Selective Insurance Group, Inc. (NASDAQ:SIGI) Shares Sold by First Republic Investment Management Inc.

Posted by Defense World Staff on Oct 23rd, 2023

First Republic Investment Management Inc. cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Free Report) by 62.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,731 shares of the insurance provider’s stock after selling 14,259 shares during the period. First Republic Investment Management Inc.’s holdings in Selective Insurance Group were worth $838,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SIGI. Ronald Blue Trust Inc. increased its position in shares of Selective Insurance Group by 46.0% during the first quarter. Ronald Blue Trust Inc. now owns 740 shares of the insurance provider’s stock worth $66,000 after purchasing an additional 233 shares in the last quarter. Spire Wealth Management grew its holdings in shares of Selective Insurance Group by 576.9% during the first quarter. Spire Wealth Management now owns 704 shares of the insurance provider’s stock valued at $67,000 after buying an additional 600 shares during the last quarter. Covestor Ltd grew its holdings in shares of Selective Insurance Group by 37.3% during the first quarter. Covestor Ltd now owns 747 shares of the insurance provider’s stock valued at $67,000 after buying an additional 203 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Selective Insurance Group during the first quarter valued at $114,000. Finally, Private Advisor Group LLC purchased a new stake in shares of Selective Insurance Group during the first quarter valued at $201,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Selective Insurance Group news, CEO John J. Marchioni sold 2,976 shares of the stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $99.94, for a total value of $297,421.44. Following the completion of the sale, the chief executive officer now owns 141,460 shares in the company, valued at approximately $14,137,512.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO John J. Marchioni sold 2,976 shares of Selective Insurance Group stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $99.94, for a total transaction of $297,421.44. Following the sale, the chief executive officer now owns 141,460 shares of the company’s stock, valued at approximately $14,137,512.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Cynthia S. Nicholson sold 980 shares of Selective Insurance Group stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $101.86, for a total transaction of $99,822.80. Following the sale, the director now directly owns 19,766 shares in the company, valued at approximately $2,013,364.76. The disclosure for this sale can be found here. Insiders sold a total of 6,976 shares of company stock worth $703,804 in the last 90 days. Insiders own 1.50% of the company’s stock.

Selective Insurance Group Trading Down 2.3 %

SIGI stock opened at $103.66 on Monday. The company’s 50-day simple moving average is $101.94 and its 200-day simple moving average is $99.95. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.20. Selective Insurance Group, Inc. has a 52-week low of $84.47 and a 52-week high of $108.10. The firm has a market cap of $6.28 billion, a P/E ratio of 23.35, a PEG ratio of 0.78 and a beta of 0.59.

Selective Insurance Group (NASDAQ:SIGI – Get Free Report) last released its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $0.99 earnings per share for the quarter, hitting the consensus estimate of $0.99. Selective Insurance Group had a net margin of 7.15% and a return on equity of 12.83%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. The company’s revenue for the quarter was up 20.3% on a year-over-year basis. As a group, equities analysts forecast that Selective Insurance Group, Inc. will post 6.08 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.16%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 27.03%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SIGI. Bank of America boosted their price objective on shares of Selective Insurance Group from $93.00 to $100.00 and gave the company an “underperform” rating in a report on Tuesday, July 25th. Royal Bank of Canada upped their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company a “sector perform” rating in a report on Friday, August 4th. Piper Sandler lowered their price target on shares of Selective Insurance Group from $112.00 to $106.00 and set a “neutral” rating on the stock in a report on Friday, October 6th. Finally, StockNews.com initiated coverage on shares of Selective Insurance Group in a report on Thursday, October 5th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus price target of $101.29.

View Our Latest Stock Analysis on SIGI

Selective Insurance Group Company Profile

(Free Report)

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 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; 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; and flood insurance products.