Rhumbline Advisers Raises Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Defense World · Sep 8, 2022 06:12

Rhumbline Advisers boosted its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 10.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 215,823 shares of the insurance provider's stock after purchasing an additional 19,720 shares during the quarter. Rhumbline Advisers owned approximately 0.36% of Selective Insurance Group worth $19,286,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Rockefeller Capital Management L.P. increased its holdings in shares of Selective Insurance Group by 96.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 306 shares of the insurance provider's stock valued at $25,000 after acquiring an additional 150 shares during the last quarter. Covestor Ltd purchased a new position in shares of Selective Insurance Group in the 4th quarter valued at about $45,000. First Horizon Advisors Inc. increased its holdings in shares of Selective Insurance Group by 2,790.6% in the 4th quarter. First Horizon Advisors Inc. now owns 925 shares of the insurance provider's stock valued at $75,000 after acquiring an additional 893 shares during the last quarter. UMB Bank N A MO purchased a new position in shares of Selective Insurance Group in the 4th quarter valued at about $76,000. Finally, Pinebridge Investments L.P. purchased a new position in shares of Selective Insurance Group in the 4th quarter valued at about $98,000. Hedge funds and other institutional investors own 83.50% of the company's stock.

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Insider Buying and Selling

In related news, Director Cynthia S. Nicholson sold 6,600 shares of the firm's stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $83.23, for a total transaction of $549,318.00. Following the transaction, the director now owns 19,885 shares in the company, valued at approximately $1,655,028.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is currently owned by company insiders.

Selective Insurance Group Trading Up 2.5 %

NASDAQ:SIGI opened at $81.44 on Thursday. The stock's 50 day moving average price is $81.63 and its 200 day moving average price is $82.14. The company has a market capitalization of $4.91 billion, a PE ratio of 19.07, a P/E/G ratio of 2.68 and a beta of 0.61. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.21. Selective Insurance Group, Inc. has a 52-week low of $66.81 and a 52-week high of $94.35.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, August 12th. This represents a $1.12 dividend on an annualized basis and a yield of 1.38%. Selective Insurance Group's dividend payout ratio is presently 26.23%.

Analysts Set New Price Targets

Separately, Morgan Stanley initiated coverage on Selective Insurance Group in a report on Monday, June 27th. They issued an "overweight" rating and a $98.00 price objective on the stock.

Selective Insurance Group Company Profile

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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, E&S Lines, and Investments. The company offers property insurance products, which covers the financial consequences of accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and 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, as well as flood insurance products.