Bank of New York Mellon Corp Sells 8,128 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Bank of New York Mellon Corp reduced its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 574,012 shares of the insurance provider’s stock after selling 8,128 shares during the period. Bank of New York Mellon Corp owned approximately 0.94% of Selective Insurance Group worth $52,545,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. State of Alaska Department of Revenue boosted its position in Selective Insurance Group by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 7,117 shares of the insurance provider’s stock valued at $651,000 after buying an additional 185 shares during the period. O Shaughnessy Asset Management LLC boosted its position in Selective Insurance Group by 8.6% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,542 shares of the insurance provider’s stock valued at $238,000 after buying an additional 202 shares during the period. Captrust Financial Advisors boosted its position in Selective Insurance Group by 4.1% during the fourth quarter. Captrust Financial Advisors now owns 6,141 shares of the insurance provider’s stock valued at $574,000 after buying an additional 244 shares during the period. Olde Wealth Management LLC purchased a new stake in Selective Insurance Group during the first quarter valued at about $28,000. Finally, Heritage Family Offices LLP boosted its position in Selective Insurance Group by 10.8% during the first quarter. Heritage Family Offices LLP now owns 3,608 shares of the insurance provider’s stock valued at $330,000 after buying an additional 353 shares during the period. 82.88% of the stock is owned by institutional investors.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,352 shares of the stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $87.06, for a total value of $117,705.12. Following the completion of the transaction, the chief accounting officer directly owned 15,946 shares of the company’s stock, valued at $1,388,258.76. This represents a 7.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SIGI has been the subject of several analyst reports. Morgan Stanley upped their price target on shares of Selective Insurance Group from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday, May 19th. Wall Street Zen upgraded shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Thursday, May 15th. Keefe, Bruyette & Woods cut their price target on shares of Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating for the company in a research report on Wednesday, April 30th. Finally, BMO Capital Markets upped their price objective on shares of Selective Insurance Group from $92.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.00.

Selective Insurance Group Stock Performance

Shares of NASDAQ:SIGI opened at $86.25 on Friday. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 23.50 and a beta of 0.48. The company has a 50-day moving average price of $87.03 and a 200-day moving average price of $87.73. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.30. Selective Insurance Group, Inc. has a 12 month low of $78.13 and a 12 month high of $103.56.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.10). Selective Insurance Group had a return on equity of 8.06% and a net margin of 4.70%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the company earned $1.33 earnings per share. Selective Insurance Group’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts anticipate that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Thursday, May 15th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date was Thursday, May 15th. Selective Insurance Group’s payout ratio is currently 41.42%.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.