Selective Insurance Group (NASDAQ:SIGI) Reaches New 52-Week High – Still a Buy?

Selective Insurance Group, Inc. (NASDAQ:SIGI)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $93.99 and last traded at $93.1090, with a volume of 8762 shares changing hands. The stock had previously closed at $92.44.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $95.00 target price on shares of Selective Insurance Group in a report on Monday, March 23rd. Keefe, Bruyette & Woods lifted their price target on shares of Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Piper Sandler boosted their price objective on shares of Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Oppenheimer increased their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Thursday, May 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $91.67.

Selective Insurance Group Trading Up 1.8%

The firm has a market cap of $5.64 billion, a price-to-earnings ratio of 12.93 and a beta of 0.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.30 and a quick ratio of 0.30. The firm’s fifty day moving average is $86.60 and its 200-day moving average is $83.45.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.12). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The business’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.76 earnings per share. Equities analysts anticipate that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a $0.43 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.72 annualized dividend and a yield of 1.8%. Selective Insurance Group’s payout ratio is 23.53%.

Institutional Trading of Selective Insurance Group

Large investors have recently modified their holdings of the stock. Amundi boosted its stake in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 311 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Selective Insurance Group by 5.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock valued at $19,555,000 after purchasing an additional 11,167 shares during the period. Focus Partners Wealth boosted its position in shares of Selective Insurance Group by 17.9% during the 1st quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock worth $248,000 after purchasing an additional 411 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Selective Insurance Group during the 2nd quarter worth about $468,000. Finally, Cetera Investment Advisers grew its stake in shares of Selective Insurance Group by 14.1% in the 2nd quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock valued at $325,000 after buying an additional 462 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.