Selective Insurance Group’s (SIGI) “Market Perform” Rating Reiterated at JMP Securities

JMP Securities restated their market perform rating on shares of Selective Insurance Group (NASDAQ:SIGI) in a report published on Monday, Benzinga reports.

SIGI has been the topic of a number of other research reports. Keefe, Bruyette & Woods lowered their target price on shares of Selective Insurance Group from $111.00 to $109.00 and set a market perform rating on the stock in a report on Tuesday, February 6th. Oppenheimer reaffirmed an outperform rating and set a $120.00 target price on shares of Selective Insurance Group in a research report on Friday, April 5th. Piper Sandler reissued a neutral rating and issued a $104.00 price target on shares of Selective Insurance Group in a research report on Monday, April 1st. Finally, Royal Bank of Canada cut 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 report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Selective Insurance Group presently has a consensus rating of Hold and a consensus price target of $105.17.

Selective Insurance Group Trading Down 1.5 %

Shares of Selective Insurance Group stock opened at $100.40 on Monday. Selective Insurance Group has a 52 week low of $91.99 and a 52 week high of $109.58. The stock has a 50 day moving average price of $103.64 and a two-hundred day moving average price of $102.85. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $6.10 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 0.74 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.02. Selective Insurance Group had a net margin of 8.57% and a return on equity of 14.43%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.11 billion. As a group, equities analysts anticipate that Selective Insurance Group will post 7.67 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Thursday, February 15th were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.40 annualized dividend and a yield of 1.39%. Selective Insurance Group’s dividend payout ratio is currently 24.01%.

Insider Activity

In other news, COO Brenda M. Hall sold 2,626 shares of Selective Insurance Group stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.88, for a total transaction of $278,040.88. Following the sale, the chief operating officer now directly owns 10,511 shares in the company, valued at approximately $1,112,904.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Trading of Selective Insurance Group

Large investors have recently added to or reduced their stakes in the stock. Morgan Stanley grew its position in shares of Selective Insurance Group by 516.0% during the 4th quarter. Morgan Stanley now owns 1,959,603 shares of the insurance provider’s stock valued at $173,641,000 after acquiring an additional 1,641,463 shares during the period. Wellington Management Group LLP grew its holdings in Selective Insurance Group by 188.2% during the fourth quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock valued at $144,287,000 after purchasing an additional 947,147 shares during the period. Norges Bank purchased a new stake in Selective Insurance Group in the fourth quarter worth $67,290,000. Price T Rowe Associates Inc. MD increased its position in Selective Insurance Group by 317.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 525,083 shares of the insurance provider’s stock worth $46,527,000 after buying an additional 399,386 shares during the last quarter. Finally, FMR LLC raised its stake in shares of Selective Insurance Group by 11.5% in the third quarter. FMR LLC now owns 3,866,827 shares of the insurance provider’s stock valued at $398,941,000 after buying an additional 398,517 shares during the period. Hedge funds and other institutional investors 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.