Key Points
- Executive Michael Lanza sold 17,100 Selective Insurance shares at an average price of $94.04, generating $1.61 million. His remaining direct ownership fell by 50.79% to 16,565 shares.
- Selective Insurance reported quarterly EPS of $1.95, beating estimates of $1.66, while revenue reached $1.39 billion versus the $1.30 billion consensus. Shares were trading at $96.68, up 2.4%.
- The company declared a quarterly dividend of $0.43, equivalent to an annualized $1.72 payout and a 1.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $100.17.
Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) EVP Michael Lanza sold 17,100 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total value of $1,608,084.00. Following the completion of the sale, the executive vice president directly owned 16,565 shares of the company's stock, valued at $1,557,772.60. This represents a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Selective Insurance Group Trading Up 2.4%
Shares of SIGI stock opened at $96.68 on Thursday. The business's fifty day moving average price is $93.44 and its 200 day moving average price is $86.09. The firm has a market capitalization of $5.76 billion, a PE ratio of 12.00 and a beta of 0.29. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.30. Selective Insurance Group, Inc. has a 1-year low of $72.78 and a 1-year high of $100.40.
Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.29. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same quarter last year, the company earned $1.31 earnings per share. As a group, sell-side analysts forecast that Selective Insurance Group, Inc. will post 7.98 EPS for the current fiscal year.
Selective Insurance Group Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, August 17th. Selective Insurance Group's dividend payout ratio (DPR) is currently 21.34%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIGI. Legacy Wealth Asset Management LLC purchased a new stake in shares of Selective Insurance Group during the second quarter worth about $284,000. Gradient Investments LLC lifted its stake in shares of Selective Insurance Group by 8.0% during the second quarter. Gradient Investments LLC now owns 16,644 shares of the insurance provider's stock valued at $1,615,000 after buying an additional 1,228 shares during the period. Assenagon Asset Management S.A. boosted its position in Selective Insurance Group by 101.6% during the second quarter. Assenagon Asset Management S.A. now owns 193,405 shares of the insurance provider's stock worth $18,762,000 after acquiring an additional 97,469 shares during the last quarter. Baron Wealth Management LLC boosted its holdings in shares of Selective Insurance Group by 7.5% during the second quarter. Baron Wealth Management LLC now owns 3,722 shares of the insurance provider's stock worth $361,000 after purchasing an additional 261 shares during the last quarter. Finally, Cim Investment Management Inc. grew its holdings in Selective Insurance Group by 54.3% in the 1st quarter. Cim Investment Management Inc. now owns 5,098 shares of the insurance provider's stock valued at $384,000 after buying an additional 1,793 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the stock. Morgan Stanley upped their target price on shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an "underweight" rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on shares of Selective Insurance Group from $88.00 to $101.00 and gave the company a "market perform" rating in a research report on Wednesday, July 8th. BMO Capital Markets lowered Selective Insurance Group from an "outperform" rating to a "market perform" rating and set a $97.00 price target on the stock. in a research note on Tuesday. Weiss Ratings upgraded Selective Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 10th. Finally, Piper Sandler raised their price objective on Selective Insurance Group from $93.00 to $103.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $100.17.
Get Our Latest Stock Report on Selective Insurance Group
Selective Insurance Group Company Profile
(
Get Free Report)
Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.
The company's core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.
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