Bank of America Corp DE Has $57.23 Million Stake in Selective Insurance Group, Inc. $SIGI

Key Points

• Bank of America increased its Selective Insurance Group stake by 2.5% in the first quarter, owning 759,122 shares valued at approximately $57.23 million. Institutional investors collectively hold 82.88% of SIGI’s outstanding stock.
• Selective Insurance reported quarterly EPS of $1.95, exceeding estimates of $1.66, while revenue reached $1.39 billion versus the $1.30 billion consensus forecast.
• The company declared a quarterly dividend of $0.43 per share, equivalent to an annualized $1.72 payout and a 1.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $100.33.

Bank of America Corp DE boosted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 759,122 shares of the insurance provider's stock after purchasing an additional 18,675 shares during the quarter. Bank of America Corp DE owned about 1.27% of Selective Insurance Group worth $57,230,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SIGI. Amundi grew its holdings in shares of Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider's stock valued at $36,000 after buying an additional 311 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 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 in the last quarter. Focus Partners Wealth raised its stake in shares of Selective Insurance Group by 17.9% in the first 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 shares of Selective Insurance Group in the second quarter worth approximately $468,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Selective Insurance Group by 14.1% in the second quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider's stock valued at $325,000 after purchasing an additional 462 shares in the last quarter. Institutional investors own 82.88% of the company's stock.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $94.01 on Wednesday. The firm has a market capitalization of $5.60 billion, a PE ratio of 11.66 and a beta of 0.30. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average price of $94.72 and a two-hundred day moving average price of $86.92. Selective Insurance Group, Inc. has a twelve month low of $72.78 and a twelve month high of $100.40.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.29. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.30 billion. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. During the same quarter in the previous year, the firm posted $1.31 earnings per share. Equities analysts forecast that Selective Insurance Group, Inc. will post 8.05 EPS for the current year.

Selective Insurance Group Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SIGI shares. Keefe, Bruyette & Woods lifted 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. BMO Capital Markets lowered shares of Selective Insurance Group from an "outperform" rating to a "market perform" rating and set a $97.00 price target on the stock. in a research report on Tuesday, July 28th. Oppenheimer upped their price objective on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an "outperform" rating in a research report on Thursday, May 21st. Morgan Stanley increased their price objective 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. Finally, Weiss Ratings raised shares of Selective Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $100.33.

Insider Activity

In related news, EVP Michael H. Lanza sold 17,100 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the sale, the executive vice president directly owned 16,565 shares in the company, valued at approximately $1,557,772.60. The trade was a 50.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

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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