Selective Insurance Group (NASDAQ:SIGI) Sees Unusually-High Trading Volume Following Insider Buying Activity

Key Points

• Selective Insurance Group experienced a significant increase in trading volume, with 1,100,926 shares traded, up 155% from the previous session, following insider buying by Director Terrence W. Cavanaugh.
• The company's stock price rose to $78.05 after Cavanaugh purchased 2,000 shares at an average price of $75.72, increasing his ownership by 8.59%.
• Selectively Insurance reported earnings per share of $1.31 for the last quarter, missing analyst estimates, with total revenue of $1.29 billion.
• The firm declared a quarterly dividend of $0.38 per share, reflecting an annual yield of 1.94%, with the ex-dividend date on August 15th.

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) saw an uptick in trading volume on Friday following insider buying activity. 1,100,926 shares traded hands during mid-day trading, an increase of 155% from the previous session's volume of 431,729 shares.The stock last traded at $78.05 and had previously closed at $75.00.

Specifically, Director Terrence W. Cavanaugh bought 2,000 shares of Selective Insurance Group stock in a transaction dated Friday, July 25th. The stock was acquired at an average cost of $75.72 per share, with a total value of $151,440.00. Following the completion of the acquisition, the director owned 25,295 shares of the company's stock, valued at approximately $1,915,337.40. This represents a 8.59% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

SIGI has been the topic of a number of analyst reports. Piper Sandler decreased 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. Keefe, Bruyette & Woods decreased their target price 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. BMO Capital Markets raised their target price on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. 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 decreased their target price 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 research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Selective Insurance Group currently has a consensus rating of "Hold" and an average target price of $92.33.

Selective Insurance Group Trading Up 4.2%

The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of 12.82 and a beta of 0.48. The firm's 50 day moving average is $86.69 and its 200 day moving average is $87.39. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly 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). The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.81%. During the same quarter in the prior year, the firm earned ($1.10) EPS. Equities analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders 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 yield of 1.94%. The ex-dividend date of this dividend is Friday, August 15th. Selective Insurance Group's dividend payout ratio (DPR) is presently 41.42%.

Hedge Funds Weigh In On Selective Insurance Group

A number of hedge funds have recently made changes to their positions in SIGI. Principal Financial Group Inc. boosted its stake in shares of Selective Insurance Group by 0.3% in the 1st 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 last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Selective Insurance Group by 11.5% in the 1st 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 last quarter. SG Americas Securities LLC boosted its stake in shares of Selective Insurance Group by 221.3% in the 1st 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 last quarter. Sei Investments Co. boosted its stake in Selective Insurance Group by 151.9% during the 4th quarter. Sei Investments Co. now owns 83,562 shares of the insurance provider's stock worth $7,815,000 after acquiring an additional 50,386 shares during the last quarter. Finally, M&T Bank Corp bought a new position in Selective Insurance Group during the 1st quarter worth approximately $225,000. Institutional investors and hedge funds own 82.88% of the company's stock.

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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