Comerica Bank Has $4.68 Million Holdings in Selective Insurance Group, Inc. $SIGI

Key Points

• Comerica Bank boosted its stake in Selective Insurance Group by 94.8% to 55,955 shares worth $4.68 million, and institutional investors now own about 82.88% of SIGI.
• Selective reported Q earnings of $1.69 EPS, missing the consensus by $0.12 while revenue rose 5.7% to $1.36 billion; the company has a market cap of ~$4.91 billion and a P/E of 11.23.
• The firm declared a quarterly dividend of $0.43 (annualized $1.72) for a ~2.1% yield (ex-dividend May 15, payable June 1), and analysts’ consensus rating is a "Hold" with a $84.40 target.

Comerica Bank lifted its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 94.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 55,955 shares of the insurance provider's stock after purchasing an additional 27,236 shares during the period. Comerica Bank owned 0.09% of Selective Insurance Group worth $4,682,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of SIGI. First Horizon Corp acquired a new position in shares of Selective Insurance Group during the third quarter worth $29,000. True Wealth Design LLC lifted its holdings in shares of Selective Insurance Group by 45.9% during the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider's stock worth $34,000 after purchasing an additional 129 shares during the period. Amundi lifted 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 worth $36,000 after purchasing an additional 311 shares during the period. Rothschild Investment LLC lifted its holdings in shares of Selective Insurance Group by 680.0% during the third quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider's stock worth $44,000 after purchasing an additional 476 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Selective Insurance Group by 38.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider's stock worth $46,000 after purchasing an additional 154 shares during the period. Institutional investors and hedge funds own 82.88% of the company's stock.

Selective Insurance Group Price Performance

Shares of NASDAQ SIGI opened at $82.08 on Friday. The firm's 50-day moving average price is $79.59 and its 200-day moving average price is $80.99. Selective Insurance Group, Inc. has a 1-year low of $71.75 and a 1-year high of $91.63. The firm has a market capitalization of $4.91 billion, a P/E ratio of 11.23 and a beta of 0.32. The company has a current ratio of 0.30, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing the consensus estimate of $1.81 by ($0.12). Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the prior year, the company posted $1.76 EPS. Selective Insurance Group's revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts anticipate that Selective Insurance Group, Inc. will post 7.76 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.72 annualized dividend and a dividend yield of 2.1%. Selective Insurance Group's payout ratio is presently 23.53%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Selective Insurance Group from $84.00 to $88.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Weiss Ratings restated a "hold (c)" rating on shares of Selective Insurance Group in a report on Wednesday, March 25th. Piper Sandler boosted their target price on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a "neutral" rating in a report on Monday, February 2nd. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $95.00 target price on shares of Selective Insurance Group in a report on Monday, March 23rd. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $84.40.

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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