Selective Insurance Group (NASDAQ:SIGI) Shares Gap Down Following Weak Earnings

Selective Insurance Group, Inc. (NASDAQ:SIGI)’s stock price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $102.28, but opened at $96.86. Selective Insurance Group shares last traded at $94.55, with a volume of 34,514 shares changing hands.

The insurance provider reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.55). Selective Insurance Group had a return on equity of 14.06% and a net margin of 8.02%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the firm posted $1.44 earnings per share. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend is Tuesday, May 14th. Selective Insurance Group’s dividend payout ratio (DPR) is 24.74%.

Analyst Ratings Changes

Several brokerages recently weighed in on SIGI. Oppenheimer restated an “outperform” rating and set a $120.00 target price on shares of Selective Insurance Group in a research note on Friday, April 5th. Royal Bank of Canada lowered their price objective on shares of Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Friday, February 2nd. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th. Keefe, Bruyette & Woods reduced their price target on shares of Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $104.00 price objective on shares of Selective Insurance Group in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $105.17.

Insider Buying and Selling

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.88, for a total value of $278,040.88. Following the transaction, the chief operating officer now directly owns 10,511 shares in the company, valued at $1,112,904.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Selective Insurance Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Natixis Advisors L.P. boosted its stake in shares of Selective Insurance Group by 6.3% in the 3rd quarter. Natixis Advisors L.P. now owns 89,197 shares of the insurance provider’s stock valued at $9,203,000 after purchasing an additional 5,289 shares during the last quarter. Boston Trust Walden Corp lifted its stake in shares of Selective Insurance Group by 1.8% in the 4th quarter. Boston Trust Walden Corp now owns 983,020 shares of the insurance provider’s stock valued at $97,791,000 after purchasing an additional 17,800 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Selective Insurance Group by 45.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 94,670 shares of the insurance provider’s stock worth $9,767,000 after purchasing an additional 29,662 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Selective Insurance Group by 0.7% during the third quarter. Vanguard Group Inc. now owns 6,165,209 shares of the insurance provider’s stock worth $636,065,000 after purchasing an additional 41,639 shares during the period. Finally, State of Michigan Retirement System grew its stake in shares of Selective Insurance Group by 0.7% during the fourth quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider’s stock worth $1,451,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Stock Up 0.7 %

The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The firm has a market cap of $5.86 billion, a P/E ratio of 17.03, a P/E/G ratio of 0.75 and a beta of 0.55. The business has a fifty day moving average of $103.38 and a 200 day moving average of $102.64.

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.