GAMMA Investing LLC Buys 37,504 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

GAMMA Investing LLC raised its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 7,732.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,989 shares of the insurance provider's stock after buying an additional 37,504 shares during the period. GAMMA Investing LLC owned 0.06% of Selective Insurance Group worth $3,478,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp lifted its position in shares of Selective Insurance Group by 9.3% during the fourth quarter. Northern Trust Corp now owns 1,052,142 shares of the insurance provider's stock worth $98,396,000 after purchasing an additional 89,692 shares in the last quarter. Norges Bank acquired a new position in shares of Selective Insurance Group during the fourth quarter worth approximately $93,409,000. Charles Schwab Investment Management Inc. lifted its position in shares of Selective Insurance Group by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 884,230 shares of the insurance provider's stock worth $82,693,000 after purchasing an additional 16,539 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Selective Insurance Group during the fourth quarter worth approximately $69,504,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Selective Insurance Group by 3.7% during the fourth quarter. Bank of New York Mellon Corp now owns 582,140 shares of the insurance provider's stock worth $54,442,000 after purchasing an additional 20,576 shares in the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of the company'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 completion of the sale, the chief accounting officer now owns 15,946 shares of the company's stock, valued at approximately $1,388,258.76. This represents a 7.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.50% of the company's stock.

Selective Insurance Group Trading Down 0.8%

Shares of SIGI traded down $0.70 on Friday, reaching $85.12. 261,026 shares of the company's stock were exchanged, compared to its average volume of 391,376. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $5.17 billion, a P/E ratio of 26.43 and a beta of 0.49. The business has a 50 day moving average price of $87.84 and a two-hundred day moving average price of $89.27. Selective Insurance Group, Inc. has a 12 month low of $78.13 and a 12 month high of $103.56.

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

Selective Insurance Group Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. Morgan Stanley upped their target price on shares of 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. BMO Capital Markets upped their target price on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Selective Insurance Group has an average rating of "Hold" and a consensus target price of $94.00.

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.