Canada Pension Plan Investment Board Buys Shares of 37,600 Selective Insurance Group, Inc. $SIGI

Key Points

• Canada Pension Plan Investment Board acquired 37,600 shares of Selective Insurance Group worth approximately $3.65 million, joining institutional investors that collectively own 82.88% of the company.
• Selective Insurance reported quarterly earnings of $1.95 per share, 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, equal to a $1.72 annualized payout and a 1.9% yield. Analysts maintain an average “Hold” rating with a $100.33 price target.

Canada Pension Plan Investment Board bought a new position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 37,600 shares of the insurance provider's stock, valued at approximately $3,648,000. Canada Pension Plan Investment Board owned about 0.06% of Selective Insurance Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Amundi grew its position in 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 acquiring an additional 11,167 shares during the last quarter. Focus Partners Wealth boosted its stake 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 acquiring an additional 411 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Selective Insurance Group during the 2nd quarter valued at $468,000. Finally, Cetera Investment Advisers grew its position in shares of Selective Insurance Group by 14.1% during the 2nd quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider's stock valued at $325,000 after acquiring an additional 462 shares during the period. Hedge funds and other institutional investors own 82.88% of the company's stock.

Insider Buying and Selling

In related 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 value of $1,608,084.00. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.82% of the company's stock.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $92.46 on Monday. Selective Insurance Group, Inc. has a 52-week low of $72.78 and a 52-week high of $100.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market capitalization of $5.51 billion, a PE ratio of 11.47 and a beta of 0.30. The stock has a fifty day simple moving average of $95.18 and a two-hundred day simple moving average of $87.59.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.29. The business had revenue of $1.39 billion for the quarter, compared to analysts' expectations 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 last year, the firm earned $1.31 earnings per share. On average, analysts predict that Selective Insurance Group, Inc. will post 8.12 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently commented on SIGI shares. Piper Sandler raised their target price on Selective Insurance Group from $93.00 to $103.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Morgan Stanley boosted their price target on Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 6th. BMO Capital Markets downgraded Selective Insurance Group from an "outperform" rating to a "market perform" rating and set a $97.00 price objective on the stock. in a research note on Tuesday, July 28th. Oppenheimer lifted their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the company an "outperform" rating in a research report on Thursday, May 21st. Finally, Weiss Ratings raised shares of Selective Insurance Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, August 17th. Three investment 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's stock. According to data from MarketBeat.com, Selective Insurance Group currently has an average rating of "Hold" and an average price target of $100.33.

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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