Allspring Global Investments Holdings LLC Has $1.94 Million Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Allspring Global Investments Holdings LLC grew its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 15,444.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 17,721 shares of the insurance provider’s stock after acquiring an additional 17,607 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Selective Insurance Group were worth $1,935,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in Selective Insurance Group by 188.2% during the fourth quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock worth $144,287,000 after purchasing an additional 947,147 shares during the period. Norges Bank acquired a new position in shares of Selective Insurance Group during the fourth quarter worth $67,290,000. Public Employees Retirement Association of Colorado grew its holdings in Selective Insurance Group by 2,195.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 257,273 shares of the insurance provider’s stock worth $25,594,000 after acquiring an additional 246,063 shares during the last quarter. Victory Capital Management Inc. raised its position in Selective Insurance Group by 14.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,190,389 shares of the insurance provider’s stock worth $118,420,000 after purchasing an additional 149,901 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in shares of Selective Insurance Group by 27.5% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 578,501 shares of the insurance provider’s stock worth $63,155,000 after acquiring an additional 124,860 shares during the period. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Price Performance

SIGI stock opened at $93.49 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. The business has a 50-day simple moving average of $95.83 and a two-hundred day simple moving average of $100.27. The company has a market capitalization of $5.68 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 0.85 and a beta of 0.54. Selective Insurance Group, Inc. has a 52-week low of $89.78 and a 52-week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, May 1st. The insurance provider reported $1.33 EPS for the quarter, missing the consensus estimate of $1.88 by ($0.55). Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the company earned $1.44 EPS. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. Research analysts expect that Selective Insurance Group, Inc. will post 6.8 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Tuesday, May 14th. Selective Insurance Group’s payout ratio is 24.74%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Oppenheimer reissued an “outperform” rating and issued a $120.00 price target on shares of Selective Insurance Group in a research note on Friday, April 5th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $103.00 price objective on shares of Selective Insurance Group in a research note on Monday, June 24th. Finally, Piper Sandler restated a “neutral” rating and issued a $104.00 price target on shares of Selective Insurance Group in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Selective Insurance Group currently has a consensus rating of “Hold” and a consensus price target of $107.20.

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.