New York Life Investment Management LLC Acquires 511 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

New York Life Investment Management LLC increased its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 8.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,791 shares of the insurance provider’s stock after purchasing an additional 511 shares during the period. New York Life Investment Management LLC’s holdings in Selective Insurance Group were worth $676,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. grew its stake in shares of Selective Insurance Group by 68.9% during the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock valued at $27,000 after buying an additional 104 shares during the last quarter. Headinvest LLC bought a new position in Selective Insurance Group during the 3rd quarter worth approximately $62,000. Morton Brown Family Wealth LLC purchased a new position in Selective Insurance Group in the 4th quarter worth approximately $82,000. Fifth Third Bancorp boosted its stake in shares of Selective Insurance Group by 12.3% during the third quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 128 shares during the period. Finally, SG Americas Securities LLC grew its holdings in shares of Selective Insurance Group by 15.3% in the third quarter. SG Americas Securities LLC now owns 1,718 shares of the insurance provider’s stock worth $177,000 after purchasing an additional 228 shares during the last quarter. Institutional investors own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. Piper Sandler reissued a “neutral” rating and issued a $104.00 target price on shares of Selective Insurance Group in a research note on Monday, April 1st. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Oppenheimer reiterated an “outperform” rating and issued a $120.00 price objective on shares of Selective Insurance Group in a research report on Friday, April 5th. Finally, Royal Bank of Canada dropped their price target on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating for the company in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $105.17.

Selective Insurance Group Stock Down 0.9 %

Shares of NASDAQ:SIGI opened at $99.00 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. Selective Insurance Group, Inc. has a 52-week low of $92.06 and a 52-week high of $109.58. The firm has a market capitalization of $6.02 billion, a P/E ratio of 17.49, a P/E/G ratio of 0.77 and a beta of 0.55. The stock has a 50 day moving average price of $103.12 and a 200-day moving average price of $102.48.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $1.33 EPS for the quarter, missing the consensus estimate of $1.88 by ($0.55). The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.44 EPS. As a group, equities research analysts anticipate that Selective Insurance Group, Inc. will post 7.49 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend is Tuesday, May 14th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 24.74%.

Insider Activity

In related news, COO Brenda M. Hall sold 2,626 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the sale, the chief operating officer now owns 10,511 shares in the company, valued at approximately $1,112,904.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.00% of the company’s stock.

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.