Selective Insurance Group (NASDAQ:SIGI) Sees Large Volume Increase on Insider Buying Activity

Selective Insurance Group, Inc. (NASDAQ:SIGI) saw unusually-high trading volume on Monday following insider buying activity. Approximately 240,467 shares changed hands during trading, a decline of 26% from the previous session’s volume of 324,591 shares.The stock last traded at $83.56 and had previously closed at $82.08.

Specifically, Director Terrence W. Cavanaugh acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased at an average price of $85.85 per share, for a total transaction of $171,700.00. Following the acquisition, the director now owns 20,651 shares of the company’s stock, valued at $1,772,888.35. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Selective Insurance Group news, Director Terrence W. Cavanaugh acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was purchased at an average price of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the acquisition, the director now owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John J. Marchioni bought 2,400 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average cost of $83.56 per share, for a total transaction of $200,544.00. Following the completion of the purchase, the chief executive officer now owns 136,397 shares in the company, valued at $11,397,333.32. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Royal Bank of Canada lowered their price target on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a report on Monday. BMO Capital Markets boosted their target price on Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a report on Wednesday. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $104.00 to $99.00 in a research report on Monday. 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. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $120.00 target price on shares of Selective Insurance Group in a report on Friday, April 5th. One equities 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 stock. Based on data from MarketBeat.com, Selective Insurance Group has an average rating of “Hold” and a consensus target price of $98.67.

Selective Insurance Group Price Performance

The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The stock has a fifty day moving average of $93.91 and a two-hundred day moving average of $99.55. The stock has a market cap of $5.33 billion, a price-to-earnings 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 quarterly earnings data on Thursday, July 18th. The insurance provider reported ($1.10) 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 firm posted $0.99 EPS. On average, equities research analysts anticipate that Selective Insurance Group, Inc. will post 6.22 earnings per share 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. Shareholders of record on Thursday, August 15th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.60%. The ex-dividend date is Thursday, August 15th. Selective Insurance Group’s dividend payout ratio (DPR) is 24.73%.

Hedge Funds Weigh In On Selective Insurance Group

Several hedge funds have recently added to or reduced their stakes in the business. State of Michigan Retirement System increased its stake in shares of Selective Insurance Group by 0.7% during 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. lifted its position in shares of Selective Insurance Group by 68.9% in 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 in the last quarter. Apollon Wealth Management LLC boosted its stake in shares of Selective Insurance Group by 2.0% during the fourth 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 during the last quarter. Teacher Retirement System of Texas lifted its holdings 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 valued at $2,695,000 after purchasing an additional 123 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in shares of 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 during the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

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.