United Services Automobile Association Takes Position in Selective Insurance Group, Inc. $SIGI

Key Points

• United Services Automobile Association has initiated a new investment in Selective Insurance Group, acquiring 3,865 shares valued at approximately $355,000 during the first quarter.
• Morgan Stanley has downgraded Selective Insurance Group from an "equal weight" rating to "underweight" with a reduced price target of $72.00, while other analysts have varied ratings and price targets for the stock.
• Selective Insurance Group announced a $0.38 quarterly dividend, translating to an annualized yield of 1.9%, highlighting the company's commitment to returning value to shareholders.

United Services Automobile Association acquired a new position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,865 shares of the insurance provider's stock, valued at approximately $355,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Frank Rimerman Advisors LLC raised its stake in 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 worth $433,000 after acquiring an additional 136 shares during the period. Martingale Asset Management L P raised its stake in Selective Insurance Group by 0.5% during the first quarter. Martingale Asset Management L P now owns 28,140 shares of the insurance provider's stock worth $2,576,000 after acquiring an additional 141 shares during the period. Hsbc Holdings PLC raised 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 worth $922,000 after acquiring an additional 173 shares during the period. State of Alaska Department of Revenue raised its stake 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. Finally, Resona Asset Management Co. Ltd. raised its stake in Selective Insurance Group by 3.9% during 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 during the period. Institutional investors and hedge funds own 82.88% of the company's stock.

Selective Insurance Group Stock Up 1.2%

Shares of Selective Insurance Group stock traded up $0.91 during midday trading on Wednesday, reaching $77.82. 46,885 shares of the company's stock traded hands, compared to its average volume of 459,729. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 12.74 and a beta of 0.44. The company's 50 day simple moving average is $80.43 and its 200 day simple moving average is $85.04. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.33 and a current ratio of 0.33. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $103.56.

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). Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the business posted ($1.10) earnings per share. Equities analysts expect that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were paid a $0.38 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a yield of 2.0%. Selective Insurance Group's dividend payout ratio (DPR) is presently 24.88%.

Insiders Place Their Bets

In related news, Director Robert Kelly Doherty purchased 1,500 shares of the firm's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $77.00 per share, for a total transaction of $115,500.00. Following the transaction, the director directly owned 27,110 shares of the company's stock, valued at approximately $2,087,470. This trade represents a 5.86% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO John J. Marchioni purchased 3,200 shares of the firm's stock in a transaction on Monday, July 28th. The stock was bought at an average price of $77.89 per share, for a total transaction of $249,248.00. Following the completion of the transaction, the chief executive officer directly owned 139,775 shares in the company, valued at approximately $10,887,074.75. The trade was a 2.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 10,602 shares of company stock worth $817,440 in the last ninety days. 1.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on SIGI. BMO Capital Markets set a $88.00 price target on shares of Selective Insurance Group and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Morgan Stanley lowered shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $86.00 to $72.00 in a research note on Tuesday, August 5th. Keefe, Bruyette & Woods dropped their price target on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a research note on Monday, July 28th. Finally, Piper Sandler dropped their price target on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Selective Insurance Group presently has a consensus rating of "Reduce" and a consensus target price 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.