Analysts Set Selective Insurance Group, Inc. (NASDAQ:SIGI) PT at $99.40

Selective Insurance Group, Inc. (NASDAQ:SIGI) has received a consensus rating of “Hold” from the seven analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $98.67.

Several analysts have issued reports on the stock. Oppenheimer reiterated an “outperform” rating and issued a $120.00 target price on shares of Selective Insurance Group in a research note on Friday, April 5th. Royal Bank of Canada lowered their price objective on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a research report on Monday, July 22nd. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. BMO Capital Markets upped their target price on Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler dropped their price target on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $88.95 on Tuesday. Selective Insurance Group has a 52-week low of $81.00 and a 52-week high of $109.58. The stock’s 50-day simple moving average is $93.27 and its 200 day simple moving average is $99.24. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.13 and a beta of 0.54.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing the consensus estimate of $1.49 by ($2.59). Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.80%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the company earned $0.99 earnings per share. Research analysts forecast that Selective Insurance Group will post 5.01 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a $0.35 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.40 dividend on an annualized basis and a yield of 1.57%. Selective Insurance Group’s payout ratio is 24.73%.

Insiders Place Their Bets

In other Selective Insurance Group news, CEO John J. Marchioni acquired 2,400 shares of the stock in a transaction dated Monday, July 22nd. The stock was purchased at an average cost of $83.56 per share, for a total transaction of $200,544.00. Following the acquisition, the chief executive officer now owns 136,397 shares in the company, valued at approximately $11,397,333.32. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Terrence W. Cavanaugh bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were bought at an average cost of $85.85 per share, with a total value of $171,700.00. Following the completion of the purchase, the director now directly owns 20,651 shares in the company, valued at $1,772,888.35. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John J. Marchioni purchased 2,400 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were purchased at an average price of $83.56 per share, with a total value of $200,544.00. Following the completion of the acquisition, the chief executive officer now directly owns 136,397 shares in the company, valued at $11,397,333.32. The disclosure for this purchase can be found here. 1.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Selective Insurance Group

A number of hedge funds have recently modified their holdings of SIGI. SG Americas Securities LLC grew its stake in shares of Selective Insurance Group by 16.5% in the fourth quarter. SG Americas Securities LLC now owns 2,001 shares of the insurance provider’s stock worth $199,000 after purchasing an additional 283 shares during the last quarter. Raymond James & Associates grew its position in shares of Selective Insurance Group by 18.3% in the 4th quarter. Raymond James & Associates now owns 51,274 shares of the insurance provider’s stock worth $5,101,000 after buying an additional 7,933 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Selective Insurance Group by 95.5% during the fourth quarter. Pacer Advisors Inc. now owns 13,412 shares of the insurance provider’s stock valued at $1,334,000 after buying an additional 6,551 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Selective Insurance Group during the fourth quarter valued at approximately $8,361,000. Finally, Blue Trust Inc. lifted its stake in Selective Insurance Group by 68.9% in the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 104 shares during the period. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Company Profile

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.