Bank of New York Mellon Corp Buys New Position in Selective Insurance Group, Inc. $SIGI

Key Points

• Bank of New York Mellon acquired 489,452 shares of Selective Insurance Group worth approximately $47.5 million, giving it a 0.82% stake. Institutional investors collectively own 82.88% of the company.
• Selective Insurance reported quarterly earnings of $1.95 per share, exceeding the $1.66 consensus estimate, while revenue of $1.39 billion also surpassed expectations. Analysts project $8.12 in full-year EPS.
• The company declared a quarterly dividend of $0.43, equivalent to an annualized $1.72 payout and a 1.9% yield. Despite several analyst price-target increases, the stock carries a consensus “Hold” rating with a $100.33 target price.

Bank of New York Mellon Corp bought a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 489,452 shares of the insurance provider's stock, valued at approximately $47,482,000. Bank of New York Mellon Corp owned 0.82% of Selective Insurance Group at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Eurizon Capital SGR S.p.A. bought a new position in shares of Selective Insurance Group during the 4th quarter worth approximately $25,000. Los Angeles Capital Management LLC bought a new stake in shares of Selective Insurance Group in the 4th quarter valued at $25,000. Amundi lifted its position in shares of Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider's stock valued at $36,000 after acquiring an additional 311 shares during the period. IFP Advisors Inc lifted its position in shares of Selective Insurance Group by 177.5% during the 4th quarter. IFP Advisors Inc now owns 591 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 378 shares during the period. Finally, Danske Bank A S bought a new position in Selective Insurance Group during the third quarter worth $57,000. 82.88% of the stock is currently owned by institutional investors.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, EVP Michael H. Lanza sold 17,100 shares of the business's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 16,565 shares of the company's stock, valued at approximately $1,557,772.60. The trade was a 50.79% decrease in their position. 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 subject of a number of research reports. Weiss Ratings upgraded shares of Selective Insurance Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, August 17th. Oppenheimer increased 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. Royal Bank Of Canada raised their target price on Selective Insurance Group from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods boosted their target price on Selective Insurance Group from $101.00 to $102.00 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Finally, Piper Sandler upped their price target on Selective Insurance Group from $93.00 to $103.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $100.33.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $92.30 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.26. The firm has a fifty day simple moving average of $95.18 and a two-hundred day simple moving average of $87.57. 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 capitalization of $5.50 billion, a PE ratio of 11.45 and a beta of 0.30.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.29. The firm 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 period last year, the firm earned $1.31 earnings per share. Analysts forecast that Selective Insurance Group, Inc. will post 8.12 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a $0.43 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.72 annualized dividend and a yield of 1.9%. Selective Insurance Group's dividend payout ratio (DPR) is presently 21.34%.

About Selective Insurance Group

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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