Lazard Asset Management LLC Increases Stock Holdings in Selective Insurance Group, Inc. $SIGI

Key Points

• Lazard Asset Management increased its Selective Insurance Group stake by 176.4% in the first quarter, bringing its holdings to 50,809 shares worth approximately $3.83 million. Institutional investors collectively own 82.88% of SIGI.
• Selective Insurance reported quarterly earnings of $1.95 per share, exceeding the $1.66 analyst consensus, while revenue of $1.39 billion also surpassed expectations. Analysts project full-year earnings of approximately $7.98 per share.
• The company declared a quarterly dividend of $0.43, equivalent to an annualized $1.72 and a 1.8% yield. Despite several price-target increases, analysts maintain a consensus “Hold” rating with a $100.33 target, while an executive recently sold 17,100 shares.

Lazard Asset Management LLC lifted its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 176.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 50,809 shares of the insurance provider's stock after buying an additional 32,426 shares during the quarter. Lazard Asset Management LLC owned approximately 0.08% of Selective Insurance Group worth $3,830,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Eurizon Capital SGR S.p.A. purchased a new position in Selective Insurance Group during the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC acquired a new position in Selective Insurance Group during the fourth quarter worth about $25,000. Amundi lifted its holdings in shares of Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 311 shares in the last quarter. First Horizon Corp lifted its holdings in shares of Selective Insurance Group by 52.8% in the fourth quarter. First Horizon Corp now owns 550 shares of the insurance provider's stock valued at $46,000 after purchasing an additional 190 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in shares of Selective Insurance Group by 177.5% in the fourth quarter. IFP Advisors Inc now owns 591 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 378 shares in the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Performance

NASDAQ SIGI opened at $94.79 on Friday. The business's 50-day moving average price is $93.61 and its 200 day moving average price is $86.22. Selective Insurance Group, Inc. has a twelve month low of $72.78 and a twelve month high of $100.40. The company has a market capitalization of $5.65 billion, a PE ratio of 11.76 and a beta of 0.29. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.66 by $0.29. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates 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 last year, the company earned $1.31 EPS. On average, research analysts predict that Selective Insurance Group, Inc. will post 7.98 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The business also recently announced 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 of this dividend is Monday, August 17th. This represents a $1.72 annualized dividend and a dividend yield of 1.8%. Selective Insurance Group's dividend payout ratio (DPR) is currently 21.34%.

Analyst Upgrades and Downgrades

SIGI has been the subject of a number of recent research reports. Keefe, Bruyette & Woods raised their price objective on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a "market perform" rating in a research note on Thursday. Piper Sandler upped their target price 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 increased their target price on Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 6th. BMO Capital Markets downgraded Selective Insurance Group from an "outperform" rating to a "market perform" rating and set a $97.00 price target for the company. in a research report on Tuesday. Finally, Weiss Ratings raised Selective Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Selective Insurance Group currently has a consensus rating of "Hold" and a consensus price target of $100.33.

Insider Activity

In related news, EVP Michael H. Lanza sold 17,100 shares of the firm's stock in a transaction that occurred on 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 trade represents a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.82% of the company's stock.

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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