Man Group plc Buys Shares of 31,086 Selective Insurance Group, Inc. $SIGI

Man Group plc bought a new position in Selective Insurance Group, Inc. (NASDAQ:SIGI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 31,086 shares of the insurance provider’s stock, valued at approximately $3,016,000.

A number of other large investors have also made changes to their positions in the company. Jupiter Topco LLC bought a new position in shares of Selective Insurance Group in the 2nd quarter worth approximately $47,558,000. Ancora Advisors LLC bought a new stake in Selective Insurance Group during the second quarter valued at approximately $110,000. Canada Pension Plan Investment Board bought a new stake in Selective Insurance Group during the second quarter valued at approximately $3,648,000. Legal & General Group Plc purchased a new stake in Selective Insurance Group during the second quarter valued at approximately $8,349,000. Finally, The Manufacturers Life Insurance Company bought a new position in Selective Insurance Group in the second quarter worth approximately $5,496,000. 82.88% of the stock is currently owned by institutional investors.

Insider Activity at Selective Insurance Group

In related news, EVP Michael H. Lanza sold 17,100 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the completion of the transaction, the executive vice president owned 16,565 shares in the company, valued at approximately $1,557,772.60. This represents a 50.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

SIGI has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Oppenheimer raised their target price on Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a report on Thursday, May 21st. Morgan Stanley lifted their target price on Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday, July 6th. Weiss Ratings raised Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, August 17th. Finally, Royal Bank Of Canada upped their price target 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. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Selective Insurance Group has an average rating of “Hold” and an average price target of $100.33.

Selective Insurance Group Price Performance

NASDAQ:SIGI opened at $91.29 on Tuesday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.26. The business’s 50-day simple moving average is $95.16 and its two-hundred day simple moving average is $87.61. The stock has a market cap of $5.44 billion, a PE ratio of 11.33 and a beta of 0.30. Selective Insurance Group, Inc. has a 52 week low of $72.78 and a 52 week high of $100.40.

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

Selective Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a dividend of $0.43 per share. The ex-dividend date is Monday, August 17th. This represents a $1.72 annualized dividend and a dividend yield of 1.9%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 21.34%.

Selective Insurance Group 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.