T. Rowe Price Investment Management Inc. Has $11.43 Million Stock Holdings in Selective Insurance Group, Inc. $SIGI

Key Points

• T. Rowe Price Investment Management Inc. sold 814,627 shares of Selective Insurance Group, reducing its stake by 86.7% in the first quarter, leaving it with 0.21% ownership of the company.
• Selective Insurance Group reported earnings of $1.31 per share, missing estimates by $0.24, with revenues of $1.29 billion compared to analyst expectations of $1.32 billion.
• The company announced a quarterly dividend of $0.38 per share with a yield of 1.9%, to be paid on September 2nd.

T. Rowe Price Investment Management Inc. lowered its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 86.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,814 shares of the insurance provider's stock after selling 814,627 shares during the period. T. Rowe Price Investment Management Inc. owned about 0.21% of Selective Insurance Group worth $11,426,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hsbc Holdings PLC lifted its holdings in shares of Selective Insurance Group by 1.7% during the first quarter. Hsbc Holdings PLC now owns 10,075 shares of the insurance provider's stock valued at $922,000 after acquiring an additional 173 shares during the period. Brooklyn Investment Group bought a new position in shares of Selective Insurance Group during the first quarter valued at $38,000. Versor Investments LP bought a new position in shares of Selective Insurance Group during the first quarter valued at $293,000. Algert Global LLC lifted its holdings in shares of Selective Insurance Group by 107.7% during the first quarter. Algert Global LLC now owns 152,544 shares of the insurance provider's stock valued at $13,964,000 after acquiring an additional 79,113 shares during the period. Finally, Raymond James Financial Inc. lifted its holdings in shares of Selective Insurance Group by 8.4% during the first quarter. Raymond James Financial Inc. now owns 805,704 shares of the insurance provider's stock valued at $73,755,000 after acquiring an additional 62,503 shares during the period. 82.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity at Selective Insurance Group

In related news, EVP Joseph Eppers bought 1,402 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was bought at an average cost of $76.82 per share, for a total transaction of $107,701.64. Following the transaction, the executive vice president owned 12,492 shares of the company's stock, valued at $959,635.44. This represents a 12.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Kelly Doherty bought 1,500 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $77.00 per share, with a total value of $115,500.00. Following the completion of the transaction, the director directly owned 27,110 shares in the company, valued at approximately $2,087,470. This trade represents a 5.86% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 10,602 shares of company stock worth $817,440. 1.50% of the stock is owned by company insiders.

Selective Insurance Group Trading Down 1.2%

NASDAQ:SIGI traded down $0.91 on Thursday, hitting $78.13. 1,723,033 shares of the stock were exchanged, compared to its average volume of 462,878. The stock has a market capitalization of $4.75 billion, a price-to-earnings ratio of 12.79 and a beta of 0.47. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.33 and a current ratio of 0.33. The company's 50-day moving average price is $82.46 and its 200 day moving average price is $85.37.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.55 by ($0.24). The firm had revenue of $1.29 billion for 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 in the prior year, the firm posted ($1.10) earnings per share. On average, equities research analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

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

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.