Selective Insurance Group, Inc. (NASDAQ:SIGI) Given Average Rating of “Hold” by Brokerages

Selective Insurance Group, Inc. (NASDAQ:SIGI) has earned a consensus rating of “Hold” from the seven brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $101.67.

Several analysts have recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Bank of America increased their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd. Piper Sandler reduced their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $95.00 to $105.00 in a research report on Wednesday. Finally, JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd.

Selective Insurance Group Trading Up 2.0 %

Shares of SIGI stock opened at $91.83 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.32. The firm has a market cap of $5.58 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.53 and a beta of 0.56. The company has a 50-day moving average of $91.93 and a two-hundred day moving average of $93.29. Selective Insurance Group has a 1-year low of $81.00 and a 1-year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.29). The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the business earned $1.51 EPS. On average, analysts predict that Selective Insurance Group will post 3.68 EPS for the current year.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.38 dividend. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.66%. Selective Insurance Group’s dividend payout ratio (DPR) is 26.86%.

Insiders Place Their Bets

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the sale, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at approximately $1,476,759.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Selective Insurance Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new stake in Selective Insurance Group during the third quarter worth approximately $27,000. Quest Partners LLC acquired a new stake in Selective Insurance Group during the second quarter worth approximately $28,000. GAMMA Investing LLC raised its holdings in 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Selective Insurance Group during the second quarter worth approximately $44,000. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Selective Insurance Group during the first quarter worth approximately $48,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.