Citigroup Inc. cut its position in Selective Insurance Group (NASDAQ:SIGI) by 6.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,034 shares of the insurance provider’s stock after selling 2,669 shares during the period. Citigroup Inc.’s holdings in Selective Insurance Group were worth $2,660,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc grew its stake in shares of Selective Insurance Group by 1.8% in the 3rd quarter. Vanguard Group Inc now owns 5,848,362 shares of the insurance provider’s stock valued at $371,372,000 after buying an additional 105,870 shares during the period. Geode Capital Management LLC boosted its stake in shares of Selective Insurance Group by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 688,212 shares of the insurance provider’s stock worth $41,939,000 after buying an additional 38,044 shares during the last quarter. Norges Bank purchased a new position in shares of Selective Insurance Group in the 4th quarter worth approximately $41,822,000. Tributary Capital Management LLC boosted its stake in shares of Selective Insurance Group by 12.8% in the 1st quarter. Tributary Capital Management LLC now owns 533,025 shares of the insurance provider’s stock worth $33,730,000 after buying an additional 60,457 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in shares of Selective Insurance Group by 36.4% in the 4th quarter. Stifel Financial Corp now owns 283,187 shares of the insurance provider’s stock worth $17,261,000 after buying an additional 75,497 shares during the last quarter. Institutional investors own 78.71% of the company’s stock.
SIGI has been the topic of a number of research analyst reports. ValuEngine downgraded Selective Insurance Group from a “buy” rating to a “hold” rating in a research note on Thursday, March 7th. BidaskClub downgraded Selective Insurance Group from a “hold” rating to a “sell” rating in a research note on Friday, March 15th. Zacks Investment Research downgraded Selective Insurance Group from a “buy” rating to a “hold” rating in a research note on Thursday, February 14th. Finally, Boenning Scattergood restated a “hold” rating on shares of Selective Insurance Group in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $65.33.
Selective Insurance Group stock opened at $75.07 on Thursday. The firm has a market capitalization of $4.40 billion, a PE ratio of 18.13, a PEG ratio of 1.69 and a beta of 0.92. Selective Insurance Group has a fifty-two week low of $54.70 and a fifty-two week high of $75.38. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.29.
Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.04). The firm had revenue of $699.00 million during the quarter, compared to the consensus estimate of $697.30 million. Selective Insurance Group had a return on equity of 13.72% and a net margin of 8.32%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 EPS. As a group, sell-side analysts anticipate that Selective Insurance Group will post 4.16 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.07%. Selective Insurance Group’s payout ratio is currently 21.86%.
In related news, Director Cynthia S. Nicholson sold 1,468 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $71.11, for a total value of $104,389.48. Following the completion of the transaction, the director now directly owns 19,859 shares in the company, valued at $1,412,173.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael H. Lanza sold 6,946 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $70.90, for a total transaction of $492,471.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,189 shares of company stock worth $1,432,062. Insiders own 2.00% of the company’s stock.
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Selective Insurance Group Company Profile
Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.
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