Selective Insurance Group, Inc. (NASDAQ:SIGI) Stock Position Reduced by Millennium Management LLC

Millennium Management LLC lessened its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 47.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 299,588 shares of the insurance provider’s stock after selling 273,149 shares during the quarter. Millennium Management LLC’s holdings in Selective Insurance Group were worth $28,017,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. R Squared Ltd bought a new position in Selective Insurance Group during the 4th quarter worth approximately $25,000. Quarry LP acquired a new stake in shares of Selective Insurance Group during the 4th quarter worth approximately $38,000. UMB Bank n.a. raised its position in shares of Selective Insurance Group by 37.1% during the 4th quarter. UMB Bank n.a. now owns 429 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 116 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in shares of Selective Insurance Group by 957.1% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 444 shares of the insurance provider’s stock worth $42,000 after purchasing an additional 402 shares during the period. Finally, Roxbury Financial LLC acquired a new stake in shares of Selective Insurance Group during the 4th quarter worth approximately $180,000. Institutional investors own 82.88% of the company’s stock.

Insider Buying and Selling at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,352 shares of Selective Insurance Group stock in a transaction on Friday, April 25th. The stock was sold at an average price of $87.06, for a total transaction of $117,705.12. Following the transaction, the chief accounting officer now directly owns 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by company insiders.

Analyst Ratings Changes

SIGI has been the topic of a number of research reports. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research report on Thursday, January 30th. Keefe, Bruyette & Woods dropped their price target on Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 30th. StockNews.com upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Thursday, May 15th. BMO Capital Markets increased their price target on Selective Insurance Group from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Finally, Morgan Stanley increased their price target on Selective Insurance Group from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $94.00.

Selective Insurance Group Stock Up 0.6%

Shares of Selective Insurance Group stock opened at $89.66 on Tuesday. The business’s fifty day moving average price is $88.62 and its two-hundred day moving average price is $90.68. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.34 and a quick ratio of 0.34. The company has a market capitalization of $5.45 billion, a P/E ratio of 27.84 and a beta of 0.51. Selective Insurance Group, Inc. has a 1-year low of $78.13 and a 1-year high of $103.56.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.10). The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.33 EPS. As a group, research analysts forecast that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.70%. The ex-dividend date is 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.