Legacy Capital Wealth Partners LLC Lowers Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Legacy Capital Wealth Partners LLC cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 6.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,203 shares of the insurance provider’s stock after selling 163 shares during the quarter. Legacy Capital Wealth Partners LLC’s holdings in Selective Insurance Group were worth $206,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Financial Strategies Group Inc. raised its holdings in shares of Selective Insurance Group by 27.3% in the third quarter. Financial Strategies Group Inc. now owns 5,019 shares of the insurance provider’s stock valued at $481,000 after buying an additional 1,075 shares during the last quarter. Emerald Advisers LLC purchased a new stake in Selective Insurance Group during the 3rd quarter worth about $11,767,000. Van ECK Associates Corp raised its position in shares of Selective Insurance Group by 40.0% in the third quarter. Van ECK Associates Corp now owns 34,759 shares of the insurance provider’s stock valued at $3,313,000 after buying an additional 9,931 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Selective Insurance Group in the 3rd quarter valued at $8,656,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of Selective Insurance Group by 10.2% during the third quarter. New York State Common Retirement Fund now owns 179,741 shares of the insurance provider’s stock worth $16,770,000 after purchasing an additional 16,689 shares during the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Stock Performance

SIGI opened at $101.24 on Tuesday. The stock has a 50-day moving average of $92.91 and a 200-day moving average of $92.86. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35. Selective Insurance Group, Inc. has a 52-week low of $81.00 and a 52-week high of $109.58. The company has a market cap of $6.15 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 1.68 and a beta of 0.57.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.29). The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the firm earned $1.51 EPS. As a group, equities research analysts forecast that Selective Insurance Group, Inc. will post 3.66 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a $0.38 dividend. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group’s dividend payout ratio is 37.74%.

Insider Activity at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the completion of the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at $1,476,759.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

SIGI has been the topic of several research analyst reports. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. Bank of America boosted their price target on Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $95.00 to $105.00 in a research report on Wednesday, October 30th. Finally, Piper Sandler cut their price objective on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.67.

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.