Alliancebernstein L.P. Decreases Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Alliancebernstein L.P. reduced its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 11.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,533,851 shares of the insurance provider’s stock after selling 191,017 shares during the period. Alliancebernstein L.P. owned about 2.63% of Selective Insurance Group worth $76,769,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of SIGI. Wells Fargo & Company MN grew its stake in shares of Selective Insurance Group by 17.9% in the second quarter. Wells Fargo & Company MN now owns 132,757 shares of the insurance provider’s stock worth $6,645,000 after purchasing an additional 20,169 shares in the last quarter. Eaton Vance Management boosted its stake in Selective Insurance Group by 40.8% during the second quarter. Eaton Vance Management now owns 35,285 shares of the insurance provider’s stock valued at $1,766,000 after buying an additional 10,228 shares in the last quarter. Swiss National Bank boosted its stake in Selective Insurance Group by 2.0% during the second quarter. Swiss National Bank now owns 97,000 shares of the insurance provider’s stock valued at $4,855,000 after buying an additional 1,900 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Selective Insurance Group by 2.9% during the second quarter. Principal Financial Group Inc. now owns 492,042 shares of the insurance provider’s stock valued at $24,626,000 after buying an additional 13,956 shares in the last quarter. Finally, IndexIQ Advisors LLC bought a new position in Selective Insurance Group during the second quarter valued at about $502,000. 77.73% of the stock is currently owned by hedge funds and other institutional investors.

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Shares of Selective Insurance Group, Inc. (NASDAQ SIGI) opened at 50.55 on Wednesday. The stock’s 50 day moving average price is $50.39 and its 200 day moving average price is $49.57. Selective Insurance Group, Inc. has a one year low of $34.95 and a one year high of $53.75. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 17.61 and a beta of 1.44.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, July 26th. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.05). The company had revenue of $614.50 million during the quarter, compared to analysts’ expectations of $611.62 million. Selective Insurance Group had a return on equity of 10.82% and a net margin of 7.13%. The firm’s revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 earnings per share. On average, equities analysts anticipate that Selective Insurance Group, Inc. will post $3.06 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.25%. The ex-dividend date was Friday, August 11th. Selective Insurance Group’s dividend payout ratio is presently 22.22%.

In other Selective Insurance Group news, Director Paul D. Bauer sold 1,000 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $51.06, for a total value of $51,060.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Morrissey sold 665 shares of the business’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 sale, 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. Insiders sold 4,148 shares of company stock valued at $210,141 over the last three months. 3.00% of the stock is currently owned by insiders.

Several equities research analysts have recently commented on the company. Zacks Investment Research raised Selective Insurance Group from a “sell” rating to a “hold” rating in a report on Tuesday, September 5th. ValuEngine raised Selective Insurance Group from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Keefe, Bruyette & Woods set a $48.00 price objective on Selective Insurance Group and gave the stock a “hold” rating in a research note on Tuesday, August 15th. BidaskClub raised Selective Insurance Group from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $50.00 price target on shares of Selective Insurance Group in a research note on Friday, July 28th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $47.73.

Selective Insurance Group Profile

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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