Insider Buying: Selective Insurance Group, Inc. (NASDAQ:SIGI) CEO Purchases $200,544.00 in Stock

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

Selective Insurance Group Stock Up 1.5 %

Shares of NASDAQ:SIGI opened at $87.66 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market cap of $5.33 billion, a P/E ratio of 15.49, a P/E/G ratio of 0.84 and a beta of 0.54. Selective Insurance Group, Inc. has a 1-year low of $81.00 and a 1-year high of $109.58. The firm has a fifty day moving average price of $93.91 and a 200 day moving average price of $99.55.

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

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th will be issued a $0.35 dividend. 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 payout ratio is 24.73%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Tributary Capital Management LLC increased its position in Selective Insurance Group by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 280,271 shares of the insurance provider’s stock worth $26,298,000 after purchasing an additional 728 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in Selective Insurance Group during the second quarter worth $188,000. Vaughan Nelson Investment Management L.P. raised its position in Selective Insurance Group by 6.6% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 616,901 shares of the insurance provider’s stock worth $57,883,000 after acquiring an additional 38,400 shares in the last quarter. Raymond James & Associates lifted its holdings in Selective Insurance Group by 28.0% in the second quarter. Raymond James & Associates now owns 107,231 shares of the insurance provider’s stock valued at $10,061,000 after acquiring an additional 23,487 shares during the period. Finally, Boston Trust Walden Corp boosted its position in shares of Selective Insurance Group by 1.2% during the 2nd quarter. Boston Trust Walden Corp now owns 988,846 shares of the insurance provider’s stock worth $92,783,000 after purchasing an additional 11,327 shares in the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SIGI. Piper Sandler decreased their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday. Oppenheimer reissued an “outperform” rating and set a $120.00 target price on shares of Selective Insurance Group in a research report on Friday, April 5th. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $104.00 to $99.00 in a report on Monday. Bank of America reduced their price objective on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a research report on Thursday, July 11th. Finally, BMO Capital Markets lifted their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company 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.