Selective Insurance Group, Inc. $SIGI Shares Purchased by Ceredex Value Advisors LLC

Key Points

• Ceredex Value Advisors LLC increased its holdings in Selective Insurance Group, Inc. by 2.9% during the first quarter, owning approximately 115,325 shares valued at $10.56 million.
• Selective Insurance Group recently declared a quarterly dividend of $0.38 per share, representing a 2.0% dividend yield and a payout ratio of 24.88%.
• Research analysts have mixed ratings on Selective Insurance Group, with one "Buy", four "Hold", and two "Sell" ratings, and a consensus target price of $87.33.

Ceredex Value Advisors LLC raised its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 2.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 115,325 shares of the insurance provider's stock after purchasing an additional 3,225 shares during the period. Ceredex Value Advisors LLC owned 0.19% of Selective Insurance Group worth $10,557,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of SIGI. Nuveen LLC acquired a new stake in Selective Insurance Group during the first quarter valued at approximately $36,943,000. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Selective Insurance Group by 36.2% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,128,252 shares of the insurance provider's stock valued at $103,280,000 after acquiring an additional 299,925 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Selective Insurance Group by 245.7% during the 4th quarter. Point72 Asset Management L.P. now owns 284,669 shares of the insurance provider's stock valued at $26,622,000 after acquiring an additional 202,318 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Selective Insurance Group by 273.5% during the first quarter. MetLife Investment Management LLC now owns 261,165 shares of the insurance provider's stock worth $23,907,000 after purchasing an additional 191,237 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Selective Insurance Group by 39.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 564,542 shares of the insurance provider's stock worth $52,796,000 after purchasing an additional 160,193 shares during the period. Institutional investors own 82.88% of the company's stock.

Insider Transactions at Selective Insurance Group

In related news, Director Thomas A. Mccarthy acquired 2,500 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was acquired at an average cost of $77.42 per share, for a total transaction of $193,550.00. Following the completion of the acquisition, the director directly owned 18,746 shares of the company's stock, valued at approximately $1,451,315.32. The trade was a 15.39% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the company's stock in a transaction that occurred on Friday, July 25th. The shares were purchased at an average cost of $75.72 per share, for a total transaction of $151,440.00. Following the acquisition, the director owned 25,295 shares of the company's stock, valued at $1,915,337.40. This represents a 8.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,602 shares of company stock worth $817,440 over the last ninety days. Insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a report on Monday, July 28th. Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Piper Sandler decreased their target price on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. BMO Capital Markets set a $88.00 price target on Selective Insurance Group and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Finally, Morgan Stanley lowered Selective Insurance Group from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $86.00 to $72.00 in a research report on Tuesday, August 5th. One equities research 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. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $87.33.

Selective Insurance Group Stock Performance

Shares of SIGI traded up $0.10 during mid-day trading on Monday, reaching $78.23. 641,414 shares of the company's stock traded hands, compared to its average volume of 549,599. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.33 and a current ratio of 0.33. The business's 50-day moving average price is $82.18 and its 200-day moving average price is $85.32. The stock has a market capitalization of $4.76 billion, a P/E ratio of 12.80 and a beta of 0.44. Selective Insurance Group, Inc. has a 12 month low of $71.75 and a 12 month high of $103.56.

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

Selective Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Selective Insurance Group's dividend payout ratio is currently 24.88%.

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.