Tributary Capital Management LLC Lowers Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Tributary Capital Management LLC decreased its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 309,331 shares of the insurance provider's stock after selling 8,843 shares during the quarter. Selective Insurance Group comprises about 2.5% of Tributary Capital Management LLC's portfolio, making the stock its 4th largest holding. Tributary Capital Management LLC owned approximately 0.51% of Selective Insurance Group worth $28,316,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SIGI. Proficio Capital Partners LLC bought a new position in shares of Selective Insurance Group during the fourth quarter worth $203,000. HighTower Advisors LLC lifted its position in Selective Insurance Group by 14.5% during the fourth quarter. HighTower Advisors LLC now owns 4,560 shares of the insurance provider's stock valued at $426,000 after purchasing an additional 576 shares during the last quarter. Swiss National Bank lifted its position in Selective Insurance Group by 0.8% during the fourth quarter. Swiss National Bank now owns 119,600 shares of the insurance provider's stock valued at $11,185,000 after purchasing an additional 900 shares during the last quarter. Natixis Advisors LLC lifted its position in Selective Insurance Group by 12.3% during the fourth quarter. Natixis Advisors LLC now owns 180,268 shares of the insurance provider's stock valued at $16,858,000 after purchasing an additional 19,691 shares during the last quarter. Finally, Cibc World Markets Corp bought a new position in Selective Insurance Group during the fourth quarter valued at $532,000. Institutional investors own 82.88% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on SIGI shares. 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 lowered 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 increased their price objective on shares of Selective Insurance Group from $85.00 to $90.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Finally, 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 report on Tuesday, April 29th. One research 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. Based on data from MarketBeat.com, Selective Insurance Group presently has a consensus rating of "Hold" and an average target price of $94.00.

Insider Buying and Selling

In related news, CAO Anthony D. Harnett sold 1,352 shares of the firm'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 owned 15,946 shares of the company's stock, valued at $1,388,258.76. This trade represents a 7.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is owned by corporate insiders.

Selective Insurance Group Trading Up 1.1%

Shares of Selective Insurance Group stock traded up $0.96 during trading on Friday, hitting $89.53. The stock had a trading volume of 445,726 shares, compared to its average volume of 400,720. The firm's fifty day simple moving average is $86.88 and its 200-day simple moving average is $87.59. The stock has a market cap of $5.44 billion, a PE ratio of 24.40 and a beta of 0.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.35 and a quick ratio of 0.35. Selective Insurance Group, Inc. has a 12 month low of $78.13 and a 12 month high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results 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). The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a return on equity of 8.06% and a net margin of 4.70%. Selective Insurance Group's revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 EPS. As a group, sell-side analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Thursday, May 15th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.70%. The ex-dividend date was Thursday, May 15th. Selective Insurance Group's dividend payout ratio is presently 41.42%.

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.