Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 14.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,389 shares of the insurance provider’s stock after selling 7,684 shares during the period. Texas Permanent School Fund Corp owned approximately 0.07% of Selective Insurance Group worth $4,259,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in SIGI. Rise Advisors LLC bought a new position in shares of Selective Insurance Group in the first quarter valued at $27,000. Quest Partners LLC acquired a new position in shares of Selective Insurance Group in the 2nd quarter worth $28,000. GAMMA Investing LLC raised its position in shares of Selective Insurance Group by 81.5% during the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 145 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of Selective Insurance Group during the first quarter valued at $48,000. Finally, Burkett Financial Services LLC acquired a new position in shares of Selective Insurance Group in the 4th quarter valued at $75,000. 82.88% of the stock is currently owned by institutional investors.

Insider Activity at Selective Insurance Group

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

Wall Street Analyst Weigh In

A number of research firms have commented on SIGI. Royal Bank of Canada reduced their price objective on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets raised their price objective 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, July 24th. Bank of America cut their target price on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating on the stock in a research note on Thursday, July 11th. Piper Sandler reduced their target price on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods upgraded 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, July 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Selective Insurance Group currently has a consensus rating of “Hold” and a consensus price target of $98.67.

Selective Insurance Group Trading Up 1.4 %

Shares of NASDAQ:SIGI opened at $90.95 on Friday. The firm has a fifty day moving average of $89.77 and a two-hundred day moving average of $96.04. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. Selective Insurance Group, Inc. has a 12-month low of $81.00 and a 12-month high of $109.58. The firm has a market capitalization of $5.53 billion, a P/E ratio of 16.07, a price-to-earnings-growth ratio of 1.44 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data 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 net margin of 5.12% and a return on equity of 8.75%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the business posted $0.99 EPS. On average, equities analysts expect that Selective Insurance Group, Inc. will post 3.84 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.40 dividend on an annualized basis and a yield of 1.54%. Selective Insurance Group’s dividend payout ratio is currently 24.73%.

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.