Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Acquired by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC increased its stake in Selective Insurance Group by 36.9% during the first quarter, acquiring an additional 17,236 shares to bring its total ownership to 63,902 shares.
• Selective Insurance Group's stock price opened at $79.09 and has a market capitalization of $4.81 billion, with a price-to-earnings ratio of 12.94.
• The company recently announced a quarterly dividend of $0.38, representing an annualized yield of 1.9% and a payout ratio of 24.88%.

New Age Alpha Advisors LLC grew its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 36.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 63,902 shares of the insurance provider's stock after purchasing an additional 17,236 shares during the quarter. New Age Alpha Advisors LLC owned approximately 0.11% of Selective Insurance Group worth $5,850,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Principal Financial Group Inc. boosted its position in Selective Insurance Group by 0.3% during the first quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider's stock worth $12,967,000 after acquiring an additional 493 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Selective Insurance Group by 11.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider's stock worth $761,000 after acquiring an additional 861 shares during the last quarter. SG Americas Securities LLC boosted its position in Selective Insurance Group by 221.3% during the first quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider's stock worth $651,000 after acquiring an additional 4,899 shares during the last quarter. M&T Bank Corp acquired a new position in Selective Insurance Group during the first quarter worth about $225,000. Finally, Assenagon Asset Management S.A. acquired a new position in Selective Insurance Group during the first quarter worth about $2,559,000. Institutional investors and hedge funds own 82.88% of the company's stock.

Selective Insurance Group Stock Up 0.5%

Shares of Selective Insurance Group stock traded up $0.41 during trading hours on Friday, hitting $78.15. The company had a trading volume of 317,853 shares, compared to its average volume of 785,691. The company's 50-day moving average is $84.69 and its two-hundred day moving average is $86.35. Selective Insurance Group, Inc. has a twelve month low of $71.75 and a twelve month high of $103.56. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick ratio of 0.33. The company has a market cap of $4.76 billion, a P/E ratio of 12.79 and a beta of 0.47.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%. During the same quarter in the prior year, the company earned ($1.10) EPS. Analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, August 15th. Selective Insurance Group's dividend payout ratio (DPR) is currently 24.88%.

Insiders Place Their Bets

In related news, Director Terrence W. Cavanaugh purchased 2,000 shares of the business's stock in a transaction dated Friday, July 25th. The stock was acquired at an average price of $75.72 per share, for a total transaction of $151,440.00. Following the acquisition, the director directly owned 25,295 shares of the company's stock, valued at $1,915,337.40. This trade represents a 8.59% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas A. Mccarthy purchased 2,500 shares of the business's stock in a transaction dated Monday, July 28th. The stock was bought at an average price of $77.42 per share, with a total value of $193,550.00. Following the acquisition, the director directly owned 18,746 shares in the company, valued at approximately $1,451,315.32. This represents a 15.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 10,602 shares of company stock worth $817,440. Insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. BMO Capital Markets set a $88.00 price target on shares of Selective Insurance Group and gave the stock an "outperform" rating in a research report on Tuesday. Piper Sandler reduced their target price on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Keefe, Bruyette & Woods reduced their target price on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a research note on Monday, July 28th. Morgan Stanley downgraded shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and reduced their target price for the stock from $86.00 to $72.00 in a research note on Tuesday. Finally, Wall Street Zen raised shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $87.33.

Selective Insurance Group Company 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.