Selective Insurance Group, Inc. (NASDAQ:SIGI) Director Acquires $151,440.00 in Stock

Key Points

• Terrence W. Cavanaugh, a director at Selective Insurance Group, acquired 2,000 shares of stock for $151,440, increasing his total ownership to 25,295 shares.
• The company reported EPS of $1.31 for the last quarter, missing analysts' expectations of $1.55, while revenue was $1.29 billion, below the estimated $1.32 billion.
• A quarterly dividend of $0.38 per share was announced, with a yield of 1.96%, scheduled for payment on September 2nd.
• Analysts have varied price targets for the stock, with upgrades and downgrades resulting in a current average target price of $92.33 and an overall rating of "Hold".

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) Director Terrence W. Cavanaugh purchased 2,000 shares of Selective Insurance Group stock in a transaction dated 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 in the company, valued at approximately $1,915,337.40. This trade represents a 8.59% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Selective Insurance Group Stock Up 3.5%

NASDAQ SIGI traded up $2.64 on Friday, hitting $77.64. 615,523 shares of the stock traded hands, compared to its average volume of 428,482. The stock has a 50-day moving average of $86.69 and a 200 day moving average of $87.39. Selective Insurance Group, Inc. has a twelve month low of $71.75 and a twelve month high of $103.56. The company has a market capitalization of $4.72 billion, a P/E ratio of 12.71 and a beta of 0.48. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.30.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 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 12.81%. The company 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 firm earned ($1.10) earnings per share. As a group, 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 declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a $0.38 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.96%. Selective Insurance Group's payout ratio is currently 41.42%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SIGI. Piper Sandler reduced their price target 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. BMO Capital Markets increased their price target on shares of Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Keefe, Bruyette & Woods lowered their price target on shares of Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 30th. Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. Finally, Morgan Stanley lowered their price target on shares of Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Selective Insurance Group presently has an average rating of "Hold" and an average target price of $92.33.

Institutional Investors Weigh In On Selective Insurance Group

Large investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of Selective Insurance Group by 0.3% in the first quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider's stock valued at $12,967,000 after purchasing an additional 493 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Selective Insurance Group by 11.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider's stock valued at $761,000 after purchasing an additional 861 shares during the period. SG Americas Securities LLC increased its stake in shares of Selective Insurance Group by 221.3% in the first quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider's stock valued at $651,000 after purchasing an additional 4,899 shares during the period. Sei Investments Co. increased its stake in shares of Selective Insurance Group by 151.9% in the fourth quarter. Sei Investments Co. now owns 83,562 shares of the insurance provider's stock valued at $7,815,000 after purchasing an additional 50,386 shares during the period. Finally, M&T Bank Corp acquired a new stake in shares of Selective Insurance Group in the first quarter valued at approximately $225,000. Institutional investors and hedge funds own 82.88% of the company's stock.

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.

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