Ausbil Investment Management Ltd Raises Stock Position in Selective Insurance Group, Inc. $SIGI

Key Points

• Ausbil Investment Management Ltd increased its stake in Selective Insurance Group by 88.9% in the second quarter, acquiring a total of 14,064 shares valued at approximately $1.22 million.
• Selective Insurance Group reported earnings of $1.31 per share for the last quarter, falling short of analyst expectations of $1.55, with a total revenue of $1.29 billion.
• The company declared a quarterly dividend of $0.38 per share, resulting in an annualized yield of 1.9% with a payout ratio of 24.88%.

Ausbil Investment Management Ltd increased its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 88.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,064 shares of the insurance provider's stock after purchasing an additional 6,618 shares during the period. Ausbil Investment Management Ltd's holdings in Selective Insurance Group were worth $1,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in shares of Selective Insurance Group by 0.3% during the first quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider's stock worth $12,967,000 after purchasing an additional 493 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Selective Insurance Group by 11.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider's stock valued at $761,000 after buying an additional 861 shares during the period. SG Americas Securities LLC grew its position in Selective Insurance Group by 221.3% during the first quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider's stock valued at $651,000 after buying an additional 4,899 shares during the period. Hsbc Holdings PLC grew its position in Selective Insurance Group by 1.7% during the first quarter. Hsbc Holdings PLC now owns 10,075 shares of the insurance provider's stock valued at $922,000 after buying an additional 173 shares during the period. Finally, Baird Financial Group Inc. acquired a new stake in Selective Insurance Group during the first quarter valued at $1,007,000. Hedge funds and other institutional investors own 82.88% of the company's stock.

Selective Insurance Group Stock Up 1.8%

Shares of NASDAQ SIGI opened at $79.84 on Friday. The company's 50-day simple moving average is $79.01 and its 200-day simple moving average is $84.67. Selective Insurance Group, Inc. has a 52-week low of $71.75 and a 52-week high of $103.56. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of 13.07 and a beta of 0.44. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%.During the same quarter in the previous year, the firm posted ($1.10) earnings per share. Equities analysts predict that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were given a dividend of $0.38 per share. The ex-dividend date was Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. Selective Insurance Group's payout ratio is presently 24.88%.

Analyst Ratings Changes

SIGI has been the topic of several analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a research report on Monday, July 28th. BMO Capital Markets set a $88.00 price target on shares of Selective Insurance Group and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Morgan Stanley lowered shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $86.00 to $72.00 in a research report on Tuesday, August 5th. Finally, Piper Sandler dropped their price target on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $87.33.

Insider Activity

In other news, EVP Joseph Eppers bought 1,402 shares of Selective Insurance Group stock in a transaction on Friday, July 25th. The shares were bought at an average cost of $76.82 per share, with a total value of $107,701.64. Following the completion of the purchase, the executive vice president directly owned 12,492 shares of the company's stock, valued at approximately $959,635.44. This trade represents a 12.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John J. Marchioni purchased 3,200 shares of Selective Insurance Group stock in a transaction dated Monday, July 28th. The stock was bought at an average cost of $77.89 per share, for a total transaction of $249,248.00. Following the completion of the purchase, the chief executive officer directly owned 139,775 shares in the company, valued at approximately $10,887,074.75. This trade represents a 2.34% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 10,602 shares of company stock valued at $817,440 in the last ninety days. 1.50% of the stock is currently owned by corporate insiders.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.

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