Selective Insurance Group (NASDAQ:SIGI) Position Increased by Peregrine Capital Management LLC

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Peregrine Capital Management LLC lifted its position in Selective Insurance Group (NASDAQ:SIGI) by 1.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 92,028 shares of the insurance provider’s stock after acquiring an additional 1,328 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.15% of Selective Insurance Group worth $4,854,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the stock. Chartwell Investment Partners LLC lifted its position in Selective Insurance Group by 3.9% in the 2nd quarter. Chartwell Investment Partners LLC now owns 375,718 shares of the insurance provider’s stock worth $19,815,000 after buying an additional 14,127 shares in the last quarter. State of Michigan Retirement System raised its holdings in shares of Selective Insurance Group by 31.6% during the 2nd quarter. State of Michigan Retirement System now owns 21,719 shares of the insurance provider’s stock valued at $1,145,000 after purchasing an additional 5,219 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Selective Insurance Group by 47.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,479 shares of the insurance provider’s stock valued at $342,000 after purchasing an additional 2,083 shares in the last quarter. Vident Investment Advisory LLC bought a new position in shares of Selective Insurance Group during the 2nd quarter valued at $347,000. Finally, Strs Ohio raised its holdings in shares of Selective Insurance Group by 22.9% during the 2nd quarter. Strs Ohio now owns 96,700 shares of the insurance provider’s stock valued at $5,099,000 after purchasing an additional 18,000 shares in the last quarter. Institutional investors and hedge funds own 77.97% of the company’s stock.

NASDAQ:SIGI opened at $54.34 on Friday. Selective Insurance Group has a 52 week low of $37.05 and a 52 week high of $81.35. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 8.49 and a beta of 0.73. The company has a 50-day moving average of $53.28 and a 200-day moving average of $55.22. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.32 and a current ratio of 0.31.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.03. Selective Insurance Group had a net margin of 6.73% and a return on equity of 9.90%. The firm had revenue of $682.40 million during the quarter, compared to the consensus estimate of $707.28 million. During the same period last year, the firm posted $1.16 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Sell-side analysts forecast that Selective Insurance Group will post 3.45 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Thursday, August 13th. Selective Insurance Group’s dividend payout ratio is presently 20.91%.

In related news, Director William M. Rue acquired 25,000 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $52.45 per share, for a total transaction of $1,311,250.00. Following the completion of the acquisition, the director now directly owns 355,170 shares in the company, valued at $18,628,666.50. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Terrence W. Cavanaugh acquired 1,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was bought at an average price of $50.96 per share, for a total transaction of $50,960.00. Corporate insiders own 2.00% of the company’s stock.

SIGI has been the topic of a number of research analyst reports. Piper Sandler lowered their target price on shares of Selective Insurance Group from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Royal Bank of Canada lowered their target price on shares of Selective Insurance Group from $75.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 8th. Credit Suisse Group upgraded shares of Selective Insurance Group from an “underperform” rating to an “outperform” rating and raised their price target for the stock from $49.00 to $50.00 in a research report on Thursday, May 14th. ValuEngine lowered shares of Selective Insurance Group from a “hold” rating to a “sell” rating in a research report on Thursday, April 30th. Finally, BidaskClub upgraded shares of Selective Insurance Group from a “sell” rating to a “hold” rating in a research report on Friday, July 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $60.00.

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.

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

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