BRANCHVILLE, NJ—Anthony D. Harnett, the Senior Vice President and Chief Accounting Officer of Selective Insurance Group Inc. (NASDAQ:SIGI), recently sold 1,404 shares of the company's common stock. The shares were sold at an average price of $92.6147, bringing the total transaction value to approximately $130,031.
Following this transaction, Harnett retains 15,945.8028 shares in the company. The weighted average sale price of the shares was $92.6147, with individual sale prices ranging from $92.6136 to $92.7900.
This transaction is part of Harnett's ongoing management of his holdings in Selective Insurance, which provides a range of insurance products and services.
"In other recent news, Selective Insurance Group reported mixed third-quarter results, with an operating earnings per share of $1.40 and a 12.1% operating return on equity. The company also announced an increase in its quarterly dividend by 9% and executed modest stock buybacks, reflecting its commitment to returning value to shareholders. However, significant catastrophe losses led to a combined ratio of 99.5%, impacting the full-year guidance which now anticipates a high single-digit return on equity. RBC Capital maintained its Sector Perform rating on Selective Insurance shares while increasing the price target to $99.00. The firm cited signs of stability in the company's Q3 results and improvements in core margins across all business units. Despite a 2% decrease in personal lines' net premiums written, Selective Insurance reported a 9.1% increase in standard commercial lines' renewal pricing and a 28% growth in net premiums written in the excess and surplus lines segment. These recent developments underscore Selective Insurance Group's focus on long-term value creation and profitability, despite challenges posed by catastrophe losses."
InvestingPro Insights
To provide context for Anthony D. Harnett's recent stock sale, let's examine some key financial metrics and insights for Selective Insurance Group Inc. (NASDAQ:SIGI).
According to InvestingPro data, Selective Insurance Group has a market capitalization of $5.56 billion and a P/E ratio of 24.48. The company's revenue for the last twelve months as of Q3 2024 stood at $4.72 billion, representing a robust growth of 15.77% compared to the previous period.
An InvestingPro Tip highlights that Selective Insurance Group has maintained dividend payments for an impressive 50 consecutive years, demonstrating a strong commitment to shareholder returns. This long-standing dividend history may be particularly relevant to investors considering the recent insider sale, as it suggests a stable financial position despite executive transactions.
Another InvestingPro Tip notes that the company has raised its dividend for 11 consecutive years, further underlining its focus on increasing shareholder value over time. This consistent dividend growth could be seen as a positive indicator of the company's financial health and management's confidence in future performance.
It's worth noting that Selective Insurance Group's dividend yield stands at 1.62%, with a significant dividend growth of 26.67% in the last twelve months as of Q3 2024. This information provides additional context to the company's shareholder return policies.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Selective Insurance Group, which could provide further insights into the company's financial outlook and potential investment considerations.
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