TD Asset Management Inc Lowers Stock Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

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 trimmed its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 83.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,254 shares of the insurance provider's stock after selling 20,704 shares during the period. TD Asset Management Inc's holdings in Selective Insurance Group were worth $389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Heartland Advisors Inc. purchased a new stake in shares of Selective Insurance Group in the 1st quarter worth approximately $2,943,000. KLP Kapitalforvaltning AS lifted its position in shares of Selective Insurance Group by 6.3% in the 1st quarter. KLP Kapitalforvaltning AS now owns 13,500 shares of the insurance provider's stock worth $1,236,000 after purchasing an additional 800 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Selective Insurance Group in the 1st quarter worth approximately $3,602,000. Victory Capital Management Inc. lifted its position in shares of Selective Insurance Group by 8.4% in the 1st quarter. Victory Capital Management Inc. now owns 14,672 shares of the insurance provider's stock worth $1,343,000 after purchasing an additional 1,132 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Selective Insurance Group by 19.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 460,339 shares of the insurance provider's stock worth $42,139,000 after purchasing an additional 75,108 shares during the period. Hedge funds and other institutional investors own 82.88% of the company's stock.

Selective Insurance Group Trading Up 2.1%

NASDAQ:SIGI opened at $79.09 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. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of 12.94 and a beta of 0.47. The firm has a 50 day moving average of $85.42 and a 200 day moving average of $86.68.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates 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 previous year, the company earned ($1.10) EPS. As a group, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SIGI. BMO Capital Markets upped their price target on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. 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. Keefe, Bruyette & Woods decreased their target price on shares of 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. Morgan Stanley decreased their target price on shares of Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating for the company in a research report on Friday, July 25th. Finally, Piper Sandler decreased their target price 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, Selective Insurance Group presently has an average rating of "Hold" and an average price target of $91.00.

Insider Transactions at Selective Insurance Group

In related news, Director Thomas A. Mccarthy purchased 2,500 shares of the company's stock in a transaction on Monday, July 28th. The stock was acquired at an average cost of $77.42 per share, for a total transaction of $193,550.00. Following the completion of the transaction, the director directly owned 18,746 shares in the company, valued at approximately $1,451,315.32. The trade was a 15.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Terrence W. Cavanaugh purchased 2,000 shares of the company's stock in a transaction on Friday, July 25th. The shares were bought at an average price of $75.72 per share, with a total value of $151,440.00. Following the completion of the transaction, the director owned 25,295 shares of the company's stock, valued at approximately $1,915,337.40. The trade was a 8.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 10,602 shares of company stock valued at $817,440. Company insiders own 1.00% of the company's stock.

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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