Trust Point Inc. Trims Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Trust Point Inc. reduced its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 38.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,233 shares of the insurance provider's stock after selling 5,885 shares during the quarter. Trust Point Inc.'s holdings in Selective Insurance Group were worth $845,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Quarry LP bought a new position in shares of Selective Insurance Group during the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp bought a new stake in Selective Insurance Group during the first quarter worth about $41,000. UMB Bank n.a. boosted its holdings in Selective Insurance Group by 116.3% in the first quarter. UMB Bank n.a. now owns 928 shares of the insurance provider's stock worth $85,000 after acquiring an additional 499 shares in the last quarter. CX Institutional bought a new position in Selective Insurance Group in the 1st quarter worth about $136,000. Finally, Smartleaf Asset Management LLC increased its position in shares of Selective Insurance Group by 12.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,132 shares of the insurance provider's stock valued at $199,000 after acquiring an additional 232 shares in the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Performance

NASDAQ SIGI traded up $0.22 on Thursday, hitting $85.20. 365,495 shares of the company's stock traded hands, compared to its average volume of 391,931. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.30. The firm's 50-day moving average price is $87.82 and its two-hundred day moving average price is $89.01. Selective Insurance Group, Inc. has a 1-year low of $78.13 and a 1-year high of $103.56. The firm has a market capitalization of $5.18 billion, a PE ratio of 23.22 and a beta of 0.49.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share for the quarter, missing analysts' consensus estimates of $1.86 by ($0.10). The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.30 billion. Selective Insurance Group had a net margin of 4.70% and a return on equity of 8.06%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.33 EPS. As a group, analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Thursday, May 15th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.78%. Selective Insurance Group's payout ratio is 41.42%.

Insider Activity

In other news, CAO Anthony D. Harnett sold 1,352 shares of the stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $87.06, for a total transaction of $117,705.12. Following the sale, the chief accounting officer now owns 15,946 shares of the company's stock, valued at approximately $1,388,258.76. This represents a 7.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company's stock.

Analyst Ratings Changes

SIGI has been the topic of a number of research reports. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Keefe, Bruyette & Woods decreased their price objective on shares of Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley lifted their target price on Selective Insurance Group from $85.00 to $90.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Finally, BMO Capital Markets boosted their target price on Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus 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.