Congress Asset Management Co. Purchases New Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Congress Asset Management Co. purchased a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 87,765 shares of the insurance provider's stock, valued at approximately $8,034,000. Congress Asset Management Co. owned approximately 0.14% of Selective Insurance Group at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Procyon Advisors LLC raised its position in Selective Insurance Group by 17.9% during the first quarter. Procyon Advisors LLC now owns 14,702 shares of the insurance provider's stock valued at $1,346,000 after acquiring an additional 2,227 shares in the last quarter. Heritage Family Offices LLP increased its position in shares of Selective Insurance Group by 10.8% in the first quarter. Heritage Family Offices LLP now owns 3,608 shares of the insurance provider's stock valued at $330,000 after buying an additional 353 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Selective Insurance Group by 7,732.8% in the first quarter. GAMMA Investing LLC now owns 37,989 shares of the insurance provider's stock valued at $3,478,000 after buying an additional 37,504 shares in the last quarter. Pullen Investment Management LLC increased its position in shares of Selective Insurance Group by 51.6% in the fourth quarter. Pullen Investment Management LLC now owns 12,736 shares of the insurance provider's stock valued at $1,191,000 after buying an additional 4,334 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Selective Insurance Group by 21.2% in the fourth quarter. Mackenzie Financial Corp now owns 16,665 shares of the insurance provider's stock valued at $1,559,000 after buying an additional 2,914 shares in the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SIGI has been the subject of a number of recent analyst reports. BMO Capital Markets boosted their price objective on Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. Morgan Stanley boosted their price target on Selective Insurance Group from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Finally, Keefe, Bruyette & Woods dropped their price target on Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating for the company in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $94.00.

Selective Insurance Group Stock Up 0.0%

Shares of SIGI opened at $87.42 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.34 and a current ratio of 0.34. Selective Insurance Group, Inc. has a one year low of $78.13 and a one year high of $103.56. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 27.15 and a beta of 0.51. The stock has a 50 day moving average price of $88.03 and a 200 day moving average price of $89.74.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 EPS for the quarter, missing the consensus estimate of $1.86 by ($0.10). The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.30 billion. Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.33 earnings per share. Equities research analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Thursday, May 15th. Selective Insurance Group's dividend payout ratio (DPR) is currently 41.42%.

Insiders Place Their Bets

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of the business's stock in a transaction on Friday, April 25th. The stock was sold at an average price of $87.06, for a total transaction of $117,705.12. Following the transaction, the chief accounting officer now owns 15,946 shares of the company's stock, valued at approximately $1,388,258.76. The trade was a 7.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

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.

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