Selective Insurance Group (NASDAQ:SIGI) Given New $101.00 Price Target at Keefe, Bruyette & Woods

Selective Insurance Group (NASDAQ:SIGI) had its price objective hoisted by Keefe, Bruyette & Woods from $88.00 to $101.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a market perform rating on the insurance provider’s stock.

Other equities research analysts have also issued reports about the company. Morgan Stanley lifted their target price on Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday. Royal Bank Of Canada reissued an “outperform” rating and set a $95.00 price target on shares of Selective Insurance Group in a research report on Monday, March 23rd. Piper Sandler raised their price objective on Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Oppenheimer boosted their target price on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Selective Insurance Group in a research note on Thursday, June 18th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $95.17.

Selective Insurance Group Price Performance

SIGI stock opened at $96.99 on Wednesday. Selective Insurance Group has a 52 week low of $71.75 and a 52 week high of $100.40. 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 has a fifty day simple moving average of $90.36 and a two-hundred day simple moving average of $84.87. The firm has a market capitalization of $5.81 billion, a P/E ratio of 13.27 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last announced its 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 return on equity of 13.71% and a net margin of 8.39%.The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the firm posted $1.76 EPS. Selective Insurance Group’s revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts anticipate 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 declared 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. This represents a $1.72 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, May 15th. Selective Insurance Group’s payout ratio is presently 23.53%.

Institutional Trading of Selective Insurance Group

Several large investors have recently bought and sold shares of SIGI. Gradient Investments LLC increased its stake in shares of Selective Insurance Group by 8.0% in the 2nd quarter. Gradient Investments LLC now owns 16,644 shares of the insurance provider’s stock worth $1,615,000 after acquiring an additional 1,228 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Selective Insurance Group by 101.6% in the second quarter. Assenagon Asset Management S.A. now owns 193,405 shares of the insurance provider’s stock valued at $18,762,000 after purchasing an additional 97,469 shares during the period. Baron Wealth Management LLC grew its holdings in shares of Selective Insurance Group by 7.5% in the second quarter. Baron Wealth Management LLC now owns 3,722 shares of the insurance provider’s stock valued at $361,000 after purchasing an additional 261 shares during the period. Cim Investment Management Inc. increased its position in Selective Insurance Group by 54.3% during the first quarter. Cim Investment Management Inc. now owns 5,098 shares of the insurance provider’s stock worth $384,000 after purchasing an additional 1,793 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Selective Insurance Group by 2.5% during the first quarter. Bank of America Corp DE now owns 759,122 shares of the insurance provider’s stock worth $57,230,000 after purchasing an additional 18,675 shares during the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

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.