BlackRock Inc. Has $640.12 Million Stake in Selective Insurance Group (NASDAQ:SIGI)

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BlackRock Inc. lifted its position in shares of Selective Insurance Group (NASDAQ:SIGI) by 2.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,547,451 shares of the insurance provider’s stock after acquiring an additional 168,925 shares during the quarter. BlackRock Inc. owned approximately 14.40% of Selective Insurance Group worth $640,118,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Phocas Financial Corp. acquired a new position in Selective Insurance Group during the 2nd quarter worth about $14,625,000. Royal Bank of Canada lifted its holdings in Selective Insurance Group by 25.3% during the 2nd quarter. Royal Bank of Canada now owns 2,394 shares of the insurance provider’s stock worth $179,000 after buying an additional 484 shares during the period. Eaton Vance Management lifted its holdings in Selective Insurance Group by 362.1% during the 2nd quarter. Eaton Vance Management now owns 163,273 shares of the insurance provider’s stock worth $12,228,000 after buying an additional 127,941 shares during the period. California Public Employees Retirement System lifted its holdings in Selective Insurance Group by 2.0% during the 2nd quarter. California Public Employees Retirement System now owns 84,626 shares of the insurance provider’s stock worth $6,338,000 after buying an additional 1,659 shares during the period. Finally, Nuveen Asset Management LLC acquired a new position in Selective Insurance Group during the 2nd quarter worth about $22,297,000. 78.60% of the stock is currently owned by institutional investors.

Selective Insurance Group stock opened at $68.66 on Friday. The stock has a market cap of $4.09 billion, a P/E ratio of 18.76, a PEG ratio of 2.19 and a beta of 0.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The firm’s fifty day moving average price is $73.46 and its 200-day moving average price is $74.82. Selective Insurance Group has a fifty-two week low of $56.22 and a fifty-two week high of $81.35.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, October 30th. The insurance provider reported $0.97 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by ($0.14). Selective Insurance Group had a net margin of 8.53% and a return on equity of 12.83%. The firm had revenue of $710.40 million for the quarter, compared to the consensus estimate of $718.14 million. During the same period last year, the business earned $0.99 EPS. Selective Insurance Group’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts predict that Selective Insurance Group will post 4.18 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Thursday, November 14th. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.20. Selective Insurance Group’s payout ratio is 21.86%.

A number of research analysts have recently issued reports on the company. ValuEngine raised Selective Insurance Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. BidaskClub lowered Selective Insurance Group from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, Buckingham Research upped their price objective on Selective Insurance Group from $73.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The company currently has an average rating of “Hold” and an average price target of $74.00.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.

See Also: Hedge Funds

Institutional Ownership by Quarter for Selective Insurance Group (NASDAQ:SIGI)

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