worth $392,000 after buying an additional 132 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Selective Insurance Group by 0.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,119 shares of the insurance provider’s stock worth $2,209,000 after buying an additional 276 shares during the last quarter. M&T Bank Corp lifted its position in Selective Insurance Group by 16.7% in the 2nd quarter. M&T Bank Corp now owns 5,066 shares of the insurance provider’s stock worth $254,000 after buying an additional 726 shares during the last quarter. Finally, GW&K Investment Management LLC lifted its position in Selective Insurance Group by 12.9% in the fourth quarter. GW&K Investment Management LLC now owns 8,215 shares of the insurance provider’s stock valued at $482,000 after purchasing an additional 940 shares during the last quarter. Institutional investors own 77.33% of the company’s stock.
In related news, Director John Burville sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $58.68, for a total transaction of $293,400.00. Following the completion of the sale, the director now directly owns 79,898 shares of the company’s stock, valued at approximately $4,688,414.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul D. Bauer sold 28,840 shares of Selective Insurance Group stock in a transaction on Friday, December 1st. The shares were sold at an average price of $61.14, for a total value of $1,763,277.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,775 shares of company stock valued at $2,529,504. Company insiders own 3.00% of the company’s stock.
SIGI has been the subject of several recent research reports. ValuEngine upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research raised Selective Insurance Group from a “sell” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Wednesday, December 13th. Keefe, Bruyette & Woods set a $62.00 price target on Selective Insurance Group and gave the stock a “hold” rating in a research note on Monday, February 5th. BidaskClub cut Selective Insurance Group from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $59.00 target price on shares of Selective Insurance Group in a research note on Friday, December 8th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Selective Insurance Group currently has a consensus rating of “Hold” and an average price target of $58.41.
Selective Insurance Group (NASDAQ:SIGI) opened at $57.60 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.32. Selective Insurance Group has a 12 month low of $42.80 and a 12 month high of $62.40. The company has a market capitalization of $3,340.35, a PE ratio of 20.21, a PEG ratio of 0.83 and a beta of 1.37.
Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Thursday, February 1st. The insurance provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. The firm had revenue of $633.70 million during the quarter, compared to analysts’ expectations of $632.30 million. Selective Insurance Group had a return on equity of 11.11% and a net margin of 6.83%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the business posted $0.75 earnings per share. research analysts expect that Selective Insurance Group will post 3.88 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Wednesday, February 14th. Selective Insurance Group’s dividend payout ratio (DPR) is 25.26%.
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About Selective Insurance Group
Selective Insurance Group, Inc is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market.
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