Selective Insurance Group (NASDAQ:SIGI) Issues Quarterly Earnings Results

Key Points

• Selective Insurance Group reported quarterly earnings of $1.75 EPS, exceeding the consensus estimate of $1.71 by $0.04, with a net margin of 7.50% and return on equity of 12.61%.
• The company's stock decreased by 3.3% on Wednesday, trading at $81.18, amid a notable trading volume of 1,651,230 shares compared to the average of 470,066.
• Insider purchases included CEO John J. Marchioni acquiring 3,200 shares, increasing his position by 2.34%, signaling confidence in the company's future prospects.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) posted its earnings results on Wednesday. The insurance provider reported $1.75 EPS for the quarter, topping the consensus estimate of $1.71 by $0.04, Zacks reports. Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%.

Selective Insurance Group Trading Down 3.3%

NASDAQ SIGI traded down $2.79 on Wednesday, hitting $81.18. The company's stock had a trading volume of 1,651,230 shares, compared to its average volume of 470,066. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28. The firm has a market cap of $4.94 billion, a P/E ratio of 13.29 and a beta of 0.39. The company's 50-day simple moving average is $79.79 and its 200 day simple moving average is $83.81. Selective Insurance Group has a 52-week low of $71.75 and a 52-week high of $103.56.

Insiders Place Their Bets

In related news, CEO John J. Marchioni bought 3,200 shares of the company's stock in a transaction dated Monday, July 28th. The stock was purchased at an average cost of $77.89 per share, with a total value of $249,248.00. Following the transaction, the chief executive officer owned 139,775 shares in the company, valued at approximately $10,887,074.75. This trade represents a 2.34% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Kelly Doherty bought 1,500 shares of Selective Insurance Group stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $77.00 per share, for a total transaction of $115,500.00. Following the acquisition, the director directly owned 27,110 shares in the company, valued at approximately $2,087,470. This trade represents a 5.86% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,602 shares of company stock valued at $817,440 over the last quarter. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Selective Insurance Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its position in Selective Insurance Group by 174.6% in the second quarter. AQR Capital Management LLC now owns 1,593,645 shares of the insurance provider's stock worth $137,340,000 after purchasing an additional 1,013,371 shares during the last quarter. Bank of America Corp DE lifted its holdings in Selective Insurance Group by 40.0% in the 2nd quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider's stock worth $62,906,000 after purchasing an additional 207,258 shares in the last quarter. Invesco Ltd. increased its holdings in Selective Insurance Group by 14.9% in the 2nd quarter. Invesco Ltd. now owns 353,265 shares of the insurance provider's stock valued at $30,610,000 after acquiring an additional 45,760 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Selective Insurance Group by 5.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider's stock worth $19,555,000 after purchasing an additional 11,167 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of Selective Insurance Group by 102.7% in the second quarter. Jane Street Group LLC now owns 143,547 shares of the insurance provider's stock worth $12,438,000 after purchasing an additional 72,714 shares during the last quarter. 82.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SIGI has been the subject of several research reports. 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, July 25th. Morgan Stanley increased their price objective on Selective Insurance Group from $72.00 to $73.00 and gave the company an "underweight" rating in a report on Tuesday, October 7th. Zacks Research upgraded Selective Insurance Group from a "strong sell" rating to a "hold" rating in a research note on Friday, October 3rd. Weiss Ratings reissued a "hold (c-)" rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a research report on Monday, July 28th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $84.60.

Selective Insurance Group Company Profile

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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