Insider Buying: Selective Insurance Group, Inc. (NASDAQ:SIGI) CEO Purchases 2,400 Shares of Stock

Selective Insurance Group, Inc. (NASDAQ:SIGI) CEO John J. Marchioni bought 2,400 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was purchased at an average price of $83.56 per share, with a total value of $200,544.00. Following the transaction, the chief executive officer now owns 136,397 shares in the company, valued at approximately $11,397,333.32. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock opened at $87.66 on Thursday. Selective Insurance Group, Inc. has a 52 week low of $81.00 and a 52 week high of $109.58. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18. The company’s 50-day moving average price is $93.91 and its two-hundred day moving average price is $99.55. The stock has a market cap of $5.33 billion, a PE ratio of 15.49, a price-to-earnings-growth ratio of 0.84 and a beta of 0.54.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing the consensus estimate of $1.49 by ($2.59). The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.80%. During the same period in the prior year, the company earned $0.99 earnings per share. As a group, sell-side analysts anticipate that Selective Insurance Group, Inc. will post 6.22 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Thursday, August 15th. Selective Insurance Group’s dividend payout ratio is presently 24.73%.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds have recently modified their holdings of the stock. State of Michigan Retirement System increased its stake in Selective Insurance Group by 0.7% in the 4th quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider’s stock worth $1,451,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Selective Insurance Group by 68.9% during the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 104 shares during the period. Apollon Wealth Management LLC lifted its position in shares of Selective Insurance Group by 2.0% in the 4th quarter. Apollon Wealth Management LLC now owns 5,628 shares of the insurance provider’s stock valued at $560,000 after acquiring an additional 109 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Selective Insurance Group by 0.5% in the 4th quarter. Teacher Retirement System of Texas now owns 27,092 shares of the insurance provider’s stock worth $2,695,000 after purchasing an additional 123 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in Selective Insurance Group by 0.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 32,436 shares of the insurance provider’s stock worth $3,227,000 after purchasing an additional 143 shares in the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Bank of America decreased their price objective on Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a report on Thursday, July 11th. Royal Bank of Canada lowered their price target on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a report on Monday. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday. Piper Sandler decreased their target price on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $104.00 to $99.00 in a research report on Monday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Selective Insurance Group has a consensus rating of “Hold” and a consensus price target of $98.67.

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.