Connor Clark & Lunn Investment Management Ltd. Takes Position in Selective Insurance Group, Inc. $SIGI

Key Points

• Connor Clark & Lunn Investment Management acquired 13,488 shares of Selective Insurance Group valued at approximately $1.31 million. Institutional investors and hedge funds collectively own 82.88% of SIGI.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $100.33. Recent targets range from $80 to $115.
• Selective Insurance exceeded quarterly expectations, reporting EPS of $1.95 versus the $1.66 consensus and revenue of $1.39 billion versus $1.30 billion expected. The company also declared a $0.43 quarterly dividend, equating to a 1.9% yield.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 13,488 shares of the insurance provider's stock, valued at approximately $1,308,000.

A number of other institutional investors also recently modified their holdings of SIGI. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Selective Insurance Group in the second quarter worth $26,000. Eurizon Capital SGR S.p.A. bought a new stake in Selective Insurance Group in the fourth quarter valued at $25,000. Los Angeles Capital Management LLC acquired a new position in shares of Selective Insurance Group during the fourth quarter valued at about $25,000. Amundi raised 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 valued at $36,000 after purchasing an additional 311 shares during the period. Finally, IFP Advisors Inc boosted 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 worth $49,000 after purchasing an additional 378 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SIGI. BMO Capital Markets downgraded Selective Insurance Group from an "outperform" rating to a "market perform" rating and set a $97.00 target price for the company. in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price target on Selective Insurance Group from $101.00 to $102.00 and gave the stock a "market perform" rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Selective Insurance Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, August 17th. Royal Bank Of Canada raised their price objective 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. Finally, Morgan Stanley boosted their price objective on Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $100.33.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $92.46 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.29. Selective Insurance Group, Inc. has a one year low of $72.78 and a one year high of $100.40. The company has a market cap of $5.51 billion, a PE ratio of 11.47 and a beta of 0.30. The firm has a 50-day moving average of $95.18 and a 200-day moving average of $87.59.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, beating the consensus estimate 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 net margin of 9.10% and a return on equity of 14.51%. During the same quarter last year, the firm earned $1.31 EPS. As a group, equities research analysts expect that Selective Insurance Group, Inc. will post 8.12 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

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

Insider Transactions at Selective Insurance Group

In related news, EVP Michael H. Lanza sold 17,100 shares of the company's stock in a transaction 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 owned 16,565 shares in the company, valued at approximately $1,557,772.60. This represents a 50.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.82% of the company's stock.

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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