Envestnet Asset Management Inc. Cuts Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Envestnet Asset Management Inc. trimmed its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 2.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,857 shares of the insurance provider's stock after selling 2,837 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.17% of Selective Insurance Group worth $9,232,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Olde Wealth Management LLC acquired a new position in Selective Insurance Group in the 1st quarter valued at $28,000. Quarry LP acquired a new position in Selective Insurance Group in the 4th quarter valued at $38,000. Toth Financial Advisory Corp acquired a new position in Selective Insurance Group in the 1st quarter valued at $41,000. UMB Bank n.a. increased its stake in Selective Insurance Group by 116.3% in the 1st quarter. UMB Bank n.a. now owns 928 shares of the insurance provider's stock valued at $85,000 after buying an additional 499 shares during the period. Finally, CX Institutional acquired a new position in Selective Insurance Group in the 1st quarter valued at $136,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. 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. BMO Capital Markets upped their price target on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Keefe, Bruyette & Woods lowered their price target on shares of Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 30th. Finally, Morgan Stanley upped their price target 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $95.80.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock traded down $15.48 on Thursday, hitting $74.94. The company's stock had a trading volume of 1,869,413 shares, compared to its average volume of 417,391. Selective Insurance Group, Inc. has a 52-week low of $71.75 and a 52-week high of $103.56. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average price of $86.96 and a 200-day moving average price of $87.50. The company has a market capitalization of $4.55 billion, a P/E ratio of 20.42 and a beta of 0.48.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.55 by ($0.24). Selective Insurance Group had a return on equity of 8.06% and a net margin of 4.70%. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same quarter in the prior year, the firm earned ($1.10) earnings per share. On average, equities research analysts expect that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.03%. Selective Insurance Group's dividend payout ratio is presently 41.42%.

Insider Transactions 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 dated Friday, April 25th. The shares were sold at an average price of $87.06, for a total value of $117,705.12. Following the transaction, the chief accounting officer directly owned 15,946 shares in the company, valued at approximately $1,388,258.76. This represents a 7.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.50% of the company's stock.

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.