Nuveen LLC Acquires Shares of 403,573 Selective Insurance Group, Inc. $SIGI

Key Points

• Nuveen LLC has taken a new position in Selective Insurance Group, purchasing 403,573 shares valued at approximately $36.9 million, which constitutes about 0.66% of the company's stock.
• Selective Insurance Group reported earnings per share (EPS) of $1.31 for the last quarter, missing analysts' estimates of $1.55, while revenue was $1.29 billion, below the forecast of $1.32 billion.
• The company declared a quarterly dividend of $0.38 per share, set to be paid on September 2nd, representing an annual yield of 2.0% and a payout ratio of 24.88%.

Nuveen LLC acquired a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 403,573 shares of the insurance provider's stock, valued at approximately $36,943,000. Nuveen LLC owned approximately 0.66% of Selective Insurance Group as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Olde Wealth Management LLC bought a new position in shares of Selective Insurance Group in the 1st quarter valued at approximately $28,000. Quarry LP bought a new position in shares of Selective Insurance Group in the 4th quarter valued at approximately $38,000. Toth Financial Advisory Corp bought a new position in shares of Selective Insurance Group in the 1st quarter valued at approximately $41,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Selective Insurance Group by 752.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 537 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 474 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of Selective Insurance Group by 58.7% in the 1st quarter. Signaturefd LLC now owns 673 shares of the insurance provider's stock valued at $62,000 after acquiring an additional 249 shares in the last quarter. 82.88% of the stock is owned by institutional investors.

Selective Insurance Group Stock Performance

Shares of NASDAQ:SIGI traded up $1.51 during trading on Tuesday, hitting $77.29. 499,117 shares of the stock were exchanged, compared to its average volume of 455,544. Selective Insurance Group, Inc. has a 1-year low of $71.75 and a 1-year high of $103.56. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of 12.65 and a beta of 0.47. The company's fifty day simple moving average is $83.47 and its 200-day simple moving average is $85.70. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.33 and a current ratio of 0.33.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.55 by ($0.24). The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. During the same period in the prior year, the firm earned ($1.10) EPS. Sell-side analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS 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. Investors of record on Friday, August 15th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.52 annualized dividend and a yield of 2.0%. Selective Insurance Group's payout ratio is currently 24.88%.

Insiders Place Their Bets

In related news, CEO John J. Marchioni purchased 3,200 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price of $77.89 per share, with a total value of $249,248.00. Following the purchase, the chief executive officer directly owned 139,775 shares in the company, valued at $10,887,074.75. This represents a 2.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Terrence W. Cavanaugh acquired 2,000 shares of the business's stock in a transaction on Friday, July 25th. The stock was acquired at an average price of $75.72 per share, with a total value of $151,440.00. Following the transaction, the director owned 25,295 shares in the company, valued at approximately $1,915,337.40. The trade was a 8.59% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 10,602 shares of company stock worth $817,440 over the last quarter. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

SIGI has been the topic of several recent analyst reports. Morgan Stanley downgraded Selective Insurance Group from an "equal weight" rating to an "underweight" rating and dropped their price target for the stock from $86.00 to $72.00 in a research report on Tuesday, August 5th. BMO Capital Markets set a $88.00 price target on Selective Insurance Group and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Wall Street Zen raised Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. Piper Sandler dropped their price target on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods dropped their price target on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a research report on Monday, July 28th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Selective Insurance Group presently has a consensus rating of "Reduce" and an average target price of $87.33.

About Selective Insurance Group

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.