Selective Insurance Group, Inc. (NASDAQ:SIGI) CEO John J. Marchioni Buys 3,200 Shares

Key Points

• CEO John J. Marchioni of Selective Insurance Group purchased 3,200 shares at $77.89 each, increasing his ownership to approximately 139,775 shares worth around $10.9 million.
• The company reported a quarterly EPS of $1.31, missing estimates by $0.24, and had a revenue of $1.29 billion, below the anticipated $1.32 billion.
• Select Insurance Group will pay a quarterly dividend of $0.38 on September 2nd, providing a dividend yield of 1.90% with a payout ratio of 24.88%.

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) CEO John J. Marchioni bought 3,200 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was purchased at an average price of $77.89 per share, for a total transaction of $249,248.00. Following the completion of the acquisition, the chief executive officer 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 transaction was disclosed in a filing with the SEC, which is available at this link.

Selective Insurance Group Stock Performance

NASDAQ:SIGI traded down $0.50 on Friday, reaching $77.47. 639,948 shares of the company's stock were exchanged, compared to its average volume of 728,057. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of 12.68 and a beta of 0.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick ratio of 0.35. The stock has a fifty day simple moving average of $85.57 and a 200-day simple moving average of $86.88. 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 issued 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 business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned ($1.10) EPS. As a group, sell-side analysts predict that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders 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 dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group's dividend payout ratio is presently 24.88%.

Hedge Funds Weigh In On Selective Insurance Group

A number of large investors have recently modified their holdings of the company. HighTower Advisors LLC raised its position in shares of Selective Insurance Group by 14.5% in the fourth quarter. HighTower Advisors LLC now owns 4,560 shares of the insurance provider's stock worth $426,000 after buying an additional 576 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Selective Insurance Group by 151.9% in the 4th quarter. Sei Investments Co. now owns 83,562 shares of the insurance provider's stock valued at $7,815,000 after acquiring an additional 50,386 shares in the last quarter. LPL Financial LLC boosted its position in shares of Selective Insurance Group by 4.6% during the 4th quarter. LPL Financial LLC now owns 54,306 shares of the insurance provider's stock valued at $5,079,000 after acquiring an additional 2,366 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of Selective Insurance Group during the fourth quarter worth about $524,000. Finally, JPMorgan Chase & Co. raised its stake in Selective Insurance Group by 18.1% in the fourth quarter. JPMorgan Chase & Co. now owns 478,609 shares of the insurance provider's stock valued at $44,760,000 after purchasing an additional 73,456 shares in the last quarter. 82.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SIGI has been the topic of several recent analyst reports. Keefe, Bruyette & Woods dropped their price objective on 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. Piper Sandler dropped their target price on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. BMO Capital Markets upped their target price on Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Morgan Stanley dropped their price target on Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating on the stock in a report on Friday, July 25th. Finally, Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $91.00.

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.