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

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have been assigned an average rating of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $98.67.

Several research firms have recently commented on SIGI. Bank of America reduced their price target on Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating on the stock in a report on Thursday, July 11th. BMO Capital Markets lifted their price target on Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the company from $104.00 to $99.00 in a report on Monday, July 22nd. Piper Sandler reduced their price objective on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Finally, JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd.

Insider Buying and Selling at Selective Insurance Group

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

Hedge Funds Weigh In On Selective Insurance Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Selective Insurance Group by 5.9% during the first quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock worth $717,735,000 after buying an additional 367,987 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Selective Insurance Group by 188.2% during the fourth quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock worth $144,287,000 after buying an additional 947,147 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Selective Insurance Group by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock worth $132,949,000 after buying an additional 62,699 shares in the last quarter. Boston Trust Walden Corp grew its position in shares of Selective Insurance Group by 1.2% during the second quarter. Boston Trust Walden Corp now owns 988,846 shares of the insurance provider’s stock worth $92,783,000 after buying an additional 11,327 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Selective Insurance Group by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 811,919 shares of the insurance provider’s stock worth $80,770,000 after buying an additional 17,657 shares in the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Stock Up 0.0 %

NASDAQ SIGI opened at $92.17 on Wednesday. Selective Insurance Group has a 52 week low of $81.00 and a 52 week high of $109.58. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The business’s fifty day simple moving average is $89.77 and its 200-day simple moving average is $95.76. The firm has a market cap of $5.61 billion, a PE ratio of 16.28, a P/E/G ratio of 1.48 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing the consensus estimate of $1.49 by ($2.59). Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. As a group, equities analysts anticipate that Selective Insurance Group will post 3.84 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.52%. The ex-dividend date was Thursday, August 15th. Selective Insurance Group’s dividend payout ratio is currently 24.74%.

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.