Legacy Wealth Asset Management LLC Makes New $216,000 Investment in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Legacy Wealth Asset Management LLC purchased a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,979 shares of the insurance provider’s stock, valued at approximately $216,000.

A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Selective Insurance Group by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 6,206,485 shares of the insurance provider’s stock worth $617,421,000 after purchasing an additional 41,276 shares in the last quarter. Wellington Management Group LLP increased its position in shares of 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 acquiring an additional 947,147 shares during the period. Victory Capital Management Inc. increased its position in shares of Selective Insurance Group by 14.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,190,389 shares of the insurance provider’s stock worth $118,420,000 after acquiring an additional 149,901 shares during the period. Boston Trust Walden Corp increased its position in shares of Selective Insurance Group by 1.8% during the fourth quarter. Boston Trust Walden Corp now owns 983,020 shares of the insurance provider’s stock worth $97,791,000 after acquiring an additional 17,800 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Selective Insurance Group by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 811,919 shares of the insurance provider’s stock valued at $80,770,000 after buying an additional 17,657 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Selective Insurance Group Stock Performance

NASDAQ:SIGI traded down $1.68 during mid-day trading on Thursday, reaching $91.81. The stock had a trading volume of 150,783 shares, compared to its average volume of 261,610. 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 firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 0.85 and a beta of 0.54. Selective Insurance Group, Inc. has a twelve month low of $89.78 and a twelve month high of $109.58. The business has a 50 day simple moving average of $95.60 and a 200 day simple moving average of $100.21.

Selective Insurance Group (NASDAQ:SIGI) last issued its 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 net margin of 8.02% and a return on equity of 13.73%. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the business posted $1.44 earnings per share. The company’s quarterly revenue was up 16.5% on a year-over-year basis. On average, analysts expect that Selective Insurance Group, Inc. will post 6.8 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were paid a dividend of $0.35 per share. The ex-dividend date was Tuesday, May 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.52%. Selective Insurance Group’s dividend payout ratio (DPR) is 24.74%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SIGI shares. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Piper Sandler reiterated a “neutral” rating and set a $104.00 target price on shares of Selective Insurance Group in a research note on Monday, April 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $103.00 target price on shares of Selective Insurance Group in a research note on Monday, June 24th. Finally, Oppenheimer reiterated an “outperform” rating and set a $120.00 target price on shares of Selective Insurance Group in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.