Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives $81.80 Average PT from Brokerages

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have earned a consensus rating of “Hold” from the eight research firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $81.80.

Several equities research analysts have commented on the stock. Zacks Research upgraded shares of Selective Insurance Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. Keefe, Bruyette & Woods lowered their target price on shares of Selective Insurance Group from $84.00 to $82.00 and set a “market perform” rating on the stock in a research report on Friday, October 24th. BMO Capital Markets downgraded shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price target for the company. in a research report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Selective Insurance Group in a research note on Wednesday, October 8th. Finally, Piper Sandler raised their price objective on Selective Insurance Group from $76.00 to $79.00 and gave the company a “neutral” rating in a research note on Monday, December 22nd.

Institutional Trading of Selective Insurance Group

Several institutional investors and hedge funds have recently made changes to their positions in SIGI. First Horizon Corp acquired a new position in Selective Insurance Group during the third quarter worth approximately $29,000. Parallel Advisors LLC grew its stake in shares of Selective Insurance Group by 219.5% during the 2nd quarter. Parallel Advisors LLC now owns 361 shares of the insurance provider’s stock valued at $31,000 after buying an additional 248 shares during the period. Amundi grew its stake in shares of Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after buying an additional 311 shares during the period. Rothschild Investment LLC increased its holdings in shares of Selective Insurance Group by 680.0% during the 3rd quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider’s stock worth $44,000 after buying an additional 476 shares during the last quarter. Finally, Danske Bank A S purchased a new position in shares of Selective Insurance Group in the 3rd quarter worth $57,000. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Trading Down 1.1%

NASDAQ SIGI opened at $83.67 on Tuesday. Selective Insurance Group has a 52 week low of $71.75 and a 52 week high of $96.49. The stock has a market capitalization of $5.05 billion, a PE ratio of 12.89 and a beta of 0.24. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average of $79.66 and a two-hundred day moving average of $80.92.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Wednesday, October 22nd. The insurance provider reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Selective Insurance Group had a net margin of 7.78% and a return on equity of 12.96%. Selective Insurance Group’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.40 earnings per share. As a group, research analysts expect that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a dividend of $0.43 per share. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.38. The ex-dividend date was Friday, November 14th. This represents a $1.72 annualized dividend and a yield of 2.1%. Selective Insurance Group’s payout ratio is 26.50%.

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.