Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives Consensus Rating of “Hold” from Analysts

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been given an average rating of “Hold” by the eight research firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $81.80.

SIGI has been the subject of a number of research reports. Piper Sandler raised their target price on shares of Selective Insurance Group from $76.00 to $79.00 and gave the stock a “neutral” rating in a research note on Monday, December 22nd. Morgan Stanley increased their price target on shares of Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, November 17th. Royal Bank Of Canada started coverage on Selective Insurance Group in a report on Monday, November 24th. They set an “outperform” rating and a $95.00 price objective for the company. Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $84.00 to $82.00 and set a “market perform” rating on the stock in a research report on Friday, October 24th. Finally, BMO Capital Markets cut Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price target for the company. in a report on Tuesday, October 28th.

Hedge Funds Weigh In On Selective Insurance Group

A number of hedge funds have recently bought and sold shares of SIGI. HighTower Advisors LLC raised its stake in Selective Insurance Group by 9.7% in the 1st quarter. HighTower Advisors LLC now owns 5,001 shares of the insurance provider’s stock worth $458,000 after purchasing an additional 441 shares in the last quarter. Ieq Capital LLC bought a new position in shares of Selective Insurance Group during the first quarter worth approximately $762,000. Vident Advisory LLC raised its position in shares of Selective Insurance Group by 13.4% in the first quarter. Vident Advisory LLC now owns 2,479 shares of the insurance provider’s stock valued at $227,000 after buying an additional 292 shares in the last quarter. Baird Financial Group Inc. bought a new stake in shares of Selective Insurance Group in the first quarter valued at approximately $1,007,000. Finally, PDT Partners LLC bought a new stake in shares of Selective Insurance Group in the first quarter valued at approximately $430,000. 82.88% of the stock is owned by institutional investors.

Selective Insurance Group Stock Performance

Shares of NASDAQ SIGI opened at $85.15 on Tuesday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $5.14 billion, a P/E ratio of 13.12 and a beta of 0.24. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $96.49. The stock has a 50 day moving average of $79.95 and a 200-day moving average of $80.85.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Wednesday, October 22nd. The insurance provider reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. Selective Insurance Group had a return on equity of 12.96% and a net margin of 7.78%.The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the business earned $1.40 EPS. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. As a group, equities research analysts predict that Selective Insurance Group will post 7.62 EPS for the current year.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were issued a dividend of $0.43 per share. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.38. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, November 14th. Selective Insurance Group’s payout ratio is 26.50%.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.