Prudential Financial Inc. decreased its position in Selective Insurance Group Inc. (NASDAQ:SIGI) by 4.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 500,809 shares of the company’s stock after selling 26,080 shares during the period. Prudential Financial Inc. owned 0.87% of Selective Insurance Group worth $19,136,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of SIGI. Bank of New York Mellon Corp raised its stake in Selective Insurance Group by 45.8% in the second quarter. Bank of New York Mellon Corp now owns 1,243,563 shares of the company’s stock worth $47,517,000 after buying an additional 390,384 shares in the last quarter. Frontier Capital Management Co. LLC boosted its position in shares of Selective Insurance Group by 38.5% in the second quarter. Frontier Capital Management Co. LLC now owns 1,387,530 shares of the company’s stock worth $53,018,000 after buying an additional 385,549 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of Selective Insurance Group during the second quarter worth $13,667,000. Bank of Montreal Can purchased a new position in shares of Selective Insurance Group during the second quarter worth $4,936,000. Finally, Phocas Financial Corp. purchased a new position in shares of Selective Insurance Group during the first quarter worth $4,343,000. 76.74% of the stock is owned by institutional investors and hedge funds.
Selective Insurance Group Inc. (NASDAQ:SIGI) traded down 0.43% during mid-day trading on Tuesday, reaching $39.59. 30,553 shares of the company’s stock were exchanged. The company has a 50-day moving average of $39.54 and a 200-day moving average of $37.40. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 13.38 and a beta of 1.40. Selective Insurance Group Inc. has a 52-week low of $29.27 and a 52-week high of $41.30.
Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.13. Selective Insurance Group had a net margin of 7.84% and a return on equity of 12.11%. The company had revenue of $568.70 million for the quarter, compared to analyst estimates of $569.77 million. During the same period last year, the firm earned $0.62 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. Equities research analysts anticipate that Selective Insurance Group Inc. will post $2.75 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Thursday, August 11th. Selective Insurance Group’s payout ratio is currently 20.27%.
Separately, Keefe, Bruyette & Woods set a $41.00 price target on shares of Selective Insurance Group and gave the company a “hold” rating in a research note on Monday, August 1st.
In other news, CFO Dale A. Thatcher sold 30,000 shares of Selective Insurance Group stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $39.30, for a total value of $1,179,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gregory E. Murphy sold 8,333 shares of Selective Insurance Group stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $39.50, for a total transaction of $329,153.50. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.
Selective Insurance Group Company Profile
Selective Insurance Group, Inc is a holding company with insurance subsidiaries. The Company operates its business through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines and Investments. Its Standard Commercial Lines segment consists of insurance products and services provided in the standard marketplace to its commercial customers, including businesses and local government agencies.
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