T. Rowe Price Investment Management Inc. Sells 814,627 Shares of 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 1st quarter, according to its most recent 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 approximately 0.21% of Selective Insurance Group worth $11,426,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of SIGI. Frank Rimerman Advisors LLC raised its stake in shares of Selective Insurance Group by 3.0% during the first quarter. Frank Rimerman Advisors LLC now owns 4,728 shares of the insurance provider's stock valued at $433,000 after purchasing an additional 136 shares in the last quarter. Hsbc Holdings PLC boosted its stake in 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 buying an additional 173 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in Selective Insurance Group by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 7,117 shares of the insurance provider's stock worth $651,000 after acquiring an additional 185 shares during the period. Resona Asset Management Co. Ltd. raised its position in Selective Insurance Group by 3.9% in the first quarter. Resona Asset Management Co. Ltd. now owns 5,134 shares of the insurance provider's stock worth $470,000 after acquiring an additional 193 shares in the last quarter. Finally, State of Michigan Retirement System raised its position in Selective Insurance Group by 1.4% in the first quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider's stock worth $1,335,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 82.88% of the company's stock.

Selective Insurance Group Stock Performance

Shares of NASDAQ:SIGI traded up $0.10 during trading on Friday, reaching $78.23. The stock had a trading volume of 641,414 shares, compared to its average volume of 549,829. The stock has a fifty day simple moving average of $82.18 and a two-hundred day simple moving average of $85.31. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56. The firm has a market capitalization of $4.76 billion, a price-to-earnings ratio of 12.80 and a beta of 0.47.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted 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). The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. During the same quarter in the previous year, the business posted ($1.10) earnings per share. As a group, analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal 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 issued a $0.38 dividend. The ex-dividend date of this dividend is 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 (DPR) is 24.88%.

Insider Buying and Selling

In related news, EVP Joseph Eppers acquired 1,402 shares of the stock in a transaction dated Friday, July 25th. The shares were acquired at an average price of $76.82 per share, for a total transaction of $107,701.64. Following the completion of the purchase, the executive vice president owned 12,492 shares in the company, valued at approximately $959,635.44. The trade was a 12.64% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas A. Mccarthy bought 2,500 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were bought at an average cost of $77.42 per share, for a total transaction of $193,550.00. Following the transaction, the director directly owned 18,746 shares of the company's stock, valued at $1,451,315.32. This trade represents a 15.39% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 10,602 shares of company stock worth $817,440. 1.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SIGI has been the subject of a number of recent analyst reports. Morgan Stanley lowered Selective Insurance Group from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $86.00 to $72.00 in a research report on Tuesday, August 5th. BMO Capital Markets set a $88.00 target price on shares of Selective Insurance Group and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. 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. 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. Finally, Keefe, Bruyette & Woods reduced their target price 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. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Selective Insurance Group currently has a consensus rating of "Reduce" and an average price target 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.