Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $96.00

Selective Insurance Group (NASDAQ:SIGI) had its price objective upped by BMO Capital Markets from $92.00 to $96.00 in a research note published on Tuesday,Benzinga reports. They currently have an outperform rating on the insurance provider’s stock.

A number of other analysts have also weighed in on SIGI. Morgan Stanley reduced their price objective on shares of Selective Insurance Group from $95.00 to $87.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $93.00 price objective (down from $116.00) on shares of Selective Insurance Group in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $93.67.

Selective Insurance Group Price Performance

SIGI stock opened at $88.37 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.34 and a current ratio of 0.34. The firm has a 50 day moving average price of $87.29 and a 200-day moving average price of $91.25. Selective Insurance Group has a 52-week low of $78.13 and a 52-week high of $103.60. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of 27.44 and a beta of 0.45.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.10). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts forecast that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.72%. Selective Insurance Group’s dividend payout ratio is presently 41.42%.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,352 shares of the firm’s stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $87.06, for a total value of $117,705.12. Following the transaction, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at approximately $1,388,258.76. This trade represents a 7.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Selective Insurance Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in Selective Insurance Group in the 4th quarter worth $93,409,000. Raymond James Financial Inc. bought a new position in shares of Selective Insurance Group in the fourth quarter worth about $69,504,000. Vaughan Nelson Investment Management L.P. lifted its position in shares of Selective Insurance Group by 36.2% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,128,252 shares of the insurance provider’s stock valued at $103,280,000 after buying an additional 299,925 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Selective Insurance Group during the 4th quarter valued at approximately $203,000. Finally, Point72 Asset Management L.P. increased its holdings in Selective Insurance Group by 245.7% in the 4th quarter. Point72 Asset Management L.P. now owns 284,669 shares of the insurance provider’s stock worth $26,622,000 after acquiring an additional 202,318 shares in the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

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.