Robert Kelly Doherty Purchases 1,500 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) Stock

Key Points

• Robert Kelly Doherty, a director at Selective Insurance Group, purchased 1,500 shares at an average price of $77.00 per share, increasing his stake in the company by 5.86%.
• The company reported a missed earnings per share estimate of $1.31, falling short of the expected $1.55 in its recent quarterly earnings.
• Select Insurance Group declared a quarterly dividend of $0.38 per share, representing a yield of 1.9% and a payout ratio of 24.88%.

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) Director Robert Kelly Doherty acquired 1,500 shares of Selective Insurance Group stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $77.00 per share, for a total transaction of $115,500.00. Following the completion of the transaction, the director directly owned 27,110 shares of the company's stock, valued at approximately $2,087,470. This represents a 5.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Selective Insurance Group Trading Up 0.5%

Shares of NASDAQ SIGI traded up $0.42 during midday trading on Friday, hitting $78.16. The stock had a trading volume of 23,172 shares, compared to its average volume of 450,260. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28. Selective Insurance Group, Inc. has a 1-year low of $71.75 and a 1-year high of $103.56. The company has a market capitalization of $4.76 billion, a price-to-earnings ratio of 12.80 and a beta of 0.47. The company has a fifty day moving average price of $84.89 and a 200 day moving average price of $86.46.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share 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 analyst estimates of $1.32 billion. During the same period last year, the firm earned ($1.10) earnings per share. On average, analysts predict that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group's dividend payout ratio is 24.88%.

Institutional Trading of Selective Insurance Group

Large investors have recently added to or reduced their stakes in the stock. Olde Wealth Management LLC purchased a new stake in shares of Selective Insurance Group in the first quarter worth about $28,000. Parallel Advisors LLC lifted its position in Selective Insurance Group by 219.5% during the 2nd quarter. Parallel Advisors LLC now owns 361 shares of the insurance provider's stock worth $31,000 after acquiring an additional 248 shares in the last quarter. Amundi lifted its position in Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider's stock worth $36,000 after acquiring an additional 311 shares in the last quarter. Quarry LP purchased a new position in Selective Insurance Group in the 4th quarter worth approximately $38,000. Finally, Brooklyn Investment Group acquired a new stake in Selective Insurance Group in the first quarter valued at approximately $38,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on SIGI. Wall Street Zen raised shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. BMO Capital Markets set a $88.00 price target on Selective Insurance Group and gave the company an "outperform" rating in a report on Tuesday. Morgan Stanley lowered Selective Insurance Group from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $86.00 to $72.00 in a research note on Tuesday. Piper Sandler lowered their price objective on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods reduced their target price on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a research report on Monday, July 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $87.33.

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.