Selective Insurance Group, Inc. $SIGI Stock Holdings Increased by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in Selective Insurance Group by 8.4% in the first quarter, now holding 1.33% of the company's shares, valued at approximately $73.8 million.
• Selective Insurance Group reported $1.31 earnings per share, missing the consensus estimate of $1.55, and had a revenue of $1.29 billion, below analyst expectations.
• The company declared a quarterly dividend of $0.38 per share, with an annualized yield of 2.0%, set to be distributed to investors on September 2nd.

Raymond James Financial Inc. raised its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 8.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 805,704 shares of the insurance provider's stock after purchasing an additional 62,503 shares during the period. Raymond James Financial Inc. owned 1.33% of Selective Insurance Group worth $73,755,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Olde Wealth Management LLC bought a new stake in shares of Selective Insurance Group in the 1st quarter worth about $28,000. Quarry LP bought a new stake in shares of Selective Insurance Group in the 4th quarter worth about $38,000. Toth Financial Advisory Corp bought a new stake in shares of Selective Insurance Group in the 1st quarter worth about $41,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position 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 worth $49,000 after purchasing an additional 474 shares during the last quarter. Finally, Signaturefd LLC increased its position 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 worth $62,000 after purchasing an additional 249 shares during the last quarter. Institutional investors own 82.88% of the company's stock.

Insider Activity at Selective Insurance Group

In related news, Director Terrence W. Cavanaugh purchased 2,000 shares of the company's stock in a transaction on Friday, July 25th. The shares were bought at an average cost of $75.72 per share, for a total transaction of $151,440.00. Following the transaction, the director owned 25,295 shares of the company's stock, valued at $1,915,337.40. This represents a 8.59% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert Kelly Doherty purchased 1,500 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average price of $77.00 per share, for a total transaction of $115,500.00. Following the completion of the transaction, the director directly owned 27,110 shares in the company, valued at $2,087,470. This represents a 5.86% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 10,602 shares of company stock worth $817,440 in the last three months. Insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets set a $88.00 target price on shares of Selective Insurance Group and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Keefe, Bruyette & Woods decreased their price target on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a report on Monday, July 28th. Wall Street Zen raised shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Piper Sandler decreased their price target on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Finally, Morgan Stanley lowered shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $86.00 to $72.00 in a report on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $87.33.

Selective Insurance Group Stock Performance

Selective Insurance Group stock traded down $1.42 during midday trading on Monday, reaching $77.29. 288,052 shares of the stock traded hands, compared to its average volume of 599,543. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28. The firm has a fifty day moving average price of $82.72 and a two-hundred day moving average price of $85.47. The firm has a market cap of $4.70 billion, a price-to-earnings ratio of 12.65 and a beta of 0.47. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The firm had revenue of $1.29 billion for 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 previous year, the firm earned ($1.10) earnings per share. On average, equities research analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group's payout ratio is presently 24.88%.

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.