Illinois Municipal Retirement Fund Buys 12,551 Shares of Selective Insurance Group, Inc. $SIGI

Key Points

• Illinois Municipal Retirement Fund boosted its stake in Selective Insurance Group by 60.4% in the first quarter, buying 12,551 additional shares and bringing its total holding to 33,340 shares worth about $2.5 million.
• Selective Insurance Group reported Q1 earnings of $1.69 per share, missing analyst expectations of $1.81, though revenue came in above forecasts at $1.36 billion and rose 5.7% year over year.
• The company pays a quarterly dividend of $0.43 per share and has drawn mixed analyst views, with a consensus rating of “Hold” and an average price target of $99.33.

Illinois Municipal Retirement Fund increased its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 60.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,340 shares of the insurance provider's stock after buying an additional 12,551 shares during the period. Illinois Municipal Retirement Fund owned 0.06% of Selective Insurance Group worth $2,514,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. bought a new position in Selective Insurance Group in the fourth quarter worth approximately $25,000. Los Angeles Capital Management LLC bought a new stake in shares of Selective Insurance Group during the fourth quarter valued at approximately $25,000. True Wealth Design LLC increased 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 valued at $34,000 after acquiring an additional 129 shares in the last quarter. Amundi raised its position 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. Finally, First Horizon Corp lifted its holdings in shares of Selective Insurance Group by 52.8% in the 4th quarter. First Horizon Corp now owns 550 shares of the insurance provider's stock worth $46,000 after purchasing an additional 190 shares in the last quarter. 82.88% of the stock is owned by institutional investors.

Selective Insurance Group Stock Performance

NASDAQ SIGI opened at $96.46 on Monday. The firm has a market capitalization of $5.78 billion, a P/E ratio of 13.20 and a beta of 0.29. The business has a fifty day simple moving average of $92.00 and a 200 day simple moving average of $85.42. Selective Insurance Group, Inc. has a 12 month low of $71.75 and a 12 month high of $100.40. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.81 by ($0.12). Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.29 billion. During the same period in the prior year, the firm earned $1.76 earnings per share. Selective Insurance Group's revenue was up 5.7% compared to the same quarter last year. On average, analysts predict that Selective Insurance Group, Inc. will post 7.85 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, May 15th. Selective Insurance Group's dividend payout ratio (DPR) is presently 23.53%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Royal Bank Of Canada lifted their price target on shares of Selective Insurance Group from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Piper Sandler raised their price objective on shares of Selective Insurance Group from $93.00 to $103.00 and gave the company a "neutral" rating in a research note on Wednesday. BMO Capital Markets upgraded shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $84.00 to $97.00 in a report on Thursday, May 7th. Morgan Stanley boosted their target price on shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an "underweight" rating in a research report on Monday, July 6th. Finally, Oppenheimer upped their target price on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an "outperform" rating in a report on Thursday, May 21st. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Selective Insurance Group presently has an average rating of "Hold" and a consensus target price of $99.33.

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.

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