Selective Insurance Group’s (SIGI) Outperform Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reiterated their outperform rating on shares of Selective Insurance Group (NASDAQ:SIGI) in a research note published on Monday,Benzinga reports. The brokerage currently has a $95.00 target price on the insurance provider’s stock.

A number of other equities research analysts have also recently commented on SIGI. Keefe, Bruyette & Woods lowered their target price on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a report on Tuesday, January 6th. Piper Sandler boosted their price target on Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday, February 2nd. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $83.00.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $73.72 on Monday. Selective Insurance Group has a 12-month low of $71.75 and a 12-month high of $93.38. The stock has a market cap of $4.43 billion, a P/E ratio of 9.84 and a beta of 0.23. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $82.12 and a two-hundred day moving average of $80.98.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, January 29th. The insurance provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.24 by $0.33. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period in the prior year, the business earned $1.62 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, research analysts predict that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, February 13th. Selective Insurance Group’s payout ratio is currently 22.96%.

Institutional Trading of Selective Insurance Group

A number of hedge funds have recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. acquired a new position in Selective Insurance Group in the 4th quarter valued at $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Selective Insurance Group during the fourth quarter worth $25,000. First Horizon Corp purchased a new stake in shares of Selective Insurance Group in the third quarter valued at $29,000. True Wealth Design LLC grew its position in shares of Selective Insurance Group by 45.9% in the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 129 shares during the period. Finally, Amundi increased its stake in Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 311 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.