Amalgamated Bank Trims Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Amalgamated Bank lowered its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,504 shares of the insurance provider’s stock after selling 1,110 shares during the quarter. Amalgamated Bank owned approximately 0.06% of Selective Insurance Group worth $3,731,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in SIGI. Blue Trust Inc. lifted its holdings in Selective Insurance Group by 68.9% during the 4th quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after buying an additional 104 shares during the last quarter. Headinvest LLC acquired a new stake in shares of Selective Insurance Group during the 3rd quarter valued at approximately $62,000. Morton Brown Family Wealth LLC bought a new position in Selective Insurance Group during the fourth quarter worth $82,000. Fifth Third Bancorp lifted its stake in Selective Insurance Group by 12.3% during the third quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider’s stock worth $121,000 after purchasing an additional 128 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Selective Insurance Group by 15.3% in the third quarter. SG Americas Securities LLC now owns 1,718 shares of the insurance provider’s stock worth $177,000 after purchasing an additional 228 shares during the period. Institutional investors own 82.88% of the company’s stock.

Insider Buying and Selling

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.88, for a total transaction of $278,040.88. Following the transaction, the chief operating officer now owns 10,511 shares of the company’s stock, valued at approximately $1,112,904.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SIGI. Piper Sandler reissued a “neutral” rating and set a $104.00 target price on shares of Selective Insurance Group in a report on Monday, April 1st. Royal Bank of Canada dropped their price objective on shares of Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Friday, February 2nd. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th. Keefe, Bruyette & Woods lowered their target price on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. Finally, Oppenheimer reissued an “outperform” rating and issued a $120.00 price target on shares of Selective Insurance Group in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Selective Insurance Group has a consensus rating of “Hold” and an average price target of $105.17.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $98.45 on Friday. The firm’s 50 day moving average is $103.00 and its two-hundred day moving average is $102.45. The firm has a market capitalization of $5.98 billion, a P/E ratio of 17.39, a PEG ratio of 0.77 and a beta of 0.55. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18. Selective Insurance Group, Inc. has a 52 week low of $92.06 and a 52 week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $1.33 EPS for the quarter, missing the consensus estimate of $1.88 by ($0.55). The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.11 billion. Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.44 earnings per share. Analysts anticipate that Selective Insurance Group, Inc. will post 7.49 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend is Tuesday, May 14th. Selective Insurance Group’s dividend payout ratio is currently 24.73%.

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.