Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc significantly reduced its stake in Selective Insurance Group by 83%, now holding 4,254 shares valued at approximately $389,000.
• The company announced a quarterly dividend of $0.38, resulting in an annualized dividend yield of 1.9%.
• Selective Insurance Group reported earnings of $1.31 per share for the last quarter, missing expectations by $0.24 with revenues of $1.29 billion.

TD Asset Management Inc decreased its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 83.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,254 shares of the insurance provider's stock after selling 20,704 shares during the quarter. TD Asset Management Inc's holdings in Selective Insurance Group were worth $389,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SIGI. Olde Wealth Management LLC acquired a new stake in Selective Insurance Group during the first quarter worth approximately $28,000. Quarry LP acquired a new position in shares of Selective Insurance Group in the 4th quarter valued at $38,000. Toth Financial Advisory Corp acquired a new position in shares of Selective Insurance Group in the 1st quarter valued at $41,000. Signaturefd LLC grew its position in shares of Selective Insurance Group by 58.7% in the 1st quarter. Signaturefd LLC now owns 673 shares of the insurance provider's stock valued at $62,000 after buying an additional 249 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in Selective Insurance Group by 116.3% during the 1st quarter. UMB Bank n.a. now owns 928 shares of the insurance provider's stock worth $85,000 after acquiring an additional 499 shares in the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Selective Insurance Group news, CEO John J. Marchioni purchased 3,200 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were purchased at an average cost of $77.89 per share, for a total transaction of $249,248.00. Following the completion of 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Kelly Doherty acquired 1,500 shares of the business's stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $77.00 per share, with a total value of $115,500.00. Following the transaction, the director directly owned 27,110 shares of the company's stock, valued at $2,087,470. This represents a 5.86% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 10,602 shares of company stock worth $817,440 in the last three months. Company insiders own 1.50% of the company's stock.

Selective Insurance Group Stock Performance

SIGI traded up $0.28 on Friday, hitting $78.02. 75,158 shares of the company traded hands, compared to its average volume of 450,672. Selective Insurance Group, Inc. has a 12-month low of $71.75 and a 12-month high of $103.56. The company has a 50 day moving average of $84.89 and a 200-day moving average of $86.46. 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 stock has a market capitalization of $4.75 billion, a PE ratio of 12.77 and a beta of 0.47.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.32 billion. During the same quarter last year, the company earned ($1.10) EPS. Sell-side analysts anticipate 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 disclosed 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. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group's payout ratio is currently 24.88%.

About Selective Insurance Group

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.