Insider Selling: Selective Insurance Group (NASDAQ:SIGI) Director Sells $364,338.61 in Stock

Selective Insurance Group, Inc. (NASDAQ:SIGI) Director Cynthia Nicholson sold 3,691 shares of the business’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $98.71, for a total value of $364,338.61. Following the transaction, the director directly owned 17,463 shares of the company’s stock, valued at $1,723,772.73. This represents a 17.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $97.73 on Thursday. The business has a 50 day moving average price of $89.26 and a 200 day moving average price of $87.43. Selective Insurance Group, Inc. has a twelve month low of $72.78 and a twelve month high of $101.25. The company has a market cap of $5.82 billion, a price-to-earnings ratio of 11.75 and a beta of 0.26. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.28.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.91 by $0.46. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 15.60% and a net margin of 9.40%. During the same quarter last year, the firm posted $1.85 EPS. Research analysts predict that Selective Insurance Group, Inc. will post 8.50 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be given a $0.48 dividend. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.43. This represents a $1.92 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, November 16th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 20.67%.

Institutional Trading of Selective Insurance Group

A number of hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Selective Insurance Group during the 2nd quarter worth about $26,000. IFP Advisors Inc boosted its position in shares of Selective Insurance Group by 51.3% during the 3rd quarter. IFP Advisors Inc now owns 596 shares of the insurance provider’s stock valued at $50,000 after acquiring an additional 202 shares in the last quarter. Westpac Banking Corp bought a new stake in Selective Insurance Group in the second quarter valued at about $72,000. Farther Finance Advisors LLC increased its stake in Selective Insurance Group by 51.2% in the third quarter. Farther Finance Advisors LLC now owns 812 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 275 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in Selective Insurance Group in the second quarter worth about $89,000. Institutional investors own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Piper Sandler cut their target price on shares of Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating for the company in a research note on Monday, September 28th. BMO Capital Markets reissued a “market perform” rating on shares of Selective Insurance Group in a report on Wednesday, October 21st. Royal Bank Of Canada raised their price target on shares of Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings downgraded shares of Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 1st. Finally, Oppenheimer restated an “outperform” rating and set a $115.00 price objective on shares of Selective Insurance Group in a report on Tuesday, October 13th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $101.83.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers’ compensation, general liability, commercial property and other specialty coverages.