Northern Trust Corp lifted its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 16.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,359,536 shares of the insurance provider’s stock after purchasing an additional 189,401 shares during the quarter. Northern Trust Corp owned 2.33% of Selective Insurance Group worth $68,044,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Teacher Retirement System of Texas boosted its position in Selective Insurance Group by 2.1% during the second quarter. Teacher Retirement System of Texas now owns 4,657 shares of the insurance provider’s stock valued at $233,000 after purchasing an additional 94 shares during the last quarter. LS Investment Advisors LLC grew its stake in Selective Insurance Group by 5.1% in the second quarter. LS Investment Advisors LLC now owns 2,180 shares of the insurance provider’s stock valued at $109,000 after purchasing an additional 106 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its stake in Selective Insurance Group by 0.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 16,770 shares of the insurance provider’s stock valued at $790,000 after purchasing an additional 130 shares in the last quarter. Amalgamated Bank grew its stake in Selective Insurance Group by 1.7% in the second quarter. Amalgamated Bank now owns 7,839 shares of the insurance provider’s stock valued at $392,000 after purchasing an additional 132 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Selective Insurance Group by 8.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,526 shares of the insurance provider’s stock valued at $126,000 after purchasing an additional 204 shares in the last quarter. 77.73% of the stock is owned by institutional investors and hedge funds.

Shares of Selective Insurance Group, Inc. (SIGI) opened at 54.95 on Tuesday. Selective Insurance Group, Inc. has a 1-year low of $34.95 and a 1-year high of $55.00. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 19.14 and a beta of 1.44. The company has a 50 day moving average of $50.85 and a 200 day moving average of $49.91.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, July 26th. The insurance provider reported $0.68 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.05). Selective Insurance Group had a net margin of 7.13% and a return on equity of 10.82%. The firm had revenue of $614.50 million during the quarter, compared to the consensus estimate of $611.62 million. During the same quarter in the previous year, the firm posted $0.74 EPS. The company’s revenue was up 8.1% on a year-over-year basis. On average, equities analysts forecast that Selective Insurance Group, Inc. will post $3.04 earnings per share for the current fiscal year.

In other news, Director Michael J. Morrissey sold 2,483 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $50.46, for a total value of $125,292.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael J. Morrissey sold 665 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $50.81, for a total transaction of $33,788.65. Following the transaction, the director now owns 15,177 shares of the company’s stock, valued at approximately $771,143.37. The disclosure for this sale can be found here. Insiders have sold a total of 4,148 shares of company stock valued at $210,141 over the last ninety days. Company insiders own 3.00% of the company’s stock.

SIGI has been the topic of several research reports. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $50.00 target price on shares of Selective Insurance Group in a research report on Tuesday. Zacks Investment Research upgraded Selective Insurance Group from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. BidaskClub raised Selective Insurance Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Finally, ValuEngine cut Selective Insurance Group from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Selective Insurance Group has an average rating of “Hold” and an average price target of $47.73.

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Selective Insurance Group Profile

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.

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

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