Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 2.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 100,857 shares of the insurance provider’s stock after selling 2,837 shares during the period. Envestnet Asset Management Inc. owned about 0.17% of Selective Insurance Group worth $9,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Selective Insurance Group during the fourth quarter worth about $93,409,000. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Selective Insurance Group by 36.2% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,128,252 shares of the insurance provider’s stock worth $103,280,000 after acquiring an additional 299,925 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Selective Insurance Group by 245.7% during the 4th quarter. Point72 Asset Management L.P. now owns 284,669 shares of the insurance provider’s stock worth $26,622,000 after buying an additional 202,318 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Selective Insurance Group by 39.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 564,542 shares of the insurance provider’s stock worth $52,796,000 after buying an additional 160,193 shares during the period. Finally, Ceredex Value Advisors LLC purchased a new stake in Selective Insurance Group during the 4th quarter worth approximately $10,484,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Selective Insurance Group Stock Down 1.0%

SIGI stock opened at $88.59 on Tuesday. The company has a market cap of $5.38 billion, a PE ratio of 24.33 and a beta of 0.48. The business has a 50-day simple moving average of $86.88 and a 200 day simple moving average of $87.48. Selective Insurance Group, Inc. has a 52 week low of $78.13 and a 52 week high of $103.56. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30.

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

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a research note on Thursday, May 15th. Morgan Stanley lifted their target price on shares of Selective Insurance Group from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods cut their price objective 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 target on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $94.00.

Insider Transactions at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,352 shares of Selective Insurance Group stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $87.06, for a total value of $117,705.12. Following the sale, the chief accounting officer directly owned 15,946 shares in the company, valued at approximately $1,388,258.76. This trade represents a 7.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

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.