Congress Asset Management Co. Invests $8.03 Million in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Congress Asset Management Co. acquired a new stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 87,765 shares of the insurance provider's stock, valued at approximately $8,034,000. Congress Asset Management Co. owned about 0.14% of Selective Insurance Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Arizona State Retirement System increased its position in Selective Insurance Group by 0.7% in the fourth quarter. Arizona State Retirement System now owns 17,628 shares of the insurance provider's stock worth $1,649,000 after buying an additional 123 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in shares of Selective Insurance Group by 8.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,542 shares of the insurance provider's stock worth $238,000 after acquiring an additional 202 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Selective Insurance Group by 12.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,132 shares of the insurance provider's stock worth $199,000 after acquiring an additional 232 shares during the period. Captrust Financial Advisors lifted its position in Selective Insurance Group by 4.1% in the 4th quarter. Captrust Financial Advisors now owns 6,141 shares of the insurance provider's stock valued at $574,000 after purchasing an additional 244 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC boosted its stake in Selective Insurance Group by 13.3% during the 4th quarter. Legacy Capital Wealth Partners LLC now owns 2,496 shares of the insurance provider's stock valued at $233,000 after purchasing an additional 293 shares during the period. Institutional investors and hedge funds own 82.88% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on SIGI. Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Morgan Stanley lifted their target price on Selective Insurance Group from $85.00 to $90.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Keefe, Bruyette & Woods decreased 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 note on Wednesday, April 30th. Finally, BMO Capital Markets raised their price target on Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $94.00.

Insider Activity

In related news, CAO Anthony D. Harnett sold 1,352 shares of the business's stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $87.06, for a total value of $117,705.12. Following the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at $1,388,258.76. The trade was a 7.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.50% of the company's stock.

Selective Insurance Group Price Performance

SIGI traded down $0.24 during trading on Wednesday, reaching $85.01. The stock had a trading volume of 228,887 shares, compared to its average volume of 389,618. The stock has a 50 day moving average of $87.76 and a two-hundred day moving average of $89.58. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of 26.40 and a beta of 0.49. Selective Insurance Group, Inc. has a 1-year low of $78.13 and a 1-year high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $1.76 EPS for the quarter, missing analysts' consensus estimates of $1.86 by ($0.10). The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.33 EPS. As a group, equities analysts anticipate that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date was Thursday, May 15th. Selective Insurance Group's payout ratio is 41.42%.

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.