Northern Trust Corp Has $94.50 Million Position in Selective Insurance Group, Inc. $SIGI

Key Points

• Northern Trust Corp has reduced its stake in Selective Insurance Group by 1.9%, now holding approximately 1,032,328 shares valued at $94.5 million.
• Director Thomas A. McCarthy and Director Robert Kelly Doherty have recently increased their holdings by purchasing 2,500 and 1,500 shares, respectively.
• Selective Insurance Group announced a quarterly dividend of $0.38 per share, with a dividend yield of 1.9%, to be paid on September 2nd.

Northern Trust Corp reduced its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,032,328 shares of the insurance provider's stock after selling 19,814 shares during the period. Northern Trust Corp owned about 1.70% of Selective Insurance Group worth $94,499,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Frank Rimerman Advisors LLC boosted its position in shares of Selective Insurance Group by 3.0% during the 1st quarter. Frank Rimerman Advisors LLC now owns 4,728 shares of the insurance provider's stock valued at $433,000 after acquiring an additional 136 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Selective Insurance Group by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 7,117 shares of the insurance provider's stock valued at $651,000 after buying an additional 185 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its position in Selective Insurance Group by 3.9% in the first quarter. Resona Asset Management Co. Ltd. now owns 5,134 shares of the insurance provider's stock valued at $470,000 after buying an additional 193 shares in the last quarter. State of Michigan Retirement System boosted its position in Selective Insurance Group by 1.4% in the first quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider's stock valued at $1,335,000 after buying an additional 200 shares in the last quarter. Finally, Captrust Financial Advisors boosted its position in Selective Insurance Group by 4.1% in the fourth quarter. Captrust Financial Advisors now owns 6,141 shares of the insurance provider's stock valued at $574,000 after buying an additional 244 shares in the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SIGI has been the topic of a number of recent analyst reports. Piper Sandler reduced their price target on shares of 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. Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. Keefe, Bruyette & Woods reduced their price target on shares of 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. BMO Capital Markets set a $88.00 price target on shares of Selective Insurance Group and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Morgan Stanley lowered shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $86.00 to $72.00 in a research report on Tuesday, August 5th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $87.33.

Selective Insurance Group Trading Up 0.1%

Shares of SIGI traded up $0.10 on Friday, reaching $78.23. 641,414 shares of the company's stock were exchanged, compared to its average volume of 549,829. 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 stock has a market capitalization of $4.76 billion, a P/E ratio of 12.80 and a beta of 0.47. The business has a 50 day moving average price of $82.18 and a two-hundred day moving average price of $85.29. Selective Insurance Group, Inc. has a 12 month low of $71.75 and a 12 month high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted 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 the consensus estimate 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 period last year, the firm earned ($1.10) earnings per share. Research analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm 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 dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group's payout ratio is 24.88%.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, Director Thomas A. Mccarthy purchased 2,500 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was acquired at an average cost of $77.42 per share, with a total value of $193,550.00. Following the completion of the purchase, 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph Eppers purchased 1,402 shares of the company's stock in a transaction that occurred on Friday, July 25th. The shares were acquired at an average cost of $76.82 per share, with a total value of $107,701.64. Following the completion of the purchase, the executive vice president owned 12,492 shares of the company's stock, valued at $959,635.44. The trade was a 12.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 10,602 shares of company stock valued at $817,440 over the last 90 days. Company insiders own 1.50% of the company's stock.

Selective Insurance Group 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.