Los Angeles Capital Management LLC Cuts Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Los Angeles Capital Management LLC lowered its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 3.3% during the second quarter, HoldingsChannel.com reports. The firm owned 26,076 shares of the insurance provider’s stock after selling 900 shares during the period. Los Angeles Capital Management LLC’s holdings in Selective Insurance Group were worth $2,447,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Private Advisor Group LLC purchased a new position in shares of Selective Insurance Group during the 4th quarter valued at approximately $404,000. Charles Schwab Investment Management Inc. grew its position in shares of Selective Insurance Group by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 811,919 shares of the insurance provider’s stock valued at $80,770,000 after purchasing an additional 17,657 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Selective Insurance Group by 0.5% during the fourth quarter. Teacher Retirement System of Texas now owns 27,092 shares of the insurance provider’s stock worth $2,695,000 after purchasing an additional 123 shares in the last quarter. Jump Financial LLC acquired a new position in shares of Selective Insurance Group during the 4th quarter worth about $343,000. Finally, Principal Financial Group Inc. lifted its stake in Selective Insurance Group by 2.4% in the 4th quarter. Principal Financial Group Inc. now owns 243,045 shares of the insurance provider’s stock valued at $24,178,000 after buying an additional 5,597 shares in the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Trading Up 0.4 %

Shares of SIGI stock opened at $89.58 on Tuesday. Selective Insurance Group, Inc. has a twelve month low of $81.00 and a twelve month high of $109.58. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 15.83, a PEG ratio of 1.47 and a beta of 0.56. The company’s 50-day moving average price is $89.98 and its 200-day moving average price is $96.24. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing the consensus estimate of $1.49 by ($2.59). The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.21 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. During the same quarter in the previous year, the firm earned $0.99 earnings per share. As a group, equities analysts predict that Selective Insurance Group, Inc. will post 3.84 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a $0.35 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.40 annualized dividend and a yield of 1.56%. Selective Insurance Group’s payout ratio is 24.74%.

Wall Street Analyst Weigh In

SIGI has been the subject of several research reports. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. Royal Bank of Canada dropped their price target on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research report on Monday, July 22nd. BMO Capital Markets lifted their target price on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Bank of America reduced their target price on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a research report on Thursday, July 11th. Finally, Piper Sandler lowered their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $98.67.

Insiders Place Their Bets

In other Selective Insurance Group news, Director Terrence W. Cavanaugh purchased 2,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average price of $85.85 per share, with a total value of $171,700.00. Following the purchase, the director now directly owns 20,651 shares in the company, valued at approximately $1,772,888.35. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO John J. Marchioni bought 2,400 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was purchased at an average price of $83.56 per share, for a total transaction of $200,544.00. Following the acquisition, the chief executive officer now owns 136,397 shares of the company’s stock, valued at $11,397,333.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the transaction, the director now owns 20,651 shares of the company’s stock, valued at $1,772,888.35. The disclosure for this purchase can be found here. 1.50% of the stock is owned by insiders.

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.