Selective Insurance Group, Inc. $SIGI Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp sharply boosted its position in Selective Insurance Group, increasing its stake by 5,084% in the first quarter to 54,173 shares worth about $4.08 million.
• Selective Insurance Group reported mixed quarterly results: EPS of $1.69 missed estimates, but revenue of $1.36 billion topped expectations and rose 5.7% from a year earlier.
• The company continues to attract institutional interest and analyst attention, with 82.88% of shares held by institutions and a Wall Street consensus rating of “Hold” with a $99.33 price target.

Fifth Third Bancorp raised its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 5,084.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,173 shares of the insurance provider's stock after buying an additional 53,128 shares during the period. Fifth Third Bancorp owned approximately 0.09% of Selective Insurance Group worth $4,084,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in SIGI. Oregon Public Employees Retirement Fund raised its holdings in Selective Insurance Group by 2.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 12,354 shares of the insurance provider's stock worth $931,000 after purchasing an additional 300 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Selective Insurance Group by 15.9% during the 1st quarter. Private Advisor Group LLC now owns 4,820 shares of the insurance provider's stock valued at $363,000 after purchasing an additional 660 shares during the period. Y Intercept Hong Kong Ltd raised its stake in shares of Selective Insurance Group by 63.9% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 44,100 shares of the insurance provider's stock worth $3,325,000 after buying an additional 17,195 shares in the last quarter. MQS Management LLC acquired a new stake in shares of Selective Insurance Group in the first quarter valued at $359,000. Finally, Apollon Wealth Management LLC boosted its stake in Selective Insurance Group by 34.7% during the first quarter. Apollon Wealth Management LLC now owns 9,488 shares of the insurance provider's stock valued at $715,000 after buying an additional 2,443 shares in the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Stock Up 1.3%

Shares of Selective Insurance Group stock opened at $96.46 on Friday. Selective Insurance Group, Inc. has a 12-month low of $71.75 and a 12-month high of $100.40. The firm has a market capitalization of $5.78 billion, a PE ratio of 13.20 and a beta of 0.29. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock's fifty day moving average is $92.00 and its 200-day moving average is $85.41.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing analysts' consensus estimates of $1.81 by ($0.12). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.29 billion. Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.76 EPS. Equities analysts anticipate that Selective Insurance Group, Inc. will post 7.85 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, May 15th. Selective Insurance Group's dividend payout ratio (DPR) is 23.53%.

Analyst Upgrades and Downgrades

SIGI has been the topic of a number of research analyst reports. Weiss Ratings raised Selective Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 10th. BMO Capital Markets upgraded shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Selective Insurance Group from $88.00 to $101.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 8th. Piper Sandler increased their target price on shares of Selective Insurance Group from $93.00 to $103.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Royal Bank Of Canada raised their target price on shares of Selective Insurance Group from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $99.33.

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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