Sequoia Financial Advisors LLC Invests $464,000 in Selective Insurance Group, Inc. $SIGI

Key Points

• Sequoia Financial Advisors LLC has invested approximately $464,000 in Selective Insurance Group, acquiring 5,353 shares during the second quarter.
• The company's recent earnings report showed earnings per share of $1.31, missing analyst expectations of $1.55, with revenues of $1.29 billion.
• Insider purchases have increased, with CEO John J. Marchioni acquiring 3,200 shares at an average price of $77.89, indicating confidence in the company's prospects.

Sequoia Financial Advisors LLC bought a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,353 shares of the insurance provider's stock, valued at approximately $464,000.

A number of other institutional investors also recently modified their holdings of the company. Frank Rimerman Advisors LLC raised its position in Selective Insurance Group by 3.0% in the 1st quarter. Frank Rimerman Advisors LLC now owns 4,728 shares of the insurance provider's stock valued at $433,000 after buying an additional 136 shares during the last quarter. Martingale Asset Management L P raised its position in Selective Insurance Group by 0.5% in the 1st quarter. Martingale Asset Management L P now owns 28,140 shares of the insurance provider's stock valued at $2,576,000 after buying an additional 141 shares during the last quarter. UMB Bank n.a. raised its position in Selective Insurance Group by 16.3% in the 2nd quarter. UMB Bank n.a. now owns 1,079 shares of the insurance provider's stock valued at $93,000 after buying an additional 151 shares during the last quarter. Hsbc Holdings PLC raised its position in Selective Insurance Group by 1.7% in the 1st 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 during the last quarter. Finally, State of Alaska Department of Revenue raised its position in Selective Insurance Group by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 7,117 shares of the insurance provider's stock valued at $651,000 after buying an additional 185 shares during the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $83.60 on Tuesday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $5.09 billion, a PE ratio of 13.68 and a beta of 0.39. Selective Insurance Group, Inc. has a twelve month low of $71.75 and a twelve month high of $103.56. The company has a 50-day moving average price of $79.68 and a two-hundred day moving average price of $83.81.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The business 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 quarter in the prior year, the business earned ($1.10) EPS. Equities analysts forecast that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on SIGI shares. Weiss Ratings reissued a "hold (c-)" rating on shares of Selective Insurance Group in a research report on Wednesday, October 8th. Piper Sandler decreased their target price on 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. Morgan Stanley raised their target price on Selective Insurance Group from $72.00 to $73.00 and gave the company an "underweight" rating in a research report on Tuesday, October 7th. Keefe, Bruyette & Woods decreased their target price on 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. Finally, BMO Capital Markets set a $88.00 target price on Selective Insurance Group and gave the company an "outperform" rating in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $87.50.

Insider Activity

In related news, CEO John J. Marchioni bought 3,200 shares of Selective Insurance Group stock in a transaction on Monday, July 28th. The stock was acquired at an average price of $77.89 per share, with a total value of $249,248.00. Following the acquisition, the chief executive officer directly owned 139,775 shares of the company's stock, valued at $10,887,074.75. This represents a 2.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas A. Mccarthy bought 2,500 shares of Selective Insurance Group stock in a transaction on Monday, July 28th. The shares were bought at an average cost of $77.42 per share, with a total value of $193,550.00. Following the acquisition, the director directly owned 18,746 shares in the company, valued at approximately $1,451,315.32. This represents a 15.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 10,602 shares of company stock valued at $817,440. 1.00% of the stock is currently owned by corporate insiders.

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.

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