Charles Schwab Investment Management Inc. Grows Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Charles Schwab Investment Management Inc. boosted its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 867,691 shares of the insurance provider’s stock after buying an additional 21,374 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Selective Insurance Group were worth $80,956,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of SIGI. V Square Quantitative Management LLC acquired a new stake in shares of Selective Insurance Group during the third quarter valued at about $27,000. Quest Partners LLC purchased a new position in shares of Selective Insurance Group during the 2nd quarter worth approximately $28,000. GAMMA Investing LLC increased its holdings in Selective Insurance Group by 81.5% in the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 145 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Selective Insurance Group in the second quarter valued at approximately $44,000. Finally, Lazard Asset Management LLC lifted its stake in Selective Insurance Group by 245.9% during the first quarter. Lazard Asset Management LLC now owns 1,228 shares of the insurance provider’s stock worth $134,000 after purchasing an additional 873 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada boosted their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Bank of America boosted their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 22nd. Finally, BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $95.00 to $105.00 in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Selective Insurance Group currently has a consensus rating of “Hold” and a consensus target price of $101.67.

Insider Buying and Selling

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the sale, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at $1,476,759.06. The trade was a 8.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.50% of the company’s stock.

Selective Insurance Group Price Performance

SIGI stock opened at $102.00 on Thursday. The business’s 50-day moving average is $94.69 and its two-hundred day moving average is $92.79. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market capitalization of $6.20 billion, a P/E ratio of 26.90 and a beta of 0.57. Selective Insurance Group, Inc. has a 1 year low of $81.00 and a 1 year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the business earned $1.51 EPS. The firm’s revenue was up 15.1% compared to the same quarter last year. Analysts anticipate that Selective Insurance Group, Inc. will post 3.59 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group’s payout ratio is 40.97%.

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.