Selective Insurance Group (NASDAQ:SIGI) Director Cynthia Nicholson Sells 3,691 Shares of Stock

Selective Insurance Group, Inc. (NASDAQ:SIGI) Director Cynthia Nicholson sold 3,691 shares of Selective Insurance Group stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $98.71, for a total transaction of $364,338.61. Following the completion of the transaction, the director owned 17,463 shares of the company’s stock, valued at $1,723,772.73. This represents a 17.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Selective Insurance Group Trading Up 2.3%

Shares of NASDAQ SIGI traded up $2.18 during midday trading on Monday, reaching $98.79. The company had a trading volume of 808,541 shares, compared to its average volume of 546,306. The stock has a market cap of $5.88 billion, a PE ratio of 11.87 and a beta of 0.26. Selective Insurance Group, Inc. has a one year low of $72.78 and a one year high of $101.25. The firm’s fifty day moving average price is $88.87 and its 200-day moving average price is $89.90. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.28.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.46. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.17 billion. Selective Insurance Group had a return on equity of 15.60% and a net margin of 9.40%. During the same period last year, the company earned $1.85 earnings per share. On average, equities research analysts anticipate that Selective Insurance Group, Inc. will post 8.20 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, November 16th. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.43. Selective Insurance Group’s dividend payout ratio (DPR) is currently 20.67%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SIGI shares. Keefe, Bruyette & Woods upped their target price on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Royal Bank Of Canada raised their price target on Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Oppenheimer restated an “outperform” rating and set a $115.00 price objective on shares of Selective Insurance Group in a report on Tuesday, October 13th. Piper Sandler dropped their price objective on Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating for the company in a report on Monday, September 28th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research report on Wednesday, October 21st. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $101.00.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Selective Insurance Group in the second quarter valued at approximately $754,557,000. First Trust Advisors LP increased its position in shares of Selective Insurance Group by 33.3% during the first quarter. First Trust Advisors LP now owns 1,381,867 shares of the insurance provider’s stock worth $104,179,000 after purchasing an additional 345,348 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Selective Insurance Group by 3.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,359,224 shares of the insurance provider’s stock valued at $102,473,000 after purchasing an additional 44,532 shares during the last quarter. Wellington Management Group LLP acquired a new position in Selective Insurance Group in the 2nd quarter valued at $77,149,000. Finally, Bank of America Corp DE acquired a new position in Selective Insurance Group in the 2nd quarter valued at $63,423,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers’ compensation, general liability, commercial property and other specialty coverages.