Pullen Investment Management LLC Purchases 4,334 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Pullen Investment Management LLC lifted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 51.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 12,736 shares of the insurance provider's stock after acquiring an additional 4,334 shares during the quarter. Pullen Investment Management LLC's holdings in Selective Insurance Group were worth $1,191,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SIGI. Norges Bank purchased a new position in Selective Insurance Group in the 4th quarter worth $93,409,000. Raymond James Financial Inc. bought a new position in shares of Selective Insurance Group during the fourth quarter valued at about $69,504,000. Proficio Capital Partners LLC purchased a new position in shares of Selective Insurance Group in the fourth quarter worth about $203,000. Point72 Asset Management L.P. lifted its stake in shares of Selective Insurance Group by 245.7% in the 4th quarter. Point72 Asset Management L.P. now owns 284,669 shares of the insurance provider's stock valued at $26,622,000 after acquiring an additional 202,318 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Selective Insurance Group by 39.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 564,542 shares of the insurance provider's stock valued at $52,796,000 after acquiring an additional 160,193 shares during the period. 82.88% of the stock is currently owned by institutional investors.

Selective Insurance Group Stock Up 0.7%

Shares of SIGI stock traded up $0.64 during midday trading on Friday, reaching $88.15. 167,545 shares of the stock were exchanged, compared to its average volume of 388,327. Selective Insurance Group, Inc. has a 1 year low of $78.13 and a 1 year high of $103.56. The firm has a market cap of $5.36 billion, a PE ratio of 27.42 and a beta of 0.51. The company's 50 day moving average is $88.40 and its two-hundred day moving average is $90.22. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.10). The firm had revenue of $1.24 billion during 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%. Selective Insurance Group's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 earnings per share. On average, equities research analysts predict that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.52 annualized dividend and a yield of 1.72%. Selective Insurance Group's payout ratio is 41.42%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SIGI shares. JMP Securities reaffirmed a "market perform" rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. Morgan Stanley lifted 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 note on Monday, May 19th. BMO Capital Markets increased their price target on shares of 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 raised shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Finally, Keefe, Bruyette & Woods reduced their price target on Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating on the stock in a report on Wednesday, April 30th. One 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 data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $94.00.

Insiders Place Their Bets

In related news, CAO Anthony D. Harnett sold 1,352 shares of Selective Insurance Group stock in a transaction on Friday, April 25th. The stock was 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 $1,388,258.76. The trade was a 7.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.50% of the stock is owned by insiders.

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.