Insider Selling: Selective Insurance Group, Inc. (NASDAQ:SIGI) CAO Sells $130,024.44 in Stock

Selective Insurance Group, Inc. (NASDAQ:SIGI) CAO Anthony D. Harnett sold 1,404 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the transaction, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Selective Insurance Group Stock Down 2.4 %

Shares of NASDAQ:SIGI opened at $91.37 on Monday. The company has a current ratio of 0.35, a quick ratio of 0.32 and a debt-to-equity ratio of 0.17. The stock has a fifty day simple moving average of $91.85 and a two-hundred day simple moving average of $93.44. Selective Insurance Group, Inc. has a 12-month low of $81.00 and a 12-month high of $109.58. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 1.57 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the firm earned $1.51 EPS. Selective Insurance Group’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, research analysts anticipate that Selective Insurance Group, Inc. will post 3.76 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a dividend of $0.38 per share. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.66%. Selective Insurance Group’s dividend payout ratio is presently 26.86%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SIGI. Piper Sandler decreased their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets increased their target price on Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 24th. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Bank of America upped their price target on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $104.00 to $99.00 in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Selective Insurance Group has an average rating of “Hold” and a consensus price target of $100.00.

Institutional Investors Weigh In On Selective Insurance Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ballentine Partners LLC purchased a new stake in Selective Insurance Group during the 1st quarter valued at $204,000. Procyon Advisors LLC boosted its position in shares of Selective Insurance Group by 16.7% during the first quarter. Procyon Advisors LLC now owns 12,875 shares of the insurance provider’s stock valued at $1,406,000 after buying an additional 1,839 shares during the last quarter. AlphaMark Advisors LLC bought a new stake in Selective Insurance Group in the 1st quarter worth about $334,000. Vaughan Nelson Investment Management L.P. increased its holdings in Selective Insurance Group by 27.5% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 578,501 shares of the insurance provider’s stock worth $63,155,000 after buying an additional 124,860 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Selective Insurance Group by 15,444.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,721 shares of the insurance provider’s stock worth $1,935,000 after buying an additional 17,607 shares during the last quarter. Institutional investors own 82.88% of the company’s stock.

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.