Assenagon Asset Management S.A. Grows Stock Position in Selective Insurance Group, Inc. $SIGI

Key Points

• Assenagon Asset Management more than doubled its Selective Insurance Group stake in the second quarter, adding 97,469 shares to own 193,405 shares valued at approximately $18.8 million. Institutional investors collectively own 82.88% of SIGI.
• Selective Insurance reported quarterly earnings of $1.95 per share, beating estimates of $1.66, while revenue of $1.39 billion also exceeded forecasts. The company announced a quarterly dividend of $0.43, representing a 1.8% annualized yield.
• Analyst sentiment remains mixed, with SIGI carrying a consensus “Hold” rating and an average price target of $100.33, compared with its reported share price of $96.23.

Assenagon Asset Management S.A. boosted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 101.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 193,405 shares of the insurance provider's stock after acquiring an additional 97,469 shares during the period. Assenagon Asset Management S.A. owned 0.32% of Selective Insurance Group worth $18,762,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in SIGI. Amundi lifted its stake in shares of Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 311 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Selective Insurance Group by 5.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider's stock worth $19,555,000 after purchasing an additional 11,167 shares during the period. Focus Partners Wealth increased its position in shares of Selective Insurance Group by 17.9% during the 1st quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider's stock worth $248,000 after purchasing an additional 411 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Selective Insurance Group in the 2nd quarter valued at about $468,000. Finally, Cetera Investment Advisers raised its holdings in Selective Insurance Group by 14.1% in the 2nd quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider's stock valued at $325,000 after buying an additional 462 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Performance

Shares of Selective Insurance Group stock opened at $96.23 on Monday. The business has a 50-day moving average of $94.38 and a 200 day moving average of $86.74. Selective Insurance Group, Inc. has a 12 month low of $72.78 and a 12 month high of $100.40. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 11.94 and a beta of 0.30. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 14.51% and a net margin of 9.10%.During the same period in the previous year, the company posted $1.31 EPS. As a group, sell-side analysts forecast that Selective Insurance Group, Inc. will post 8.05 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.8%. Selective Insurance Group's payout ratio is 21.34%.

Insider Buying and Selling at Selective Insurance Group

In related news, EVP Michael H. Lanza sold 17,100 shares of Selective Insurance Group stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total value of $1,608,084.00. Following the completion of the transaction, the executive vice president owned 16,565 shares in the company, valued at approximately $1,557,772.60. The trade was a 50.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.82% of the company's stock.

Wall Street Analysts Forecast Growth

SIGI has been the topic of a number of recent analyst reports. Royal Bank Of Canada upped their target price on shares of Selective Insurance Group from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Weiss Ratings raised shares of Selective Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods upped their price objective on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Piper Sandler increased their price objective on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Finally, Oppenheimer lifted their target price on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company an "outperform" rating in a report on Thursday, May 21st. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $100.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source