Hsbc Holdings PLC Makes New $3.12 Million Investment in Selective Insurance Group, Inc. $SIGI

Key Points

• HSBC Holdings PLC opened a new position in Selective Insurance Group in the fourth quarter, buying 37,066 shares worth about $3.12 million.
• Institutional ownership in SIGI remains very high at 82.88%, with several large funds such as AQR Capital Management and First Trust Advisors increasing their stakes.
• Selective Insurance Group recently reported mixed quarterly results, missing EPS estimates but beating revenue expectations; analysts currently have an average "Hold" rating with a target price of about $95.17.

Hsbc Holdings PLC bought a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 37,066 shares of the insurance provider's stock, valued at approximately $3,115,000. Hsbc Holdings PLC owned 0.06% of Selective Insurance Group at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SIGI. AQR Capital Management LLC raised its stake in shares of Selective Insurance Group by 56.3% during the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider's stock worth $339,662,000 after buying an additional 1,462,838 shares during the last quarter. Geode Capital Management LLC grew its holdings in Selective Insurance Group by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,660,758 shares of the insurance provider's stock worth $138,976,000 after acquiring an additional 8,580 shares during the period. Dimensional Fund Advisors LP grew its holdings in Selective Insurance Group by 3.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,314,692 shares of the insurance provider's stock worth $110,004,000 after acquiring an additional 44,305 shares during the period. First Trust Advisors LP raised its position in shares of Selective Insurance Group by 239.1% during the 4th quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider's stock valued at $86,726,000 after acquiring an additional 730,890 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Selective Insurance Group during the 4th quarter valued at $65,625,000. Institutional investors own 82.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SIGI shares. Morgan Stanley increased their target price on Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a research note on Monday. Royal Bank Of Canada restated an "outperform" rating and set a $95.00 target price on shares of Selective Insurance Group in a research report on Monday, March 23rd. Oppenheimer upped their price target on Selective Insurance Group from $100.00 to $105.00 and gave the company an "outperform" rating in a research note on Thursday, May 21st. BMO Capital Markets upgraded shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and increased their price target for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Selective Insurance Group in a research note on Thursday, June 18th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $95.17.

Selective Insurance Group Price Performance

NASDAQ SIGI opened at $95.93 on Friday. The business has a 50 day simple moving average of $90.78 and a 200 day simple moving average of $85.02. Selective Insurance Group, Inc. has a 52-week low of $71.75 and a 52-week high of $100.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market cap of $5.74 billion, a price-to-earnings ratio of 13.12 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing analysts' consensus estimates of $1.81 by ($0.12). The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.29 billion. Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The business's quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.76 EPS. Analysts anticipate that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, May 15th. Selective Insurance Group's payout ratio is currently 23.53%.

Selective Insurance Group Company 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.

Want to see what other hedge funds are holding SIGI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.