Pullen Investment Management LLC Invests $784,000 in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Pullen Investment Management LLC purchased a new stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 8,402 shares of the insurance provider's stock, valued at approximately $784,000.

Several other large investors have also recently bought and sold shares of the stock. GAMMA Investing LLC grew its stake in shares of Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 145 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Selective Insurance Group by 2.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider's stock valued at $705,000 after acquiring an additional 205 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Selective Insurance Group by 5.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 4,086 shares of the insurance provider's stock valued at $446,000 after acquiring an additional 216 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Selective Insurance Group by 2.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider's stock worth $1,262,000 after purchasing an additional 266 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Selective Insurance Group by 1.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 15,166 shares of the insurance provider's stock worth $1,415,000 after purchasing an additional 277 shares during the period. 82.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SIGI has been the subject of several recent analyst reports. Royal Bank of Canada upped their price objective on shares of Selective Insurance Group from $96.00 to $99.00 and gave the stock a "sector perform" rating in a research report on Wednesday. JMP Securities reiterated a "market perform" rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. BMO Capital Markets boosted their price objective on shares of Selective Insurance Group from $92.00 to $95.00 and gave the company a "market perform" rating in a research report on Wednesday, July 24th. Bank of America upped their target price on Selective Insurance Group from $96.00 to $102.00 and gave the stock an "underperform" rating in a research note on Tuesday, October 22nd. Finally, Piper Sandler reduced their target price on Selective Insurance Group from $104.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $100.00.

Selective Insurance Group Price Performance

Selective Insurance Group stock traded down $2.20 during mid-day trading on Friday, reaching $91.37. The company had a trading volume of 202,871 shares, compared to its average volume of 352,281. The business has a fifty day simple moving average of $91.85 and a 200 day simple moving average of $93.44. The company has a market cap of $5.55 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.57 and a beta of 0.56. Selective Insurance Group, Inc. has a fifty-two week low of $81.00 and a fifty-two week high of $109.58. The company has a current ratio of 0.35, a quick ratio of 0.32 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.29). The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The company's revenue was up 15.1% compared to the same quarter last year. During the same period last year, the business earned $1.51 EPS. On average, equities research analysts predict that Selective Insurance Group, Inc. will post 3.76 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a dividend of $0.38 per share. This is a boost from Selective Insurance Group's previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group's payout ratio is 26.86%.

Insider Transactions at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the firm's stock in a transaction on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the transaction, the chief accounting officer now owns 15,946 shares of the company's stock, valued at approximately $1,476,759.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.50% of the company's stock.

About Selective Insurance Group

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.