Jupiter Topco LLC Invests $47.56 Million in Selective Insurance Group, Inc. $SIGI

Key Points

• Jupiter Topco LLC acquired 490,237 Selective Insurance Group shares worth approximately $47.6 million, representing about 0.82% of the company. Institutional investors collectively own 82.88% of SIGI.
• Selective Insurance reported quarterly earnings of $1.95 per share, beating analyst expectations of $1.66, while revenue reached $1.39 billion versus the $1.30 billion consensus estimate.
• The company declared a quarterly dividend of $0.43 per share, or $1.72 annualized, yielding about 1.9%. Analysts maintain an overall “Hold” rating with an average price target of $100.33.

Jupiter Topco LLC purchased a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 490,237 shares of the insurance provider's stock, valued at approximately $47,558,000. Jupiter Topco LLC owned approximately 0.82% of Selective Insurance Group as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Selective Insurance Group during the 2nd quarter worth approximately $754,557,000. AQR Capital Management LLC boosted its stake in shares of Selective Insurance Group by 56.3% in the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider's stock valued at $339,662,000 after buying an additional 1,462,838 shares in the last quarter. Norges Bank acquired a new position in Selective Insurance Group during the fourth quarter worth $65,625,000. First Trust Advisors LP grew its holdings in Selective Insurance Group by 239.1% during the fourth quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider's stock worth $86,726,000 after acquiring an additional 730,890 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in Selective Insurance Group in the second quarter worth $47,482,000. Institutional investors and hedge funds own 82.88% of the company's stock.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $92.30 on Friday. The stock has a fifty day moving average price of $95.18 and a 200 day moving average price of $87.57. The stock has a market cap of $5.50 billion, a PE ratio of 11.45 and a beta of 0.30. Selective Insurance Group, Inc. has a 1 year low of $72.78 and a 1 year high of $100.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, topping analysts' consensus estimates of $1.66 by $0.29. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same period in the previous year, the business earned $1.31 earnings per share. Sell-side analysts forecast that Selective Insurance Group, Inc. will post 8.12 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a $0.43 dividend. The ex-dividend date 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 currently 21.34%.

Analysts Set New Price Targets

A number of research firms have commented on SIGI. Piper Sandler raised their target price on Selective Insurance Group from $93.00 to $103.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Weiss Ratings raised shares of Selective Insurance Group from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, August 17th. Keefe, Bruyette & Woods increased their price target on shares of Selective Insurance Group from $101.00 to $102.00 and gave the company a "market perform" rating in a report on Thursday, July 30th. Royal Bank Of Canada raised their price objective on shares of 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 shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an "underweight" rating in a report on Monday, July 6th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Selective Insurance Group presently has an average rating of "Hold" and an average price target of $100.33.

Insider Activity at Selective Insurance Group

In related news, EVP Michael H. Lanza sold 17,100 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total value of $1,608,084.00. Following the sale, the executive vice president directly owned 16,565 shares of the company's stock, valued at approximately $1,557,772.60. This represents a 50.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.82% of the stock is owned by corporate insiders.

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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