California State Teachers Retirement System Buys 15,720 Shares of Selective Insurance Group, Inc. $SIGI

Key Points

• California State Teachers Retirement System increased its SIGI position by 27.3%, purchasing 15,720 shares to own 73,313 shares valued at approximately $5.5 million. Institutional investors collectively hold 82.88% of Selective Insurance Group.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and a $100.33 price target. Recent targets range from $80 to $115, while the stock recently traded at $96.78.
• Selective Insurance Group exceeded quarterly expectations, reporting $1.95 in earnings per share versus a $1.66 consensus estimate and revenue of $1.39 billion. The company also declared a quarterly dividend of $0.43 per share, representing a 1.8% annualized yield.

California State Teachers Retirement System boosted its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 27.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,313 shares of the insurance provider's stock after buying an additional 15,720 shares during the quarter. California State Teachers Retirement System owned 0.12% of Selective Insurance Group worth $5,527,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Royal Bank of Canada lifted its stake in Selective Insurance Group by 0.5% in the first quarter. Royal Bank of Canada now owns 35,809 shares of the insurance provider's stock worth $2,699,000 after purchasing an additional 192 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Selective Insurance Group by 75.8% during the first quarter. Quantinno Capital Management LP now owns 50,262 shares of the insurance provider's stock valued at $3,789,000 after buying an additional 21,664 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of Selective Insurance Group by 176.4% during the first quarter. Lazard Asset Management LLC now owns 50,809 shares of the insurance provider's stock valued at $3,830,000 after buying an additional 32,426 shares during the last quarter. Berkley W R Corp purchased a new stake in shares of Selective Insurance Group in the first quarter worth approximately $384,000. Finally, Van Diest Capital LLC purchased a new stake in shares of Selective Insurance Group in the first quarter worth approximately $201,000. Institutional investors own 82.88% of the company's stock.

Analysts Set New Price Targets

SIGI has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price objective on Selective Insurance Group from $101.00 to $102.00 and gave the company a "market perform" rating in a report on Thursday, July 30th. Royal Bank Of Canada increased their target price on Selective Insurance Group from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Piper Sandler lifted their target price on Selective Insurance Group from $93.00 to $103.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. 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. Finally, Morgan Stanley raised their price target on shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an "underweight" rating in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $100.33.

Insider Activity at Selective Insurance Group

In other news, EVP Michael H. Lanza sold 17,100 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 16,565 shares of the company's stock, valued at $1,557,772.60. This represents a 50.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.82% of the stock is owned by company insiders.

Selective Insurance Group Stock Up 0.1%

Shares of SIGI stock opened at $96.78 on Friday. The company has a market cap of $5.77 billion, a price-to-earnings ratio of 12.01 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. The stock's fifty day moving average price is $94.19 and its 200 day moving average price is $86.64. Selective Insurance Group, Inc. has a 1-year low of $72.78 and a 1-year high of $100.40.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, topping analysts' consensus estimates of $1.66 by $0.29. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. The company had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.30 billion. During the same period last year, the business earned $1.31 EPS. On average, research analysts expect that Selective Insurance Group, Inc. will post 8.05 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company 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 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 dividend yield of 1.8%. Selective Insurance Group's payout ratio is 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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