Selective Insurance Group, Inc. (NASDAQ:SIGI) Given Average Rating of “Hold” by Brokerages

Selective Insurance Group, Inc. (NASDAQ:SIGI) has received a consensus rating of “Hold” from the eight analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $91.6667.

Several research analysts recently commented on SIGI shares. Royal Bank Of Canada reissued an “outperform” rating and set a $95.00 target price on shares of Selective Insurance Group in a research note on Monday, March 23rd. Piper Sandler boosted their target price on Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a research note on Tuesday. Oppenheimer boosted their target price on Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research note on Thursday, May 21st. Keefe, Bruyette & Woods boosted their target price on shares of Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research note on Friday, April 24th. Finally, BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $84.00 to $97.00 in a research note on Thursday, May 7th.

Selective Insurance Group Trading Down 1.9%

SIGI opened at $87.29 on Friday. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $91.65. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 11.94 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 business has a fifty day moving average price of $81.97 and a 200 day moving average price of $82.10.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.12). Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the firm earned $1.76 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. Sell-side analysts expect that Selective Insurance Group will post 7.81 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a dividend of $0.43 per share. The ex-dividend date is Friday, May 15th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.0%. Selective Insurance Group’s payout ratio is presently 23.53%.

Hedge Funds Weigh In On Selective Insurance Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC grew its stake in shares of Selective Insurance Group by 56.3% during the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock worth $339,662,000 after purchasing an additional 1,462,838 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Selective Insurance Group by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,660,758 shares of the insurance provider’s stock worth $138,976,000 after purchasing an additional 8,580 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Selective Insurance Group by 33.3% during the first quarter. First Trust Advisors LP now owns 1,381,867 shares of the insurance provider’s stock worth $104,179,000 after purchasing an additional 345,348 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Selective Insurance Group by 3.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,359,224 shares of the insurance provider’s stock worth $102,473,000 after purchasing an additional 44,532 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Selective Insurance Group during the fourth quarter worth $65,625,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Company Profile

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.