Mackenzie Financial Corp Has $358,000 Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Key Points

• Mackenzie Financial Corp reduced its stake in Selective Insurance Group, Inc. by 76.5%, owning 3,910 shares worth $358,000 after selling 12,755 shares in the first quarter.
• Selective Insurance Group's quarterly earnings reported an EPS of $1.31, missing analysts' estimates of $1.55, with a revenue of $1.29 billion compared to expected $1.32 billion.
• The company declared a quarterly dividend of $0.38 per share, bringing its annualized dividend to $1.52 and a yield of 1.9%, with an ex-dividend date on August 15th.

Mackenzie Financial Corp lessened its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 76.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,910 shares of the insurance provider's stock after selling 12,755 shares during the period. Mackenzie Financial Corp's holdings in Selective Insurance Group were worth $358,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SIGI. O Shaughnessy Asset Management LLC grew its holdings in Selective Insurance Group by 8.6% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,542 shares of the insurance provider's stock worth $238,000 after acquiring an additional 202 shares during the period. Franklin Resources Inc. boosted its stake in shares of Selective Insurance Group by 6.4% during the fourth quarter. Franklin Resources Inc. now owns 6,698 shares of the insurance provider's stock valued at $626,000 after acquiring an additional 402 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of Selective Insurance Group during the fourth quarter valued at $799,000. ExodusPoint Capital Management LP boosted its stake in shares of Selective Insurance Group by 180.5% during the fourth quarter. ExodusPoint Capital Management LP now owns 9,816 shares of the insurance provider's stock valued at $918,000 after acquiring an additional 6,317 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Selective Insurance Group by 14.4% during the fourth quarter. Wells Fargo & Company MN now owns 122,099 shares of the insurance provider's stock worth $11,419,000 after buying an additional 15,344 shares during the period. Institutional investors and hedge funds own 82.88% of the company's stock.

Insider Activity

In other Selective Insurance Group news, EVP Joseph Eppers bought 1,402 shares of the business's stock in a transaction on Friday, July 25th. The shares were purchased at an average price of $76.82 per share, with a total value of $107,701.64. Following the purchase, the executive vice president directly owned 12,492 shares of the company's stock, valued at approximately $959,635.44. The trade was a 12.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO John J. Marchioni bought 3,200 shares of the business's stock in a transaction on Monday, July 28th. The shares were acquired at an average cost of $77.89 per share, for a total transaction of $249,248.00. Following the purchase, the chief executive officer directly owned 139,775 shares in the company, valued at $10,887,074.75. This represents a 2.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 10,602 shares of company stock worth $817,440 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Selective Insurance Group Stock Performance

Shares of NASDAQ SIGI traded up $0.66 during mid-day trading on Wednesday, hitting $79.01. The company had a trading volume of 77,247 shares, compared to its average volume of 449,331. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of 12.94 and a beta of 0.47. Selective Insurance Group, Inc. has a 12 month low of $71.75 and a 12 month high of $103.56. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick ratio of 0.33. The firm's 50 day simple moving average is $84.24 and its two-hundred day simple moving average is $86.08.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.24). The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%. During the same period last year, the business posted ($1.10) EPS. As a group, equities research analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.52 annualized dividend and a yield of 1.9%. Selective Insurance Group's payout ratio is presently 24.88%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SIGI. Morgan Stanley downgraded shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $86.00 to $72.00 in a report on Tuesday, August 5th. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Piper Sandler cut their price objective on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Keefe, Bruyette & Woods cut their price objective on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a report on Monday, July 28th. Finally, BMO Capital Markets set a $88.00 target price on Selective Insurance Group and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $87.33.

Selective Insurance Group 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.