Wellington Management Group LLP Invests $77.15 Million in Selective Insurance Group, Inc. $SIGI

Wellington Management Group LLP acquired a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 795,272 shares of the insurance provider’s stock, valued at approximately $77,149,000. Wellington Management Group LLP owned 1.34% of Selective Insurance Group at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Selective Insurance Group in the 2nd quarter valued at $754,557,000. AQR Capital Management LLC lifted its stake in Selective Insurance Group by 56.3% in the 4th quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock valued at $339,662,000 after purchasing an additional 1,462,838 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Selective Insurance Group by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,660,758 shares of the insurance provider’s stock valued at $138,976,000 after acquiring an additional 8,580 shares during the last quarter. First Trust Advisors LP raised its position in Selective Insurance Group by 33.3% in the first quarter. First Trust Advisors LP now owns 1,381,867 shares of the insurance provider’s stock valued at $104,179,000 after purchasing an additional 345,348 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Selective Insurance Group by 3.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,359,224 shares of the insurance provider’s stock valued at $102,473,000 after buying an additional 44,532 shares during the last quarter. 82.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SIGI has been the subject of several analyst reports. Royal Bank Of Canada raised their target price on Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. BMO Capital Markets cut Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 target price on the stock. in a report on Tuesday, July 28th. Keefe, Bruyette & Woods raised their price objective on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Piper Sandler raised their target price on Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Finally, Morgan Stanley raised their price target on shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $100.33.

Insider Activity at Selective Insurance Group

In related news, EVP Michael H. Lanza sold 17,100 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total value of $1,608,084.00. Following the completion of the sale, the executive vice president owned 16,565 shares of the company’s stock, valued at $1,557,772.60. This trade represents a 50.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.82% of the stock is currently owned by corporate insiders.

Selective Insurance Group Price Performance

SIGI stock opened at $92.23 on Thursday. Selective Insurance Group, Inc. has a 52 week low of $72.78 and a 52 week high of $100.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29. The firm’s fifty day moving average is $95.03 and its 200 day moving average is $87.66. The firm has a market cap of $5.49 billion, a P/E ratio of 11.44 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.29. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the business posted $1.31 EPS. Research analysts predict that Selective Insurance Group, Inc. will post 8.12 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a yield of 1.9%. Selective Insurance Group’s dividend payout ratio is presently 21.34%.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.