Invesco Ltd. Reduces Stock Position in Selective Insurance Group, Inc. $SIGI

Key Points

• Invesco Ltd. decreased its stake in Selective Insurance Group, Inc. by 6.0%, now holding around $28.15 million worth of stock.
• Several institutional investors increased their positions, with notable movements including a 221.3% increase by SG Americas Securities LLC.
• Selective Insurance Group announced a quarterly dividend of $0.38 per share, yielding 2.0%, to be paid on September 2nd.

Invesco Ltd. reduced its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 6.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 307,505 shares of the insurance provider's stock after selling 19,574 shares during the quarter. Invesco Ltd. owned about 0.51% of Selective Insurance Group worth $28,149,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Frank Rimerman Advisors LLC raised its stake in Selective Insurance Group by 3.0% during the 1st quarter. Frank Rimerman Advisors LLC now owns 4,728 shares of the insurance provider's stock worth $433,000 after buying an additional 136 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Selective Insurance Group by 752.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 537 shares of the insurance provider's stock worth $49,000 after buying an additional 474 shares during the period. Headlands Technologies LLC raised its stake in Selective Insurance Group by 70.7% during the 1st quarter. Headlands Technologies LLC now owns 22,774 shares of the insurance provider's stock worth $2,085,000 after buying an additional 9,430 shares during the period. Deutsche Bank AG raised its stake in Selective Insurance Group by 10.5% during the 1st quarter. Deutsche Bank AG now owns 214,515 shares of the insurance provider's stock worth $19,637,000 after buying an additional 20,410 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Selective Insurance Group by 0.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 891,871 shares of the insurance provider's stock worth $81,642,000 after buying an additional 7,641 shares during the period. 82.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on SIGI. Wall Street Zen raised Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Keefe, Bruyette & Woods decreased their price objective on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a report on Monday, July 28th. Piper Sandler decreased their price objective on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Morgan Stanley lowered Selective Insurance Group from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $86.00 to $72.00 in a report on Tuesday, August 5th. Finally, BMO Capital Markets set a $88.00 price objective on Selective Insurance Group and gave the stock an "outperform" rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $87.33.

Insiders Place Their Bets

In other news, CEO John J. Marchioni acquired 3,200 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price of $77.89 per share, for a total transaction of $249,248.00. Following the completion of the purchase, the chief executive officer owned 139,775 shares in the company, valued at approximately $10,887,074.75. This trade represents a 2.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Kelly Doherty acquired 1,500 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $77.00 per share, for a total transaction of $115,500.00. Following the purchase, the director owned 27,110 shares of the company's stock, valued at $2,087,470. The trade was a 5.86% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 10,602 shares of company stock valued at $817,440 in the last quarter. 1.00% of the stock is currently owned by company insiders.

Selective Insurance Group Stock Performance

Shares of SIGI stock traded down $1.42 during trading on Monday, hitting $77.29. The company's stock had a trading volume of 288,052 shares, compared to its average volume of 599,543. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $82.72 and a 200-day moving average of $85.47. The company has a market cap of $4.70 billion, a PE ratio of 12.65 and a beta of 0.47.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.55 by ($0.24). Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. The firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same quarter in the previous year, the company posted ($1.10) EPS. As a group, research analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be paid a $0.38 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.52 annualized dividend and a yield of 2.0%. Selective Insurance Group's dividend payout ratio is presently 24.88%.

Selective Insurance Group Profile

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.