Amalgamated Bank Sells 1,603 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Amalgamated Bank cut its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 5.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,915 shares of the insurance provider’s stock after selling 1,603 shares during the period. Amalgamated Bank’s holdings in Selective Insurance Group were worth $2,604,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SIGI shares. Bank of America increased their price objective on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 22nd. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price target for the company from $95.00 to $105.00 in a report on Wednesday, October 30th. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada upped their price target 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 analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $101.67.

Insiders Place Their Bets

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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is currently owned by insiders.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock opened at $99.88 on Monday. The firm has a market cap of $6.07 billion, a PE ratio of 26.92, a PEG ratio of 1.68 and a beta of 0.57. The stock has a 50 day moving average of $92.70 and a 200 day moving average of $92.87. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17. Selective Insurance Group, Inc. has a 12 month low of $81.00 and a 12 month high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the business posted $1.51 earnings per share. On average, research analysts expect that Selective Insurance Group, Inc. will post 3.66 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.52%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is currently 37.74%.

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.