Prudential Financial Inc. Sells 103,327 Shares of Selective Insurance Group (SIGI)

Prudential Financial Inc. cut its position in shares of Selective Insurance Group (NASDAQ:SIGI) by 49.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 106,253 shares of the insurance provider’s stock after selling 103,327 shares during the period. Prudential Financial Inc. owned about 0.18% of Selective Insurance Group worth $5,722,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LS Investment Advisors LLC increased its position in Selective Insurance Group by 5.1% during the 2nd quarter. LS Investment Advisors LLC now owns 2,180 shares of the insurance provider’s stock valued at $109,000 after buying an additional 106 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in Selective Insurance Group by 0.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,449 shares of the insurance provider’s stock valued at $123,000 after buying an additional 23 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Selective Insurance Group by 8.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,526 shares of the insurance provider’s stock valued at $126,000 after buying an additional 204 shares in the last quarter. Advisor Group Inc. increased its position in Selective Insurance Group by 41.3% during the 2nd quarter. Advisor Group Inc. now owns 3,633 shares of the insurance provider’s stock valued at $182,000 after buying an additional 1,061 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Selective Insurance Group during the 2nd quarter valued at about $199,000. 77.83% of the stock is owned by institutional investors and hedge funds.

In other news, Director Paul D. Bauer sold 28,840 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $61.14, for a total transaction of $1,763,277.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Burville sold 2,000 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $58.53, for a total value of $117,060.00. Following the transaction, the director now owns 82,898 shares of the company’s stock, valued at $4,852,019.94. The disclosure for this sale can be found here. Insiders have sold 45,375 shares of company stock valued at $2,740,784 in the last three months. Insiders own 3.00% of the company’s stock.

SIGI has been the topic of several recent analyst reports. BidaskClub raised Selective Insurance Group from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Keefe, Bruyette & Woods set a $55.00 target price on Selective Insurance Group and gave the company a “hold” rating in a research report on Sunday, October 29th. Zacks Investment Research upgraded Selective Insurance Group from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Royal Bank Of Canada reiterated a “hold” rating and set a $50.00 price target on shares of Selective Insurance Group in a research note on Tuesday, October 3rd. Finally, Boenning Scattergood restated a “hold” rating on shares of Selective Insurance Group in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $49.91.

Shares of Selective Insurance Group (SIGI) opened at $59.85 on Wednesday. Selective Insurance Group has a one year low of $38.50 and a one year high of $62.40. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $3,556.04, a PE ratio of 20.23, a PEG ratio of 1.62 and a beta of 1.45.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, October 25th. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Selective Insurance Group had a return on equity of 11.00% and a net margin of 7.36%. The company had revenue of $621.30 million for the quarter, compared to the consensus estimate of $625.80 million. During the same quarter in the prior year, the business posted $0.66 earnings per share. Selective Insurance Group’s revenue for the quarter was up 6.8% on a year-over-year basis. research analysts expect that Selective Insurance Group will post 3.08 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th were issued a dividend of $0.18 per share. The ex-dividend date was Tuesday, November 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.20%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.16. Selective Insurance Group’s dividend payout ratio is presently 23.92%.

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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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