Jennison Associates LLC Acquires Shares of 12,092 Selective Insurance Group, Inc. $SIGI

Key Points

• Jennison Associates LLC opened a new position in Selective Insurance Group during the first quarter, buying 12,092 shares valued at about $912,000.
• Selective Insurance Group’s stock was trading near $96.08, with a market cap of $5.75 billion and a 52-week range of $71.75 to $100.40.
• The company recently reported earnings below expectations at $1.69 EPS versus $1.81 expected, though revenue came in above estimates at $1.36 billion and was up 5.7% year over year.

Jennison Associates LLC bought a new position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 12,092 shares of the insurance provider's stock, valued at approximately $912,000.

A number of other large investors also recently modified their holdings of the stock. AQR Capital Management LLC lifted its position 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 purchasing an additional 1,462,838 shares in the last quarter. Norges Bank acquired a new stake in shares of Selective Insurance Group in the fourth quarter valued at approximately $65,625,000. First Trust Advisors LP raised its position in Selective Insurance Group by 239.1% in the 4th quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider's stock worth $86,726,000 after purchasing an additional 730,890 shares during the last quarter. Bank of America Corp DE raised its position in Selective Insurance Group by 40.0% in the 2nd quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider's stock worth $62,906,000 after purchasing an additional 207,258 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in Selective Insurance Group by 58.9% in the 3rd quarter. Franklin Resources Inc. now owns 552,880 shares of the insurance provider's stock worth $44,822,000 after purchasing an additional 204,947 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Selective Insurance Group Price Performance

Shares of SIGI stock opened at $96.08 on Thursday. The firm's 50 day moving average price is $92.71 and its two-hundred day moving average price is $85.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30. Selective Insurance Group, Inc. has a 52-week low of $71.75 and a 52-week high of $100.40. The stock has a market cap of $5.75 billion, a PE ratio of 13.14 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.12). The business had revenue of $1.36 billion for 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 revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.76 EPS. As a group, analysts forecast that Selective Insurance Group, Inc. will post 7.85 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SIGI. Weiss Ratings upgraded Selective Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 10th. Royal Bank Of Canada boosted their target price on Selective Insurance Group from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Piper Sandler upped their price target on Selective Insurance Group from $93.00 to $103.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Morgan Stanley raised their price target on Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 6th. Finally, Oppenheimer lifted their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the stock an "outperform" rating in a research report on Thursday, May 21st. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $99.33.

About Selective Insurance Group

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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