Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives Average Recommendation of “Hold” from Brokerages

Selective Insurance Group, Inc. (NASDAQ:SIGI) has earned an average rating of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $107.20.

Several equities research analysts have recently issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $104.00 price objective on shares of Selective Insurance Group in a research note on Monday, April 1st. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th. Oppenheimer reissued an “outperform” rating and issued a $120.00 target price on shares of Selective Insurance Group in a research note on Friday, April 5th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $103.00 price target on shares of Selective Insurance Group in a research note on Monday.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SIGI. EULAV Asset Management raised its position in Selective Insurance Group by 1.8% during the 1st quarter. EULAV Asset Management now owns 110,193 shares of the insurance provider’s stock valued at $12,030,000 after purchasing an additional 2,000 shares in the last quarter. Comerica Bank raised its holdings in shares of Selective Insurance Group by 240.6% in the first quarter. Comerica Bank now owns 95,476 shares of the insurance provider’s stock valued at $10,423,000 after acquiring an additional 67,445 shares in the last quarter. Tidal Investments LLC purchased a new stake in Selective Insurance Group in the first quarter worth about $318,000. Public Employees Retirement System of Ohio grew its holdings in Selective Insurance Group by 3.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 74,519 shares of the insurance provider’s stock worth $8,135,000 after acquiring an additional 2,527 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in Selective Insurance Group by 245.9% during the 1st quarter. Lazard Asset Management LLC now owns 1,228 shares of the insurance provider’s stock valued at $134,000 after purchasing an additional 873 shares during the period. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Trading Up 1.8 %

Shares of SIGI opened at $92.76 on Friday. The stock has a market capitalization of $5.64 billion, a PE ratio of 16.39, a P/E/G ratio of 0.83 and a beta of 0.55. The company’s fifty day moving average is $96.36 and its 200 day moving average is $100.45. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. Selective Insurance Group has a fifty-two week low of $89.78 and a fifty-two week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.55). Selective Insurance Group had a return on equity of 13.73% and a net margin of 8.02%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $1.44 earnings per share. The business’s quarterly revenue was up 16.5% on a year-over-year basis. Sell-side analysts expect that Selective Insurance Group will post 6.8 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Tuesday, May 14th. Selective Insurance Group’s dividend payout ratio is currently 24.74%.

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.