New York State Common Retirement Fund Sells 118,922 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

New York State Common Retirement Fund reduced its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 86.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,908 shares of the insurance provider's stock after selling 118,922 shares during the quarter. New York State Common Retirement Fund's holdings in Selective Insurance Group were worth $1,731,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in shares of Selective Insurance Group by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider's stock worth $12,967,000 after acquiring an additional 493 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Selective Insurance Group by 11.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider's stock worth $761,000 after acquiring an additional 861 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Selective Insurance Group by 221.3% in the 1st quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider's stock worth $651,000 after acquiring an additional 4,899 shares in the last quarter. Sei Investments Co. raised its position in Selective Insurance Group by 151.9% in the 4th quarter. Sei Investments Co. now owns 83,562 shares of the insurance provider's stock worth $7,815,000 after purchasing an additional 50,386 shares during the last quarter. Finally, M&T Bank Corp bought a new position in Selective Insurance Group in the 1st quarter worth approximately $225,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Trading Up 3.5%

Shares of SIGI traded up $2.63 during trading hours on Friday, reaching $77.63. The stock had a trading volume of 1,657,490 shares, compared to its average volume of 436,121. The company has a market cap of $4.72 billion, a P/E ratio of 12.71 and a beta of 0.48. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56. The firm has a 50-day moving average of $86.69 and a 200 day moving average of $87.39.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a return on equity of 12.81% and a net margin of 7.50%. During the same period in the previous year, the company posted ($1.10) earnings per share. On average, sell-side analysts expect that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.96%. Selective Insurance Group's dividend payout ratio is 41.42%.

Wall Street Analyst Weigh In

SIGI has been the subject of several research analyst reports. 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. Keefe, Bruyette & Woods dropped their price objective 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. Morgan Stanley dropped their target price on shares of Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating for the company in a research report on Friday. Piper Sandler dropped their target price on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday. Finally, BMO Capital Markets upped their target price 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $92.33.

Insider Transactions at Selective Insurance Group

In other news, EVP Joseph Eppers bought 1,402 shares of the company's stock in a transaction dated Friday, July 25th. The shares were bought at an average cost of $76.82 per share, with a total value of $107,701.64. Following the acquisition, the executive vice president owned 12,492 shares in the company, valued at $959,635.44. This trade represents a 12.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the company's stock in a transaction dated Friday, July 25th. The stock was purchased at an average cost of $75.72 per share, for a total transaction of $151,440.00. Following the completion of the acquisition, the director owned 25,295 shares in the company, valued at $1,915,337.40. This trade represents a 8.59% increase in their position. The disclosure for this purchase can be found here. Corporate 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.