Crossmark Global Holdings Inc. Increases Stock Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Crossmark Global Holdings Inc. increased its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 17.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,585 shares of the insurance provider’s stock after purchasing an additional 669 shares during the period. Crossmark Global Holdings Inc.’s holdings in Selective Insurance Group were worth $428,000 at the end of the most recent quarter.

A number of other institutional 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 3rd quarter worth approximately $27,000. Quest Partners LLC acquired a new stake in Selective Insurance Group during the second quarter worth $28,000. GAMMA Investing LLC raised its position in Selective Insurance Group by 81.5% in the second 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 period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Selective Insurance Group in the second quarter valued at $44,000. Finally, Lazard Asset Management LLC lifted its stake in shares of Selective Insurance Group by 245.9% in the 1st quarter. Lazard Asset Management LLC now owns 1,228 shares of the insurance provider’s stock valued at $134,000 after purchasing an additional 873 shares during the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SIGI shares. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $95.00 to $105.00 in a report on Wednesday, October 30th. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Bank of America increased their price objective on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their target price for the company from $104.00 to $99.00 in a research report on Monday, July 22nd. Finally, Piper Sandler lowered their price target on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $101.67.

Insider Buying and Selling

In related news, CAO Anthony D. Harnett sold 1,404 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the transaction, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This represents a 8.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by insiders.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $98.94 on Friday. Selective Insurance Group, Inc. has a 52 week low of $81.00 and a 52 week high of $109.58. The company has a fifty day simple moving average of $93.64 and a two-hundred day simple moving average of $92.87. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 26.67 and a beta of 0.57.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly 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). The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. Selective Insurance Group’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS. As a group, equities analysts anticipate that Selective Insurance Group, Inc. will post 3.63 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.38 dividend. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.54%. Selective Insurance Group’s dividend payout ratio (DPR) is 37.74%.

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.