Geode Capital Management LLC is a Boston based investment firm that has recently announced growing its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 3.7% in the fourth quarter of 2023. The announcement came after its most recent filing with the Securities and Exchange Commission (SEC) showed the acquisition of an additional 43,490 shares during the quarter, bringing their total ownership to 1,222,919 shares. At present, Geode Capital Management LLC owns about 2.03% of Selective Insurance Group and has reported a net worth of $108,362,000 according to its most recent SEC filing.
In other updates from Selective Insurance Group Inc., last posted quarterly earnings results show the insurance provider reported $1.44 EPS for the period ending May 3rd. This figure missed market analysts’ consensus estimate by ($0.13). However, revenue was higher than estimated at $999.80 million compared to market estimates of $1 billion for the same period last year when they earned $1.41 EPS on a year-over-year basis. Furthermore, it is important to note that Selective Insurance Group had a net margin of 6.97% and a return on equity of 13.38%. Looking ahead for the current fiscal year and given how profitable they were during previous periods as noted above analysts anticipate Selective Insurance Group will post an impressive 6.41 earnings per share.
As a New Jersey-based holding company providing property and casualty insurance products among others such as E&S Lines and Investments segments they serve commercial customers such as non-profit organizations and local government agencies through their Standard Commercial Lines segment while providing services to ordinary consumers through their Standard Personal Lines segment.
In conclusion, these announcements bode well not only for shareholders at Geode Capital Management LLC but also for investors at large who may be looking for profitable options within this industry and sector as a whole. While these are no doubt welcome developments for Selective Insurance Group, it remains to be seen how they will continue to perform, especially in light of ongoing events that could impact it and the industry as a whole.
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Selective Insurance Group Inc.: Steady Performance and Institutional Investor Confidence in the Insurance Industry
Selective Insurance Group Inc. is a prominent New Jersey-based insurance holding company that provides property and casualty insurance products for its clients. It operates through four different segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. Recently, the company announced a dividend payout on an annualized basis of $1.20 per share with a dividend yield of 1.19%. The payout ratio of Selective Insurance Group stands at 29.06% making it attractive for investors who seek stability in their portfolio.
Institutional investors have expressed confidence in the company by modifying their holdings of SIGI shares. American Century Companies Inc., Eaton Vance Management, BlackRock Inc., State Street Corp., and Macquarie Group Ltd., are some of the companies that have significantly raised their position in shares of Selective Insurance Group during recent quarters. Institutional investors currently own 83.85% of the company’s stock.
Shares of NASDAQ SIGI opened at $100.55 on Friday, June 9th, 2023. The company has a market capitalization worth over $6 billion with a P/E ratio of 24.35 and a beta value of 0.63 indicating comparatively low volatility in the market. Additionally, its quick ratio and current ratio stand at an impressive level of 0.30 providing assurance to stakeholders regarding its liquidity management.
Despite these positive aspects,piper Sandler recently decreased Selective Insurance Group’s target price from $107 to $104 per share.In contrast,Bank of America downgraded Selective Insurance Group’s rating from ‘neutral’ to ‘underperform.’ According to Bloomberg.com data, the average rating for this stock is ‘Hold’ with a consensus target price being set at $98.86 per share.
Overall,institutional investment trends indicate that Selective Insurance Group continues to maintain trust among major investors while internal performance remains stable which make sure signs for investment opportunities in the insurance industry.