American Century Companies Inc. Has $1.85 Million Stock Position in Selective Insurance Group, Inc. $SIGI

Key Points

• American Century Companies Inc. reduced its stake in Selective Insurance Group, Inc. by 23.1%, selling 6,071 shares in the first quarter, leaving them with 20,208 shares valued at $1.85 million.
• CEO John J. Marchioni and Director Thomas A. McCarthy both purchased shares of Selective Insurance Group, increasing their ownership in the company by 2.34% and 15.39%, respectively.
• Selective Insurance Group recently declared a quarterly dividend of $0.38 per share, which is set to provide a 1.9% dividend yield to shareholders.

American Century Companies Inc. cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 23.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,208 shares of the insurance provider's stock after selling 6,071 shares during the period. American Century Companies Inc.'s holdings in Selective Insurance Group were worth $1,850,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in Selective Insurance Group by 0.3% during the first quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider's stock valued at $12,967,000 after purchasing an additional 493 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Selective Insurance Group by 11.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider's stock valued at $761,000 after purchasing an additional 861 shares during the last quarter. SG Americas Securities LLC lifted its stake in Selective Insurance Group by 221.3% during the first quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider's stock valued at $651,000 after purchasing an additional 4,899 shares during the last quarter. M&T Bank Corp acquired a new stake in Selective Insurance Group during the first quarter valued at approximately $225,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Selective Insurance Group during the first quarter valued at approximately $2,559,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Selective Insurance Group news, Director Robert Kelly Doherty purchased 1,500 shares of the company's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $77.00 per share, for a total transaction of $115,500.00. Following the purchase, the director directly owned 27,110 shares in the company, valued at $2,087,470. This trade represents a 5.86% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas A. Mccarthy purchased 2,500 shares of the company's stock in a transaction dated Monday, July 28th. The shares were acquired at an average price of $77.42 per share, for a total transaction of $193,550.00. Following the purchase, the director owned 18,746 shares in the company, valued at $1,451,315.32. The trade was a 15.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 10,602 shares of company stock worth $817,440. Insiders own 1.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SIGI shares. Keefe, Bruyette & Woods reduced their price target on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a research report on Monday, July 28th. Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. Piper Sandler reduced their price target on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. BMO Capital Markets set a $88.00 price target on shares of Selective Insurance Group and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Morgan Stanley downgraded shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $86.00 to $72.00 in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $87.33.

Selective Insurance Group Stock Down 1.5%

SIGI stock traded down $1.23 during midday trading on Friday, reaching $79.81. The company had a trading volume of 388,055 shares, compared to its average volume of 505,761. Selective Insurance Group, Inc. has a 1 year low of $71.75 and a 1 year high of $103.56. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $4.86 billion, a P/E ratio of 13.06 and a beta of 0.44. The company has a 50 day moving average of $81.51 and a two-hundred day moving average of $85.21.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%.The company had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same quarter in the previous year, the company earned ($1.10) EPS. On average, equities research analysts expect that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th were given a $0.38 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. Selective Insurance Group's dividend payout ratio is presently 24.88%.

Selective Insurance Group Company Profile

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.