Selective Insurance Group, Inc. (NASDAQ:SIGI) Stake Lessened by Vestcor Inc

Vestcor Inc decreased its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 53.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,513 shares of the insurance provider's stock after selling 5,258 shares during the quarter. Vestcor Inc's holdings in Selective Insurance Group were worth $421,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in Selective Insurance Group in the 3rd quarter valued at about $27,000. Quest Partners LLC purchased a new position in shares of Selective Insurance Group during the second quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Selective Insurance Group during the second quarter valued at approximately $44,000. KBC Group NV boosted its position in Selective Insurance Group by 18.1% during the third quarter. KBC Group NV now owns 1,840 shares of the insurance provider's stock worth $172,000 after acquiring an additional 282 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in Selective Insurance Group in the 2nd quarter worth approximately $188,000. Hedge funds and other institutional investors own 82.88% of the company's stock.

Insider Activity

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the business's stock in a transaction on Friday, October 25th. The shares were sold at an average price of $92.61, for a total value of $130,024.44. Following the transaction, the chief accounting officer now owns 15,946 shares in the company, valued at $1,476,759.06. The trade was a 8.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.50% of the company's stock.

Wall Street Analysts Forecast Growth

SIGI has been the topic of a number of recent analyst reports. Morgan Stanley initiated coverage on Selective Insurance Group in a research note on Thursday, December 5th. They set an "equal weight" rating and a $105.00 price target on the stock. Royal Bank of Canada increased their target price on Selective Insurance Group from $96.00 to $99.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 23rd. Bank of America lifted their price target on Selective Insurance Group from $96.00 to $102.00 and gave the company an "underperform" rating in a report on Tuesday, October 22nd. Finally, BMO Capital Markets raised shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $95.00 to $105.00 in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Selective Insurance Group has an average rating of "Hold" and an average price target of $102.14.

Selective Insurance Group Trading Up 0.2 %

SIGI traded up $0.22 on Friday, reaching $96.73. 225,710 shares of the company's stock were exchanged, compared to its average volume of 352,725. The company has a market cap of $5.88 billion, a price-to-earnings ratio of 26.07 and a beta of 0.60. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35. Selective Insurance Group, Inc. has a twelve month low of $81.00 and a twelve month high of $109.58. The company's 50 day moving average is $96.53 and its 200-day moving average is $93.03.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing analysts' consensus estimates of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the prior year, the business posted $1.51 EPS. The business's revenue was up 15.1% on a year-over-year basis. Equities analysts predict that Selective Insurance Group, Inc. will post 3.62 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were given a $0.38 dividend. This is an increase from Selective Insurance Group's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.57%. Selective Insurance Group's dividend payout ratio is presently 40.97%.

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.