Brokerages Set Selective Insurance Group (NASDAQ:SIGI) Target Price at $46.41
Selective Insurance Group (NASDAQ:SIGI) has been given an average rating of “Hold” by the seven analysts that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $47.33.
SIGI has been the topic of several research reports. BidaskClub upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. ValuEngine upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Royal Bank Of Canada reiterated a “hold” rating and issued a $50.00 target price on shares of Selective Insurance Group in a report on Friday, July 28th. Boenning Scattergood reiterated a “hold” rating on shares of Selective Insurance Group in a report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $48.00 target price on shares of Selective Insurance Group in a report on Tuesday, May 2nd.
In related news, CEO Gregory E. Murphy sold 8,789 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $49.80, for a total transaction of $437,692.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director A David Brown sold 6,275 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $50.49, for a total value of $316,824.75. Following the sale, the director now owns 21,650 shares of the company’s stock, valued at approximately $1,093,108.50. The disclosure for this sale can be found here. Insiders have sold 20,547 shares of company stock worth $1,031,269 over the last ninety days. 3.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nationwide Fund Advisors increased its position in shares of Selective Insurance Group by 7.6% in the first quarter. Nationwide Fund Advisors now owns 114,349 shares of the insurance provider’s stock worth $5,392,000 after buying an additional 8,037 shares during the period. Sawgrass Asset Management LLC acquired a new position in shares of Selective Insurance Group during the first quarter worth about $232,000. Karp Capital Management Corp acquired a new position in shares of Selective Insurance Group during the first quarter worth about $1,472,000. Tributary Capital Management LLC increased its position in shares of Selective Insurance Group by 11.9% in the second quarter. Tributary Capital Management LLC now owns 531,801 shares of the insurance provider’s stock worth $26,617,000 after buying an additional 56,446 shares during the period. Finally, Parametric Portfolio Associates LLC increased its position in Selective Insurance Group by 18.4% in the first quarter. Parametric Portfolio Associates LLC now owns 293,141 shares of the insurance provider’s stock valued at $13,822,000 after buying an additional 45,657 shares during the last quarter. Hedge funds and other institutional investors own 77.58% of the company’s stock.
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Selective Insurance Group (NASDAQ SIGI) traded down 2.63% during midday trading on Tuesday, hitting $49.65. 221,321 shares of the stock traded hands. The company has a 50-day moving average price of $50.76 and a 200-day moving average price of $48.22. Selective Insurance Group has a 1-year low of $34.95 and a 1-year high of $53.75. The firm has a market cap of $2.90 billion, a P/E ratio of 17.29 and a beta of 1.44.
Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by $0.05. The firm had revenue of $614.50 million for the quarter, compared to the consensus estimate of $611.62 million. Selective Insurance Group had a return on equity of 10.24% and a net margin of 6.73%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 earnings per share. Analysts predict that Selective Insurance Group will post $3.07 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend is Friday, August 11th. Selective Insurance Group’s payout ratio is 22.22%.
About Selective Insurance Group
Selective Insurance Group, Inc is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market.
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