OppenheimerFunds Inc. Has $1.50 Million Position in Selective Insurance Group (SIGI)

OppenheimerFunds Inc. boosted its holdings in Selective Insurance Group (NASDAQ:SIGI) by 9.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,311 shares of the insurance provider’s stock after acquiring an additional 2,344 shares during the quarter. OppenheimerFunds Inc.’s holdings in Selective Insurance Group were worth $1,502,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of SIGI. Wells Fargo & Company MN increased its position in Selective Insurance Group by 9.9% in the 1st quarter. Wells Fargo & Company MN now owns 154,132 shares of the insurance provider’s stock valued at $9,357,000 after acquiring an additional 13,885 shares during the period. Prudential Financial Inc. increased its position in Selective Insurance Group by 9.9% in the 1st quarter. Prudential Financial Inc. now owns 120,731 shares of the insurance provider’s stock valued at $7,328,000 after acquiring an additional 10,883 shares during the period. Swiss National Bank increased its position in Selective Insurance Group by 2.2% in the 1st quarter. Swiss National Bank now owns 101,600 shares of the insurance provider’s stock valued at $6,167,000 after acquiring an additional 2,200 shares during the period. Schwab Charles Investment Management Inc. increased its position in Selective Insurance Group by 5.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 363,785 shares of the insurance provider’s stock valued at $22,082,000 after acquiring an additional 19,967 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in Selective Insurance Group by 5.3% in the 1st quarter. Thrivent Financial for Lutherans now owns 47,534 shares of the insurance provider’s stock valued at $2,885,000 after acquiring an additional 2,406 shares during the period. Hedge funds and other institutional investors own 78.39% of the company’s stock.

Several equities analysts have recently issued reports on the company. BidaskClub cut Selective Insurance Group from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. Boenning Scattergood reiterated a “hold” rating on shares of Selective Insurance Group in a research report on Thursday, August 2nd. Zacks Investment Research upgraded Selective Insurance Group from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research report on Wednesday, June 13th. ValuEngine cut Selective Insurance Group from a “buy” rating to a “hold” rating in a research report on Saturday, June 2nd. Finally, Credit Suisse Group assumed coverage on Selective Insurance Group in a research report on Tuesday, August 7th. They set an “underperform” rating and a $54.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $60.40.

SIGI opened at $63.15 on Wednesday. The firm has a market cap of $3.75 billion, a PE ratio of 20.31, a P/E/G ratio of 1.11 and a beta of 1.27. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.30 and a quick ratio of 0.30. Selective Insurance Group has a fifty-two week low of $51.67 and a fifty-two week high of $65.93.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Wednesday, August 1st. The insurance provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.13. The business had revenue of $651.90 million during the quarter, compared to analyst estimates of $650.57 million. Selective Insurance Group had a return on equity of 10.69% and a net margin of 6.10%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same period last year, the company posted $0.68 EPS. equities research analysts forecast that Selective Insurance Group will post 3.53 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Wednesday, August 15th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Tuesday, August 14th. Selective Insurance Group’s dividend payout ratio is presently 23.15%.

In related news, Director Terrence W. Cavanaugh acquired 1,000 shares of Selective Insurance Group stock in a transaction dated Friday, August 3rd. The stock was acquired at an average cost of $61.47 per share, with a total value of $61,470.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO John J. Marchioni sold 30,000 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $60.78, for a total value of $1,823,400.00. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates in four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus (E&S) Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance 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 a result of an insured's negligent acts, omissions, or legal liabilities.

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Institutional Ownership by Quarter for Selective Insurance Group (NASDAQ:SIGI)

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