Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives $101.67 Consensus Target Price from Analysts

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been given an average recommendation of “Hold” by the seven analysts that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $101.67.

Several brokerages recently commented on SIGI. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $104.00 to $99.00 in a report on Monday, July 22nd. Bank of America lifted their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a report on Tuesday, October 22nd. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $95.00 to $105.00 in a report on Wednesday. Finally, Piper Sandler decreased 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.

Selective Insurance Group Stock Up 1.8 %

Selective Insurance Group stock opened at $92.41 on Thursday. The company has a market capitalization of $5.62 billion, a P/E ratio of 24.91, a P/E/G ratio of 1.52 and a beta of 0.57. The firm’s fifty day simple moving average is $92.07 and its 200-day simple moving average is $93.20. The company has a current ratio of 0.35, a quick ratio of 0.32 and a debt-to-equity ratio of 0.17. 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 released its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.51 EPS. Sell-side analysts forecast that Selective Insurance Group will post 3.68 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.64%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, November 15th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 37.74%.

Insider Activity

In other news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction dated 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 directly owns 15,946 shares in the company, valued at approximately $1,476,759.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by company insiders.

Institutional Trading of Selective Insurance Group

Several institutional investors have recently made changes to their positions in the business. V Square Quantitative Management LLC acquired a new position in Selective Insurance Group in the third quarter valued at about $27,000. Quest Partners LLC acquired a new position in Selective Insurance Group in the second quarter valued at about $28,000. GAMMA Investing LLC boosted its position in 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 buying an additional 145 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Selective Insurance Group in the second quarter valued at about $44,000. Finally, Fidelis Capital Partners LLC acquired a new position in Selective Insurance Group in the first quarter valued at about $48,000. 82.88% of the stock is currently 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.