Analysts Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Price Target at $83.00

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have been given an average recommendation of “Hold” by the seven analysts that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $83.00.

Several analysts have issued reports on the company. Keefe, Bruyette & Woods cut their price objective on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a report on Tuesday, January 6th. Royal Bank Of Canada started coverage on shares of Selective Insurance Group in a research report on Monday, November 24th. They issued an “outperform” rating and a $95.00 target price on the stock. Piper Sandler upped their price target on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, February 2nd. BMO Capital Markets lowered shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price objective for the company. in a research note on Tuesday, October 28th. Finally, Morgan Stanley lifted their price objective on shares of Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, November 17th.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $85.10 on Wednesday. Selective Insurance Group has a one year low of $71.75 and a one year high of $93.38. The stock has a fifty day moving average of $84.58 and a 200-day moving average of $80.92. The company has a market capitalization of $5.11 billion, a PE ratio of 11.36 and a beta of 0.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.24 by $0.33. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the previous year, the firm posted $1.62 EPS. The company’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, equities analysts anticipate that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a dividend of $0.43 per share. The ex-dividend date is Friday, February 13th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.0%. Selective Insurance Group’s payout ratio is currently 22.96%.

Institutional Investors Weigh In On Selective Insurance Group

A number of institutional investors have recently bought and sold shares of the business. Eurizon Capital SGR S.p.A. purchased a new position in Selective Insurance Group during the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Selective Insurance Group during the fourth quarter worth approximately $25,000. First Horizon Corp purchased a new position in Selective Insurance Group during the third quarter valued at approximately $29,000. True Wealth Design LLC increased its stake in Selective Insurance Group by 45.9% in the 4th quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock valued at $34,000 after buying an additional 129 shares during the period. Finally, Amundi lifted its position in Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after buying an additional 311 shares in the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

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.