Selective Insurance Group (NASDAQ:SIGI) Sets New 1-Year High – Here’s What Happened

Selective Insurance Group, Inc. (NASDAQ:SIGI) hit a new 52-week high during trading on Tuesday . The company traded as high as $93.05 and last traded at $92.27, with a volume of 331422 shares changing hands. The stock had previously closed at $92.41.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SIGI. Oppenheimer raised their price objective 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. Keefe, Bruyette & Woods raised their price objective on shares of Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Royal Bank Of Canada restated an “outperform” rating and set a $95.00 price objective on shares of Selective Insurance Group in a research report on Monday, March 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Finally, Piper Sandler raised their price objective on shares of Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Three 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.com, the stock has an average rating of “Hold” and a consensus target price of $91.67.

Selective Insurance Group Trading Down 0.2%

The firm has a market capitalization of $5.52 billion, a price-to-earnings ratio of 12.62 and a beta of 0.32. The business’s 50-day simple moving average is $85.29 and its two-hundred day simple moving average is $82.98. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the prior year, the business earned $1.76 earnings per share. Selective Insurance Group’s revenue was up 5.7% on a year-over-year basis. Equities analysts forecast that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current year.

Selective Insurance Group Announces Dividend

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

Institutional Investors Weigh In On Selective Insurance Group

A number of institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its position 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 valued at $339,662,000 after acquiring an additional 1,462,838 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Selective Insurance Group by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,660,758 shares of the insurance provider’s stock valued at $138,976,000 after purchasing an additional 8,580 shares during the period. First Trust Advisors LP boosted its stake in shares of Selective Insurance Group by 33.3% in the first quarter. First Trust Advisors LP now owns 1,381,867 shares of the insurance provider’s stock valued at $104,179,000 after purchasing an additional 345,348 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Selective Insurance Group by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,359,224 shares of the insurance provider’s stock valued at $102,473,000 after purchasing an additional 44,532 shares during the period. Finally, Norges Bank purchased a new position in shares of Selective Insurance Group in the fourth quarter valued at approximately $65,625,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

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.