Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $99.00 at Royal Bank of Canada

Selective Insurance Group (NASDAQ:SIGI) had its price objective increased by Royal Bank of Canada from $96.00 to $99.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a sector perform rating on the insurance provider’s stock.

Other equities analysts also recently issued research reports about the company. Bank of America raised their target price on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd. Piper Sandler cut their price objective on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their target price for the stock from $104.00 to $99.00 in a report on Monday, July 22nd. BMO Capital Markets boosted their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.00.

Selective Insurance Group Trading Down 2.4 %

Shares of Selective Insurance Group stock opened at $91.37 on Wednesday. The company’s fifty day moving average price is $91.85 and its two-hundred day moving average price is $93.52. The firm has a market capitalization of $5.55 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.57 and a beta of 0.56. Selective Insurance Group has a 52-week low of $81.00 and a 52-week high of $109.58. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.51 EPS. On average, analysts expect that Selective Insurance Group will post 3.76 EPS for the current year.

Selective Insurance Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a dividend of $0.38 per share. The ex-dividend date is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.66%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio is currently 26.86%.

Insider Buying and Selling at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the sale, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new stake in shares of Selective Insurance Group during the third quarter worth $27,000. Quest Partners LLC bought a new stake in Selective Insurance Group during the 2nd quarter worth about $28,000. GAMMA Investing LLC lifted its position in Selective Insurance Group by 81.5% during the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 145 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Selective Insurance Group in the 2nd quarter valued at about $44,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Selective Insurance Group during the 1st quarter worth approximately $48,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.