Arrowstreet Capital Limited Partnership Grows Position in Selective Insurance Group, Inc. $SIGI

Arrowstreet Capital Limited Partnership raised its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 332.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 420,106 shares of the insurance provider's stock after buying an additional 322,901 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.70% of Selective Insurance Group worth $31,672,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of SIGI. Eurizon Capital SGR S.p.A. bought a new stake in shares of Selective Insurance Group during the fourth quarter worth $25,000. Los Angeles Capital Management LLC purchased a new stake in shares of Selective Insurance Group during the fourth quarter valued at about $25,000. Amundi grew its holdings in Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider's stock worth $36,000 after purchasing an additional 311 shares during the last quarter. First Horizon Corp grew its stake in Selective Insurance Group by 52.8% during the 4th quarter. First Horizon Corp now owns 550 shares of the insurance provider's stock worth $46,000 after buying an additional 190 shares during the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Selective Insurance Group by 177.5% during the fourth quarter. IFP Advisors Inc now owns 591 shares of the insurance provider's stock worth $49,000 after acquiring an additional 378 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SIGI has been the subject of a number of research analyst reports. BMO Capital Markets lowered Selective Insurance Group from an "outperform" rating to a "market perform" rating and set a $97.00 target price for the company. in a research note on Tuesday. Keefe, Bruyette & Woods upped their price objective on shares of Selective Insurance Group from $88.00 to $101.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 8th. Morgan Stanley lifted their price target on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a research note on Monday, July 6th. Oppenheimer lifted their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the stock an "outperform" rating in a report on Thursday, May 21st. Finally, Piper Sandler raised their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $100.17.

Selective Insurance Group Price Performance

SIGI opened at $94.40 on Wednesday. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.26. Selective Insurance Group, Inc. has a 12-month low of $72.78 and a 12-month high of $100.40. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of 11.71 and a beta of 0.29. The stock's 50-day moving average price is $93.30 and its 200 day moving average price is $86.01.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.29. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the business earned $1.31 EPS. As a group, sell-side analysts expect that Selective Insurance Group, Inc. will post 7.95 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Monday, August 17th. Selective Insurance Group's dividend payout ratio is 21.34%.

Selective Insurance Group Profile

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.

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