Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Dana Investment Advisors Inc.

Dana Investment Advisors Inc. reduced its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 111,579 shares of the insurance provider’s stock after selling 1,502 shares during the period. Dana Investment Advisors Inc. owned approximately 0.18% of Selective Insurance Group worth $10,469,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Point72 Asset Management L.P. purchased a new position in shares of Selective Insurance Group in the 2nd quarter valued at about $2,209,000. Algert Global LLC boosted its stake in Selective Insurance Group by 93.6% during the second quarter. Algert Global LLC now owns 14,426 shares of the insurance provider’s stock worth $1,354,000 after buying an additional 6,976 shares during the last quarter. Millennium Management LLC boosted its position in shares of Selective Insurance Group by 233.6% during the 2nd quarter. Millennium Management LLC now owns 106,239 shares of the insurance provider’s stock valued at $9,968,000 after acquiring an additional 74,390 shares during the last quarter. Dundas Partners LLP grew its stake in shares of Selective Insurance Group by 69.3% in the 2nd quarter. Dundas Partners LLP now owns 4,379 shares of the insurance provider’s stock valued at $411,000 after buying an additional 1,793 shares during the period. Finally, AQR Capital Management LLC grew its position in Selective Insurance Group by 18.7% in the second quarter. AQR Capital Management LLC now owns 94,386 shares of the insurance provider’s stock worth $8,846,000 after acquiring an additional 14,837 shares during the period. 82.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SIGI has been the subject of a number of research analyst reports. Bank of America lowered their price objective on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a research report on Thursday, July 11th. Royal Bank of Canada dropped their price objective on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a report on Monday, July 22nd. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. Finally, BMO Capital Markets increased their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $98.67.

Insider Activity

In other Selective Insurance Group news, Director Terrence W. Cavanaugh bought 2,000 shares of Selective Insurance Group stock in a transaction on Tuesday, July 23rd. The stock was bought at an average price of $85.85 per share, with a total value of $171,700.00. Following the completion of the acquisition, the director now owns 20,651 shares in the company, valued at $1,772,888.35. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO John J. Marchioni acquired 2,400 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was purchased at an average cost of $83.56 per share, with a total value of $200,544.00. Following the purchase, the chief executive officer now directly owns 136,397 shares of the company’s stock, valued at approximately $11,397,333.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the transaction, the director now owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $93.30 on Tuesday. The stock has a market capitalization of $5.67 billion, a P/E ratio of 16.48, a P/E/G ratio of 1.50 and a beta of 0.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.32 and a current ratio of 0.32. Selective Insurance Group, Inc. has a 1 year low of $81.00 and a 1 year high of $109.58. The company’s fifty day moving average is $89.27 and its two-hundred day moving average is $94.87.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. During the same quarter last year, the firm earned $0.99 earnings per share. On average, sell-side analysts predict that Selective Insurance Group, Inc. will post 3.84 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.50%. Selective Insurance Group’s dividend payout ratio is currently 24.73%.

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.