Independent Portfolio Consultants Inc. cut its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 8.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,132 shares of the insurance provider’s stock after selling 2,663 shares during the period. Independent Portfolio Consultants Inc.’s holdings in Selective Insurance Group were worth $1,358,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Tyers Asset Management LLC increased its stake in shares of Selective Insurance Group by 2.8% in the first quarter. Tyers Asset Management LLC now owns 2,464 shares of the insurance provider’s stock worth $116,000 after buying an additional 66 shares during the period. Whittier Trust Co. bought a new stake in shares of Selective Insurance Group during the first quarter worth $144,000. Flinton Capital Management LLC increased its stake in shares of Selective Insurance Group by 2.8% in the first quarter. Flinton Capital Management LLC now owns 3,136 shares of the insurance provider’s stock worth $148,000 after buying an additional 84 shares during the period. Victory Capital Management Inc. increased its stake in shares of Selective Insurance Group by 7.6% in the first quarter. Victory Capital Management Inc. now owns 3,750 shares of the insurance provider’s stock worth $177,000 after buying an additional 265 shares during the period. Finally, Neuburgh Advisers LLC increased its stake in shares of Selective Insurance Group by 2.8% in the first quarter. Neuburgh Advisers LLC now owns 3,808 shares of the insurance provider’s stock worth $180,000 after buying an additional 102 shares during the period. 78.49% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group, Inc. (NASDAQ SIGI) traded up 0.49% during trading on Friday, hitting $51.65. 144,377 shares of the stock were exchanged. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 17.69 and a beta of 1.45. The firm has a 50-day moving average of $50.33 and a 200-day moving average of $46.54. Selective Insurance Group, Inc. has a 52 week low of $34.95 and a 52 week high of $53.75.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, April 26th. The insurance provider reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.13. Selective Insurance Group had a net margin of 7.37% and a return on equity of 11.14%. The company had revenue of $600.50 million during the quarter, compared to analysts’ expectations of $608.40 million. During the same quarter in the previous year, the business posted $0.66 earnings per share. Selective Insurance Group’s quarterly revenue was up 8.9% on a year-over-year basis. Equities research analysts anticipate that Selective Insurance Group, Inc. will post $3.09 earnings per share for the current fiscal year.

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A number of brokerages have weighed in on SIGI. Royal Bank Of Canada reissued a “hold” rating and issued a $48.00 price target on shares of Selective Insurance Group in a report on Wednesday. BidaskClub raised shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research downgraded shares of Selective Insurance Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. ValuEngine raised shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $48.00 price objective on shares of Selective Insurance Group in a report on Tuesday, May 2nd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Selective Insurance Group presently has an average rating of “Hold” and a consensus target price of $47.33.

In related news, Director William M. Rue sold 12,000 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $52.24, for a total transaction of $626,880.00. Following the completion of the sale, the director now owns 357,164 shares of the company’s stock, valued at $18,658,247.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory E. Murphy sold 8,789 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $49.80, for a total transaction of $437,692.20. The disclosure for this sale can be found here. Insiders have sold 29,064 shares of company stock valued at $1,481,797 in the last ninety days. 3.00% of the stock is currently owned by company insiders.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market.

Institutional Ownership by Quarter for Selective Insurance Group (NASDAQ:SIGI)

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