Selective Insurance Group (NASDAQ:SIGI) Director Sells $364,338.61 in Stock

Key Points

• Director sale: Cynthia Nicholson sold 3,691 Selective Insurance Group shares for approximately $364,339, reducing her position by 17.45% to 17,463 shares.
• Strong quarterly results: Selective reported quarterly EPS of $2.37, exceeding analyst estimates of $1.91, while revenue reached $1.33 billion versus the $1.17 billion consensus.
• Dividend increased: The company raised its quarterly dividend from $0.43 to $0.48 per share, representing a $1.92 annualized payout and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $101.

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) Director Cynthia Nicholson sold 3,691 shares of the business's stock in a transaction on Monday, October 26th. The stock was sold at an average price of $98.71, for a total value of $364,338.61. Following the transaction, the director owned 17,463 shares of the company's stock, valued at $1,723,772.73. This trade represents a 17.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Selective Insurance Group Trading Up 2.3%

Shares of SIGI stock traded up $2.18 during trading hours on Monday, reaching $98.79. 808,541 shares of the stock traded hands, compared to its average volume of 546,306. The business has a fifty day moving average price of $88.87 and a 200 day moving average price of $89.90. Selective Insurance Group, Inc. has a 1-year low of $72.78 and a 1-year high of $101.25. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $5.88 billion, a PE ratio of 11.87 and a beta of 0.26.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its earnings results on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.91 by $0.46. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a net margin of 9.40% and a return on equity of 15.60%. During the same period last year, the business posted $1.85 EPS. On average, equities research analysts forecast that Selective Insurance Group, Inc. will post 8.20 EPS for the current year.

Selective Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be issued a dividend of $0.48 per share. This is an increase from Selective Insurance Group's previous quarterly dividend of $0.43. The ex-dividend date is Monday, November 16th. This represents a $1.92 annualized dividend and a yield of 1.9%. Selective Insurance Group's dividend payout ratio is 20.67%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SIGI. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Selective Insurance Group during the 2nd quarter worth about $26,000. IFP Advisors Inc increased its position in Selective Insurance Group by 51.3% in the 3rd quarter. IFP Advisors Inc now owns 596 shares of the insurance provider's stock valued at $50,000 after buying an additional 202 shares in the last quarter. Westpac Banking Corp bought a new stake in Selective Insurance Group in the 2nd quarter valued at about $72,000. Farther Finance Advisors LLC increased its position in Selective Insurance Group by 51.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 812 shares of the insurance provider's stock valued at $68,000 after buying an additional 275 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Selective Insurance Group during the 2nd quarter worth approximately $89,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SIGI shares. Royal Bank Of Canada upped their price target on shares of Selective Insurance Group from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Monday, July 27th. BMO Capital Markets restated a "market perform" rating on shares of Selective Insurance Group in a report on Wednesday, October 21st. Oppenheimer restated an "outperform" rating and set a $115.00 price objective on shares of Selective Insurance Group in a report on Tuesday, October 13th. Piper Sandler cut their price objective on shares of Selective Insurance Group from $105.00 to $97.00 and set a "neutral" rating on the stock in a research report on Monday, September 28th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a "market perform" rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $101.00.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers' compensation, general liability, commercial property and other specialty coverages.

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