Tributary Capital Management LLC Raises Stock Holdings in Selective Insurance Group, Inc. $SIGI

Tributary Capital Management LLC grew its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 91.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 552,650 shares of the insurance provider’s stock after acquiring an additional 263,631 shares during the period. Selective Insurance Group accounts for about 2.1% of Tributary Capital Management LLC’s investment portfolio, making the stock its 9th biggest position. Tributary Capital Management LLC owned approximately 0.91% of Selective Insurance Group worth $44,803,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of SIGI. Merit Financial Group LLC increased its holdings in shares of Selective Insurance Group by 4.0% in the third quarter. Merit Financial Group LLC now owns 3,345 shares of the insurance provider’s stock valued at $271,000 after purchasing an additional 129 shares in the last quarter. UMB Bank n.a. boosted its position in Selective Insurance Group by 16.3% in the 2nd quarter. UMB Bank n.a. now owns 1,079 shares of the insurance provider’s stock valued at $93,000 after buying an additional 151 shares during the last quarter. Heritage Family Offices LLP increased its stake in shares of Selective Insurance Group by 5.0% in the 3rd quarter. Heritage Family Offices LLP now owns 3,789 shares of the insurance provider’s stock valued at $307,000 after buying an additional 181 shares during the period. Pullen Investment Management LLC raised its position in shares of Selective Insurance Group by 0.9% during the second quarter. Pullen Investment Management LLC now owns 22,748 shares of the insurance provider’s stock worth $1,971,000 after acquiring an additional 200 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Selective Insurance Group by 219.5% during the second quarter. Parallel Advisors LLC now owns 361 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 248 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SIGI has been the subject of a number of research reports. Morgan Stanley lifted their price objective on Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, November 17th. Keefe, Bruyette & Woods lowered their price target on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a research report on Tuesday. Piper Sandler boosted their price target on shares of Selective Insurance Group from $76.00 to $79.00 and gave the stock a “neutral” rating in a research note on Monday, December 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada assumed coverage on shares of Selective Insurance Group in a report on Monday, November 24th. They set an “outperform” rating and a $95.00 target price for the company. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Selective Insurance Group has a consensus rating of “Hold” and an average price target of $81.60.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $84.00 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market cap of $5.07 billion, a PE ratio of 12.94 and a beta of 0.24. The stock has a 50-day moving average of $80.31 and a 200-day moving average of $80.86. Selective Insurance Group, Inc. has a one year low of $71.75 and a one year high of $96.49.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Wednesday, October 22nd. The insurance provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. Selective Insurance Group had a net margin of 7.78% and a return on equity of 12.96%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the firm earned $1.40 EPS. Selective Insurance Group’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts expect that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, November 14th. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.38. Selective Insurance Group’s dividend payout ratio (DPR) is 26.50%.

Selective Insurance Group Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.