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

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been given a consensus recommendation of “Hold” by the eight brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $81.80.

A number of equities analysts have weighed in on SIGI shares. BMO Capital Markets lowered shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price target for the company. in a research report on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. Morgan Stanley increased their price target on Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a research note on Monday, November 17th. Piper Sandler boosted their price objective on Selective Insurance Group from $76.00 to $79.00 and gave the company a “neutral” rating in a research report on Monday, December 22nd. Finally, Royal Bank Of Canada started coverage on Selective Insurance Group in a research report on Monday, November 24th. They set an “outperform” rating and a $95.00 target price for the company.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds have recently modified their holdings of the stock. Merit Financial Group LLC grew its stake in Selective Insurance Group by 4.0% during the third quarter. Merit Financial Group LLC now owns 3,345 shares of the insurance provider’s stock valued at $271,000 after acquiring an additional 129 shares in the last quarter. Belpointe Asset Management LLC boosted its holdings in shares of Selective Insurance Group by 1.8% during the 3rd quarter. Belpointe Asset Management LLC now owns 8,559 shares of the insurance provider’s stock valued at $694,000 after purchasing an additional 149 shares during the last quarter. UMB Bank n.a. grew its position in shares of Selective Insurance Group by 16.3% during the second quarter. UMB Bank n.a. now owns 1,079 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 151 shares in the last quarter. Verdence Capital Advisors LLC increased its holdings in shares of Selective Insurance Group by 2.4% in the third quarter. Verdence Capital Advisors LLC now owns 6,962 shares of the insurance provider’s stock worth $535,000 after purchasing an additional 160 shares during the last quarter. Finally, Heritage Family Offices LLP lifted its position in shares of Selective Insurance Group by 5.0% in the third quarter. Heritage Family Offices LLP now owns 3,789 shares of the insurance provider’s stock worth $307,000 after buying an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Stock Performance

Shares of NASDAQ SIGI opened at $84.54 on Tuesday. Selective Insurance Group has a 12-month low of $71.75 and a 12-month high of $96.49. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 13.03 and a beta of 0.26. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average of $79.45 and a 200 day moving average of $80.88.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, October 22nd. The insurance provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Selective Insurance Group had a net margin of 7.78% and a return on equity of 12.96%. The company’s revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.40 EPS. On average, research analysts anticipate that Selective Insurance Group will post 7.62 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a dividend of $0.43 per share. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.72 dividend on an annualized basis and a yield of 2.0%. Selective Insurance Group’s payout ratio is 26.50%.

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.