Citigroup Inc. Decreases Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Citigroup Inc. decreased its position in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 91.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,438 shares of the insurance provider's stock after selling 25,195 shares during the period. Citigroup Inc.'s holdings in Selective Insurance Group were worth $252,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SIGI. Fifth Third Bancorp raised its position in shares of Selective Insurance Group by 12.3% during the third quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider's stock valued at $121,000 after buying an additional 128 shares during the last quarter. Advisor Partners II LLC boosted its stake in shares of Selective Insurance Group by 4.0% during the first quarter. Advisor Partners II LLC now owns 3,394 shares of the insurance provider's stock valued at $324,000 after purchasing an additional 132 shares during the period. HBK Sorce Advisory LLC boosted its stake in shares of Selective Insurance Group by 3.2% during the first quarter. HBK Sorce Advisory LLC now owns 4,271 shares of the insurance provider's stock valued at $617,000 after purchasing an additional 133 shares during the period. Keybank National Association OH raised its holdings in shares of Selective Insurance Group by 2.6% in the third quarter. Keybank National Association OH now owns 5,328 shares of the insurance provider's stock valued at $550,000 after acquiring an additional 136 shares in the last quarter. Finally, Narus Financial Partners LLC raised its holdings in shares of Selective Insurance Group by 4.6% in the third quarter. Narus Financial Partners LLC now owns 3,314 shares of the insurance provider's stock valued at $342,000 after acquiring an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company's stock.

Insider Transactions at Selective Insurance Group

In related news, COO Brenda M. Hall sold 2,626 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the completion of the transaction, the chief operating officer now directly owns 10,511 shares of the company's stock, valued at approximately $1,112,904.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company's stock.

Selective Insurance Group Stock Performance

Selective Insurance Group stock traded up $1.75 during mid-day trading on Thursday, hitting $109.17. The company had a trading volume of 363,431 shares, compared to its average volume of 321,633. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18. Selective Insurance Group, Inc. has a 12-month low of $91.99 and a 12-month high of $109.58. The company's fifty day moving average is $103.43 and its 200-day moving average is $102.74. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of 18.73, a P/E/G ratio of 0.76 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.02. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. Equities research analysts predict that Selective Insurance Group, Inc. will post 7.68 EPS for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.28%. The ex-dividend date was Wednesday, February 14th. Selective Insurance Group's payout ratio is 24.01%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SIGI shares. Royal Bank of Canada decreased their price objective on Selective Insurance Group from $108.00 to $105.00 and set a "sector perform" rating for the company in a report on Friday, February 2nd. Keefe, Bruyette & Woods reduced their target price on shares of Selective Insurance Group from $111.00 to $109.00 and set a "market perform" rating for the company in a report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.50.

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.