JMP Securities Reiterates “Market Perform” Rating for Selective Insurance Group (NASDAQ:SIGI)

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

Several other equities research analysts also recently weighed in on the company. Piper Sandler restated a neutral rating and set a $104.00 price target on shares of Selective Insurance Group in a report on Monday, April 1st. Oppenheimer restated an outperform rating and set a $120.00 price target on shares of Selective Insurance Group in a report on Friday, April 5th. Keefe, Bruyette & Woods cut their price target on 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. Finally, Royal Bank of Canada cut their price target on 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 assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Selective Insurance Group has an average rating of Hold and a consensus target price of $105.17.

Selective Insurance Group Price Performance

SIGI stock opened at $101.42 on Monday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $6.17 billion, a PE ratio of 17.40, a P/E/G ratio of 0.75 and a beta of 0.55. Selective Insurance Group has a 12-month low of $91.99 and a 12-month high of $109.58. The business’s fifty day moving average price is $103.73 and its 200 day moving average price is $102.84.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.02. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. On average, sell-side analysts anticipate that Selective Insurance Group will post 7.67 EPS for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, February 14th. This represents a $1.40 annualized dividend and a dividend yield of 1.38%. Selective Insurance Group’s dividend payout ratio is currently 24.01%.

Insider Transactions at Selective Insurance Group

In other news, COO Brenda M. Hall sold 2,626 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $105.88, for a total transaction of $278,040.88. Following the completion of the transaction, the chief operating officer now directly owns 10,511 shares of the company’s stock, valued at approximately $1,112,904.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

Institutional Trading of Selective Insurance Group

A number of large investors have recently made changes to their positions in SIGI. Janiczek Wealth Management LLC boosted its position in shares of Selective Insurance Group by 186.5% in the 3rd quarter. Janiczek Wealth Management LLC now owns 255 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 166 shares during the period. Blue Trust Inc. boosted its position in shares of Selective Insurance Group by 68.9% in the 4th quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 104 shares during the period. Rise Advisors LLC acquired a new stake in shares of Selective Insurance Group in the 1st quarter valued at about $27,000. Lazard Asset Management LLC acquired a new stake in shares of Selective Insurance Group in the 3rd quarter valued at about $36,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Selective Insurance Group in the 4th quarter valued at about $40,000. 82.88% of the stock is owned by institutional investors and hedge funds.

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.