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

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been assigned an average recommendation of “Hold” from the eight analysts that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $91.6667.

SIGI has been the topic of a number of recent analyst reports. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Piper Sandler lifted their price target on shares of Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Oppenheimer lifted their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Thursday, May 21st. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Selective Insurance Group from $84.00 to $88.00 and gave the company a “market perform” rating in a research report on Friday, April 24th.

Hedge Funds Weigh In On Selective Insurance Group

A number of institutional investors and hedge funds have recently bought and sold shares of SIGI. Amundi increased its position in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 311 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Selective Insurance Group by 5.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock worth $19,555,000 after acquiring an additional 11,167 shares during the period. Focus Partners Wealth increased its position in Selective Insurance Group by 17.9% during the first quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock worth $248,000 after acquiring an additional 411 shares during the period. Sivia Capital Partners LLC bought a new position in Selective Insurance Group during the second quarter worth $468,000. Finally, Cetera Investment Advisers increased its position in Selective Insurance Group by 14.1% during the second quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock worth $325,000 after acquiring an additional 462 shares during the period. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Trading Up 0.1%

NASDAQ:SIGI opened at $92.44 on Tuesday. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $93.99. The firm has a market cap of $5.53 billion, a price-to-earnings ratio of 12.65 and a beta of 0.32. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27. The company’s 50 day moving average is $86.60 and its 200-day moving average is $83.45.

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

Selective Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.72 dividend on an annualized basis and a yield of 1.9%. Selective Insurance Group’s payout ratio is 23.53%.

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.