Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 6.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 454,963 shares of the insurance provider's stock after selling 32,202 shares during the quarter. Bank of America Corp DE owned approximately 0.75% of Selective Insurance Group worth $42,548,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SIGI. UMB Bank n.a. lifted its stake in Selective Insurance Group by 37.1% in the 4th quarter. UMB Bank n.a. now owns 429 shares of the insurance provider's stock worth $40,000 after purchasing an additional 116 shares in the last quarter. Arizona State Retirement System grew its holdings in Selective Insurance Group by 0.7% during the 4th quarter. Arizona State Retirement System now owns 17,628 shares of the insurance provider's stock valued at $1,649,000 after purchasing an additional 123 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Selective Insurance Group by 1.5% during the 4th quarter. Pacer Advisors Inc. now owns 9,061 shares of the insurance provider's stock valued at $847,000 after purchasing an additional 137 shares during the last quarter. Caprock Group LLC grew its stake in Selective Insurance Group by 3.8% in the 4th quarter. Caprock Group LLC now owns 3,950 shares of the insurance provider's stock worth $369,000 after acquiring an additional 145 shares in the last quarter. Finally, Heritage Family Offices LLP grew its stake in Selective Insurance Group by 6.3% in the 4th quarter. Heritage Family Offices LLP now owns 3,255 shares of the insurance provider's stock worth $304,000 after acquiring an additional 193 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company's stock.

Insider Activity at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,352 shares of Selective Insurance Group 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 sale, the chief accounting officer now owns 15,946 shares in the company, valued at $1,388,258.76. This trade 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 is available through this link. 1.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research note 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 on the stock in a research note on Wednesday, April 30th. JMP Securities reiterated a "market perform" rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. 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 note on Tuesday, April 29th. Finally, Morgan Stanley increased their target price 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $94.00.

Selective Insurance Group Stock Performance

Shares of NASDAQ SIGI traded down $0.12 during midday trading on Tuesday, reaching $89.55. The company had a trading volume of 30,765 shares, compared to its average volume of 384,939. The business's 50-day simple moving average is $88.62 and its 200 day simple moving average is $90.68. The stock has a market cap of $5.44 billion, a P/E ratio of 27.73 and a beta of 0.51. Selective Insurance Group, Inc. has a 1 year low of $78.13 and a 1 year high of $103.56. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.86 by ($0.10). The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.30 billion. Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. The company's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 EPS. On average, analysts forecast 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 Monday, June 2nd. Stockholders of record on Thursday, May 15th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.70%. Selective Insurance Group's payout ratio is currently 41.42%.

Selective Insurance Group Company 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.