State of New Jersey Common Pension Fund D Has $2.18 Million Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

State of New Jersey Common Pension Fund D lowered its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 29.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,178 shares of the insurance provider’s stock after selling 9,510 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Selective Insurance Group were worth $2,175,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SIGI. Wellington Management Group LLP increased its stake in Selective Insurance Group by 188.2% during the 4th 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 in the last quarter. Norges Bank acquired a new position in shares of Selective Insurance Group in the fourth quarter valued at approximately $67,290,000. Westfield Capital Management Co. LP bought a new stake in shares of Selective Insurance Group during the first quarter worth $55,468,000. Vanguard Group Inc. raised its holdings in shares of Selective Insurance Group by 5.9% during the first quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock worth $717,735,000 after acquiring an additional 367,987 shares during the period. Finally, Public Employees Retirement Association of Colorado lifted its position in Selective Insurance Group by 2,195.0% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 257,273 shares of the insurance provider’s stock valued at $25,594,000 after acquiring an additional 246,063 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

Insider Activity

In other Selective Insurance Group news, CEO John J. Marchioni purchased 2,400 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average price of $83.56 per share, for a total transaction of $200,544.00. Following the purchase, the chief executive officer now owns 136,397 shares in the company, valued at $11,397,333.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO John J. Marchioni purchased 2,400 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average price of $83.56 per share, for a total transaction of $200,544.00. Following the purchase, the chief executive officer now owns 136,397 shares in the company, valued at $11,397,333.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Terrence W. Cavanaugh acquired 2,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average price of $85.85 per share, with a total value of $171,700.00. Following the completion of the transaction, the director now directly owns 20,651 shares of the company’s stock, valued at $1,772,888.35. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

Selective Insurance Group Stock Performance

NASDAQ SIGI opened at $91.88 on Friday. The company has a market cap of $5.59 billion, a PE ratio of 16.23, a PEG ratio of 1.52 and a beta of 0.56. Selective Insurance Group, Inc. has a 12 month low of $81.00 and a 12 month high of $109.58. The stock has a 50 day moving average of $89.70 and a 200-day moving average of $95.63. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.21 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. During the same period last year, the business earned $0.99 EPS. On average, equities research analysts anticipate that Selective Insurance Group, Inc. will post 3.84 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 annualized dividend and a yield of 1.52%. Selective Insurance Group’s dividend payout ratio is 24.74%.

Analyst Ratings Changes

Several research firms have issued reports on SIGI. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Royal Bank of Canada reduced their price target on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research report on Monday, July 22nd. Piper Sandler cut their price objective on shares of 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. Finally, Bank of America decreased their target price on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $98.67.

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.