Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lessened its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 8.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 204,892 shares of the insurance provider's stock after selling 20,028 shares during the quarter. Rhumbline Advisers owned 0.34% of Selective Insurance Group worth $18,756,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Northern Trust Corp increased its holdings in Selective Insurance Group by 9.3% in the fourth quarter. Northern Trust Corp now owns 1,052,142 shares of the insurance provider's stock valued at $98,396,000 after buying an additional 89,692 shares in the last quarter. Norges Bank acquired a new stake in shares of Selective Insurance Group in the 4th quarter worth approximately $93,409,000. Charles Schwab Investment Management Inc. increased its stake in Selective Insurance Group by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 884,230 shares of the insurance provider's stock valued at $82,693,000 after purchasing an additional 16,539 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Selective Insurance Group by 15.4% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 828,327 shares of the insurance provider's stock valued at $77,465,000 after purchasing an additional 110,381 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Selective Insurance Group during the fourth quarter worth $69,504,000. Institutional investors and hedge funds own 82.88% of the company's stock.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of Selective Insurance Group stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $87.06, for a total transaction of $117,705.12. Following the transaction, the chief accounting officer now directly 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 filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by insiders.

Selective Insurance Group Trading Down 1.5%

NASDAQ:SIGI traded down $1.29 on Tuesday, reaching $84.87. The stock had a trading volume of 104,554 shares, compared to its average volume of 389,205. Selective Insurance Group, Inc. has a 12-month low of $78.13 and a 12-month high of $103.56. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 26.40 and a beta of 0.49. The firm's fifty day moving average is $87.91 and its two-hundred day moving average is $89.61. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.34 and a quick ratio of 0.34.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $1.30 billion. During the same quarter last year, the business earned $1.33 EPS. Selective Insurance Group's revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors 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 of this dividend was Thursday, May 15th. Selective Insurance Group's payout ratio is currently 41.42%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Morgan Stanley upped their target price on Selective Insurance Group from $85.00 to $90.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. 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. BMO Capital Markets increased their price objective on shares of Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods cut their target price on shares of 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 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target 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.