Selective Insurance Group (NASDAQ:SIGI) Updates Q4 2022 Earnings Guidance

Selective Insurance Group (NASDAQ:SIGIGet Rating) updated its fourth quarter 2022 earnings guidance on Monday. The company provided EPS guidance of $1.46-$1.46 for the period, compared to the consensus EPS estimate of $1.41. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

Several research firms have recently commented on SIGI. Morgan Stanley lifted their target price on Selective Insurance Group from $98.00 to $105.00 and gave the company an overweight rating in a research note on Tuesday, November 22nd. Piper Sandler lifted their target price on Selective Insurance Group from $88.00 to $91.00 in a research report on Tuesday, January 10th. BMO Capital Markets started coverage on Selective Insurance Group in a research report on Thursday, January 19th. They set a market perform rating and a $90.00 price target on the stock. Janney Montgomery Scott started coverage on Selective Insurance Group in a report on Friday, November 11th. They set a neutral rating and a $96.00 price objective for the company. Finally, StockNews.com assumed coverage on Selective Insurance Group in a report on Wednesday, October 12th. They set a hold rating for the company.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $91.81 on Tuesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $5.53 billion, a P/E ratio of 24.48, a price-to-earnings-growth ratio of 2.11 and a beta of 0.62. The firm’s fifty day simple moving average is $91.53 and its two-hundred day simple moving average is $86.89. Selective Insurance Group has a 12 month low of $66.81 and a 12 month high of $98.80.

Selective Insurance Group (NASDAQ:SIGIGet Rating) last released its quarterly earnings data on Wednesday, November 2nd. The insurance provider reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.17). Selective Insurance Group had a return on equity of 12.79% and a net margin of 6.76%. The company had revenue of $920.70 million for the quarter, compared to the consensus estimate of $908.21 million. As a group, analysts predict that Selective Insurance Group will post 4.97 EPS for the current year.

Selective Insurance Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.31%. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, November 14th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 32.00%.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, Director J Brian Thebault sold 3,269 shares of the business’s stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $93.28, for a total value of $304,932.32. Following the transaction, the director now owns 51,500 shares in the company, valued at $4,803,920. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director John Burville sold 2,652 shares of the company’s stock in a transaction that occurred on Tuesday, November 29th. The shares were sold at an average price of $95.52, for a total value of $253,319.04. Following the transaction, the director now owns 83,649 shares in the company, valued at $7,990,152.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director J Brian Thebault sold 3,269 shares of the company’s stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $93.28, for a total transaction of $304,932.32. Following the completion of the transaction, the director now owns 51,500 shares in the company, valued at approximately $4,803,920. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,734 shares of company stock valued at $825,796. Insiders own 2.00% of the company’s stock.

Institutional Trading of Selective Insurance Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp boosted its position in shares of Selective Insurance Group by 4.6% during the first quarter. Mackenzie Financial Corp now owns 3,359 shares of the insurance provider’s stock worth $300,000 after acquiring an additional 147 shares during the last quarter. Creative Planning increased its position in Selective Insurance Group by 0.6% during the 2nd quarter. Creative Planning now owns 25,118 shares of the insurance provider’s stock valued at $2,184,000 after purchasing an additional 153 shares during the period. Covestor Ltd increased its position in Selective Insurance Group by 37.3% during the 1st quarter. Covestor Ltd now owns 747 shares of the insurance provider’s stock valued at $67,000 after purchasing an additional 203 shares during the period. Verition Fund Management LLC grew its position in shares of Selective Insurance Group by 7.9% in the 1st quarter. Verition Fund Management LLC now owns 2,780 shares of the insurance provider’s stock worth $248,000 after buying an additional 204 shares during the last quarter. Finally, Raymond James & Associates grew its position in shares of Selective Insurance Group by 11.4% in the 1st quarter. Raymond James & Associates now owns 3,725 shares of the insurance provider’s stock worth $333,000 after buying an additional 381 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Company Profile

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Selective Insurance Group, Inc provides property and casualty insurance products. It operates through the following segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. The Standard Commercial Lines segment offers insurance products and services to commercial customers, such as non-profit organizations and local government agencies.

Further Reading

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