Michael Lanza Sells 17,100 Shares of Selective Insurance Group (NASDAQ:SIGI) Stock

Key Points

• Selective Insurance EVP Michael Lanza sold 17,100 shares at an average price of $94.04, generating $1.61 million and reducing his direct ownership by 50.79% to 16,565 shares.
• The company reported quarterly EPS of $1.95, beating analyst estimates of $1.66, while revenue of $1.39 billion also exceeded expectations. Selective declared a quarterly dividend of $0.43 per share, implying a 1.8% yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $100.17; institutional investors own approximately 82.88% of the company’s stock.

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) EVP Michael Lanza sold 17,100 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total value of $1,608,084.00. Following the completion of the transaction, the executive vice president directly owned 16,565 shares of the company's stock, valued at approximately $1,557,772.60. This trade represents a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Selective Insurance Group Price Performance

Selective Insurance Group stock traded up $2.28 during midday trading on Wednesday, reaching $96.68. 833,620 shares of the company were exchanged, compared to its average volume of 581,417. The firm's 50-day simple moving average is $93.30 and its 200-day simple moving average is $86.01. Selective Insurance Group, Inc. has a 1 year low of $72.78 and a 1 year high of $100.40. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 12.00 and a beta of 0.29. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.30 and a current ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.66 by $0.29. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the firm earned $1.31 EPS. On average, analysts anticipate that Selective Insurance Group, Inc. will post 7.95 EPS for the current year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.72 annualized dividend and a dividend yield of 1.8%. Selective Insurance Group's dividend payout ratio is presently 21.34%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legacy Wealth Asset Management LLC acquired a new stake in Selective Insurance Group during the second quarter worth about $284,000. Gradient Investments LLC lifted its stake in shares of Selective Insurance Group by 8.0% in the 2nd quarter. Gradient Investments LLC now owns 16,644 shares of the insurance provider's stock valued at $1,615,000 after purchasing an additional 1,228 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Selective Insurance Group by 101.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 193,405 shares of the insurance provider's stock worth $18,762,000 after purchasing an additional 97,469 shares during the period. Baron Wealth Management LLC grew its holdings in shares of Selective Insurance Group by 7.5% during the 2nd quarter. Baron Wealth Management LLC now owns 3,722 shares of the insurance provider's stock worth $361,000 after purchasing an additional 261 shares during the period. Finally, Cim Investment Management Inc. increased its position in Selective Insurance Group by 54.3% during the 1st quarter. Cim Investment Management Inc. now owns 5,098 shares of the insurance provider's stock worth $384,000 after purchasing an additional 1,793 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Oppenheimer boosted their price target on Selective Insurance Group from $100.00 to $105.00 and gave the company an "outperform" rating in a report on Thursday, May 21st. Weiss Ratings raised Selective Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 10th. Morgan Stanley upped their target price on Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a research note on Monday, July 6th. Royal Bank Of Canada increased their target price on Selective Insurance Group from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, Piper Sandler raised their price target on Selective Insurance Group from $93.00 to $103.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $100.17.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company's core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.

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