Insider Selling: Selective Insurance Group (NASDAQ:SIGI) EVP Sells $1,608,084.00 in Stock

Selective Insurance Group, Inc. (NASDAQ:SIGI) EVP Michael Lanza sold 17,100 shares of the business’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 owned 16,565 shares in the company, valued at $1,557,772.60. The trade was a 50.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Selective Insurance Group Stock Up 0.1%

Selective Insurance Group stock opened at $94.79 on Friday. The company has a fifty day simple moving average of $93.61 and a 200 day simple moving average of $86.22. Selective Insurance Group, Inc. has a 1-year low of $72.78 and a 1-year high of $100.40. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.26. The company has a market cap of $5.65 billion, a P/E ratio of 11.76 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.66 by $0.29. The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted $1.31 earnings per share. Research analysts anticipate that Selective Insurance Group, Inc. will post 7.98 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently announced 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 of this dividend is Monday, August 17th. Selective Insurance Group’s dividend payout ratio is presently 21.34%.

Institutional Trading of Selective Insurance Group

Several institutional investors have recently added to or reduced their stakes in the company. Legacy Wealth Asset Management LLC bought a new position in Selective Insurance Group during the 2nd quarter worth $284,000. Gradient Investments LLC lifted its holdings 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 worth $1,615,000 after buying an additional 1,228 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Selective Insurance Group by 101.6% in the second quarter. Assenagon Asset Management S.A. now owns 193,405 shares of the insurance provider’s stock valued at $18,762,000 after acquiring an additional 97,469 shares during the period. Baron Wealth Management LLC boosted its position in shares of Selective Insurance Group by 7.5% in the second quarter. Baron Wealth Management LLC now owns 3,722 shares of the insurance provider’s stock valued at $361,000 after acquiring an additional 261 shares during the period. Finally, Cim Investment Management Inc. grew its stake in shares of Selective Insurance Group by 54.3% in the first quarter. Cim Investment Management Inc. now owns 5,098 shares of the insurance provider’s stock valued at $384,000 after acquiring an additional 1,793 shares in the last quarter. 82.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SIGI has been the subject of several research analyst reports. Royal Bank Of Canada lifted their target price 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 increased their price target on Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Piper Sandler raised their price target on Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. BMO Capital Markets cut shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 price objective for the company. in a research report on Tuesday. Finally, Weiss Ratings raised shares of Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Two equities research 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. According to data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and an average target price of $100.33.

About Selective Insurance Group

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.