Selective Insurance Group, Inc. (SIGI) Stake Lowered by Prudential Financial Inc.

Prudential Financial Inc. lessened its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 47.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 209,580 shares of the insurance provider’s stock after selling 188,080 shares during the period. Prudential Financial Inc. owned about 0.36% of Selective Insurance Group worth $10,489,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of Selective Insurance Group by 54,172.3% in the first quarter. BlackRock Inc. now owns 7,425,534 shares of the insurance provider’s stock worth $350,112,000 after buying an additional 7,411,852 shares during the period. Vanguard Group Inc. boosted its position in Selective Insurance Group by 6.5% during the first quarter. Vanguard Group Inc. now owns 5,215,069 shares of the insurance provider’s stock valued at $245,891,000 after purchasing an additional 317,023 shares during the last quarter. Macquarie Group Ltd. boosted its position in Selective Insurance Group by 1.8% during the first quarter. Macquarie Group Ltd. now owns 2,960,149 shares of the insurance provider’s stock valued at $139,571,000 after purchasing an additional 53,418 shares during the last quarter. Alliancebernstein L.P. boosted its position in Selective Insurance Group by 21.3% during the first quarter. Alliancebernstein L.P. now owns 1,724,868 shares of the insurance provider’s stock valued at $81,328,000 after purchasing an additional 302,566 shares during the last quarter. Finally, State Street Corp boosted its position in Selective Insurance Group by 6.8% during the first quarter. State Street Corp now owns 1,360,954 shares of the insurance provider’s stock valued at $64,174,000 after purchasing an additional 87,068 shares during the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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In related news, Director Michael J. Morrissey sold 2,483 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $50.46, for a total value of $125,292.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Morrissey sold 665 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $50.81, for a total transaction of $33,788.65. Following the completion of the transaction, the director now directly owns 15,177 shares of the company’s stock, valued at $771,143.37. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,148 shares of company stock valued at $210,141. Company insiders own 3.00% of the company’s stock.

A number of research firms recently issued reports on SIGI. BidaskClub raised Selective Insurance Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Zacks Investment Research cut Selective Insurance Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. ValuEngine raised Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $48.00 price objective on shares of Selective Insurance Group in a research report on Wednesday, July 12th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. Selective Insurance Group has a consensus rating of “Hold” and a consensus price target of $47.73.

Shares of Selective Insurance Group, Inc. (NASDAQ SIGI) opened at 50.30 on Tuesday. The firm has a market cap of $2.94 billion, a PE ratio of 17.52 and a beta of 1.44. Selective Insurance Group, Inc. has a 52-week low of $34.95 and a 52-week high of $53.75. The company’s 50-day moving average price is $50.37 and its 200-day moving average price is $49.30.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, July 26th. The insurance provider reported $0.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.73 by $0.05. The company had revenue of $614.50 million during the quarter, compared to analyst estimates of $611.62 million. Selective Insurance Group had a return on equity of 10.82% and a net margin of 7.13%. Selective Insurance Group’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. Equities analysts expect that Selective Insurance Group, Inc. will post $3.07 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date was Friday, August 11th. Selective Insurance Group’s payout ratio is presently 22.22%.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market.

Institutional Ownership by Quarter for Selective Insurance Group (NASDAQ:SIGI)

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