Mutual of America Capital Management LLC Sells 2,492 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Mutual of America Capital Management LLC lowered its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.6% in the 2nd quarter, Holdings Channel reports. The firm owned 156,277 shares of the insurance provider’s stock after selling 2,492 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Selective Insurance Group were worth $14,663,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Selective Insurance Group by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock worth $717,735,000 after purchasing an additional 367,987 shares during the period. Wellington Management Group LLP raised its holdings in shares of Selective Insurance Group by 188.2% in the 4th quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock valued at $144,287,000 after acquiring an additional 947,147 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Selective Insurance Group by 4.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock valued at $132,949,000 after acquiring an additional 62,699 shares in the last quarter. Boston Trust Walden Corp raised its holdings in shares of Selective Insurance Group by 1.2% in the 2nd quarter. Boston Trust Walden Corp now owns 988,846 shares of the insurance provider’s stock valued at $92,783,000 after acquiring an additional 11,327 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Selective Insurance Group in the 4th quarter valued at about $67,290,000. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Price Performance

Shares of SIGI stock opened at $92.17 on Wednesday. The firm has a market cap of $5.61 billion, a P/E ratio of 16.28, a P/E/G ratio of 1.48 and a beta of 0.56. Selective Insurance Group, Inc. has a fifty-two week low of $81.00 and a fifty-two week high of $109.58. The business’s 50 day moving average price is $89.78 and its 200-day moving average price is $95.68. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.32 and a current ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $1.21 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. On average, equities research analysts anticipate that Selective Insurance Group, Inc. will post 3.84 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.52%. Selective Insurance Group’s dividend payout ratio is presently 24.74%.

Insider Activity at Selective Insurance Group

In other news, Director Terrence W. Cavanaugh purchased 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were bought at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the transaction, the director now directly owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO John J. Marchioni bought 2,400 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were acquired at an average cost of $83.56 per share, with a total value of $200,544.00. Following the completion of the acquisition, the chief executive officer now 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 can be accessed through the SEC website. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was bought at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the acquisition, the director now directly owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on SIGI shares. Piper Sandler lowered their price target on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Royal Bank of Canada decreased their price objective on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a report on Monday, July 22nd. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $104.00 to $99.00 in a report on Monday, July 22nd. Finally, BMO Capital Markets lifted their price target on 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and an average price target of $98.67.

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.