Victory Capital Management Inc. Sells 903,117 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Victory Capital Management Inc. decreased its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 98.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,219 shares of the insurance provider’s stock after selling 903,117 shares during the period. Victory Capital Management Inc.’s holdings in Selective Insurance Group were worth $1,327,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new stake in Selective Insurance Group in the third quarter worth about $27,000. Quest Partners LLC purchased a new stake in Selective Insurance Group in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC raised its stake in Selective Insurance Group by 81.5% during the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 145 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Selective Insurance Group during the second quarter valued at approximately $44,000. Finally, Lazard Asset Management LLC boosted its position in shares of Selective Insurance Group by 245.9% in the first quarter. Lazard Asset Management LLC now owns 1,228 shares of the insurance provider’s stock worth $134,000 after purchasing an additional 873 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Performance

NASDAQ SIGI opened at $99.80 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.35. Selective Insurance Group, Inc. has a 1-year low of $81.00 and a 1-year high of $109.58. The business has a 50 day simple moving average of $94.54 and a two-hundred day simple moving average of $92.78. The stock has a market capitalization of $6.07 billion, a PE ratio of 26.50 and a beta of 0.57.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.29). The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.51 EPS. On average, research analysts predict that Selective Insurance Group, Inc. will post 3.59 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.52%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group’s dividend payout ratio is currently 40.97%.

Analyst Ratings Changes

A number of research analysts recently weighed in on SIGI shares. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $95.00 to $105.00 in a research note on Wednesday, October 30th. Bank of America boosted their price objective on Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada upped their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $101.67.

Insider Activity at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the completion of the sale, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This trade represents a 8.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is owned by insiders.

Selective Insurance Group Profile

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.