Zacks Research Analysts Decrease Earnings Estimates for Selective Insurance Group, Inc. (NASDAQ:SIGI)

Selective Insurance Group, Inc. (NASDAQ:SIGI) – Research analysts at Zacks Research lowered their Q3 2024 earnings per share estimates for shares of Selective Insurance Group in a research report issued to clients and investors on Thursday, August 22nd. Zacks Research analyst R. Department now expects that the insurance provider will post earnings per share of $1.65 for the quarter, down from their prior estimate of $1.70. The consensus estimate for Selective Insurance Group’s current full-year earnings is $3.85 per share. Zacks Research also issued estimates for Selective Insurance Group’s Q4 2024 earnings at $1.89 EPS, FY2024 earnings at $3.77 EPS, Q2 2025 earnings at $1.80 EPS, Q4 2025 earnings at $2.34 EPS, FY2025 earnings at $7.84 EPS and FY2026 earnings at $9.59 EPS.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing the consensus estimate of $1.49 by ($2.59). The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. During the same quarter last year, the company earned $0.99 EPS.

A number of other brokerages have also issued reports on SIGI. Bank of America dropped their price target 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. BMO Capital Markets increased their target price 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. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $104.00 to $99.00 in a report on Monday, July 22nd. Royal Bank of Canada dropped 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $98.67.

Selective Insurance Group Stock Down 0.8 %

Shares of Selective Insurance Group stock opened at $89.04 on Monday. The company has a market cap of $5.41 billion, a P/E ratio of 15.73, a PEG ratio of 1.46 and a beta of 0.54. The firm has a fifty day moving average of $90.45 and a two-hundred day moving average of $97.11. 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 has a one year low of $81.00 and a one year high of $109.58.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Thursday, August 15th. Selective Insurance Group’s payout ratio is currently 24.73%.

Insider Activity at Selective Insurance Group

In other news, Director Terrence W. Cavanaugh purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was acquired at an average price of $85.85 per share, with a total value of $171,700.00. Following the purchase, the director now directly owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO John J. Marchioni acquired 2,400 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was purchased at an average cost of $83.56 per share, for a total transaction of $200,544.00. Following 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Terrence W. Cavanaugh bought 2,000 shares of Selective Insurance Group stock in a transaction that occurred 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 purchase, the director now owns 20,651 shares in the company, 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 company insiders.

Hedge Funds Weigh In On Selective Insurance Group

Institutional investors have recently made changes to their positions in the stock. Rise Advisors LLC acquired a new stake in Selective Insurance Group during the first quarter worth approximately $27,000. Quest Partners LLC acquired a new stake in shares of Selective Insurance Group during the second quarter worth $28,000. GAMMA Investing LLC grew its position in shares of Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 145 shares during the period. Fidelis Capital Partners LLC acquired a new position in Selective Insurance Group in the first quarter valued at $48,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Selective Insurance Group during the second quarter worth about $44,000. 82.88% of the stock is owned by institutional investors and hedge funds.

About Selective Insurance Group

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.