Selective Insurance Group, Inc. $SIGI Shares Sold by Tributary Capital Management LLC

Key Points

• Tributary Capital trimmed its stake in Selective Insurance Group by 7.2%, selling 19,809 shares and ending the quarter with 256,516 shares worth about $21.46 million, representing ~0.42% of the company and ~2.1% of Tributary’s portfolio (its 8th largest holding).
• Several other institutions greatly increased positions—most notably AQR (added ~1.01M shares)—and institutional investors now own about 82.88% of SIGI.
• Analysts hold a consensus "Hold" rating with an average target of $83.60 (one Buy, five Hold, one Sell); SIGI recently beat earnings (Q1 EPS $2.57 vs. $2.24), trades at a P/E of 11.05, and yields 2.1% from an annual $1.72 dividend.

Tributary Capital Management LLC decreased its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 7.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 256,516 shares of the insurance provider's stock after selling 19,809 shares during the period. Selective Insurance Group accounts for approximately 2.1% of Tributary Capital Management LLC's portfolio, making the stock its 8th biggest position. Tributary Capital Management LLC owned about 0.42% of Selective Insurance Group worth $21,463,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of SIGI. AQR Capital Management LLC boosted its position in Selective Insurance Group by 174.6% during the second quarter. AQR Capital Management LLC now owns 1,593,645 shares of the insurance provider's stock valued at $137,340,000 after purchasing an additional 1,013,371 shares during the last quarter. American Century Companies Inc. lifted its stake in Selective Insurance Group by 1,299.9% in the third quarter. American Century Companies Inc. now owns 301,965 shares of the insurance provider's stock valued at $24,480,000 after acquiring an additional 280,395 shares during the last quarter. First Trust Advisors LP lifted its stake in Selective Insurance Group by 657.3% in the third quarter. First Trust Advisors LP now owns 305,629 shares of the insurance provider's stock valued at $24,777,000 after acquiring an additional 265,270 shares during the last quarter. Bank of America Corp DE lifted its stake in Selective Insurance Group by 40.0% in the second quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider's stock valued at $62,906,000 after acquiring an additional 207,258 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Selective Insurance Group by 58.9% in the third quarter. Franklin Resources Inc. now owns 552,880 shares of the insurance provider's stock valued at $44,822,000 after acquiring an additional 204,947 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a "neutral" rating in a research note on Monday, February 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $95.00 price target on shares of Selective Insurance Group in a research report on Monday, March 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Finally, Keefe, Bruyette & Woods reduced their price target on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a research report on Tuesday, April 7th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $83.60.

Selective Insurance Group Price Performance

NASDAQ:SIGI opened at $82.77 on Friday. The stock has a market cap of $4.96 billion, a P/E ratio of 11.05 and a beta of 0.26. Selective Insurance Group, Inc. has a one year low of $71.75 and a one year high of $93.38. The company has a fifty day moving average price of $80.33 and a 200 day moving average price of $80.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Thursday, January 29th. The insurance provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.24 by $0.33. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.36 billion. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. The business's quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.62 EPS. Analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.43 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.1%. Selective Insurance Group's dividend payout ratio is currently 22.96%.

Selective Insurance Group Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company's core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.

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