RMR Wealth Builders Cuts Stock Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

RMR Wealth Builders cut its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 10.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,266 shares of the insurance provider’s stock after selling 264 shares during the quarter. RMR Wealth Builders’ holdings in Selective Insurance Group were worth $225,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SIGI. SG Americas Securities LLC lifted its position in Selective Insurance Group by 15.3% in the 3rd quarter. SG Americas Securities LLC now owns 1,718 shares of the insurance provider’s stock valued at $177,000 after acquiring an additional 228 shares in the last quarter. Raymond James & Associates lifted its position in Selective Insurance Group by 2.1% in the 3rd quarter. Raymond James & Associates now owns 43,341 shares of the insurance provider’s stock valued at $4,471,000 after acquiring an additional 898 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Selective Insurance Group by 91.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 11,587 shares of the insurance provider’s stock valued at $1,195,000 after acquiring an additional 5,547 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Selective Insurance Group by 2.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 923,764 shares of the insurance provider’s stock valued at $95,305,000 after acquiring an additional 18,508 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Selective Insurance Group by 19.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,691 shares of the insurance provider’s stock valued at $1,309,000 after acquiring an additional 2,040 shares in the last quarter. 82.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SIGI has been the topic of several research analyst reports. Royal Bank of Canada lowered their price target on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a report on Friday, February 2nd. Oppenheimer reissued an “outperform” rating and set a $120.00 price target on shares of Selective Insurance Group in a report on Friday, April 5th. Piper Sandler reissued a “neutral” rating and set a $104.00 price target on shares of Selective Insurance Group in a report on Monday, April 1st. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating on the stock in a report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $105.17.

Selective Insurance Group Price Performance

SIGI stock traded down $0.92 during trading on Wednesday, reaching $99.00. The company’s stock had a trading volume of 226,667 shares, compared to its average volume of 329,273. Selective Insurance Group, Inc. has a 1 year low of $92.06 and a 1 year high of $109.58. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $6.02 billion, a P/E ratio of 17.49, a price-to-earnings-growth ratio of 0.77 and a beta of 0.55. The company’s fifty day moving average is $103.12 and its 200-day moving average is $102.48.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.55). Selective Insurance Group had a return on equity of 13.73% and a net margin of 8.02%. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company posted $1.44 EPS. The company’s quarterly revenue was up 16.5% on a year-over-year basis. On average, research analysts expect that Selective Insurance Group, Inc. will post 7.49 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.40 dividend on an annualized basis and a yield of 1.41%. Selective Insurance Group’s payout ratio is presently 24.74%.

Insiders Place Their Bets

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the completion of the sale, the chief operating officer now owns 10,511 shares in the company, valued at approximately $1,112,904.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by company insiders.

Selective Insurance Group Profile

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers 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; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.