Brokerages Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Price Target at $84.40

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been given an average recommendation of “Hold” by the seven brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $87.60.

Several research analysts recently commented on SIGI shares. Piper Sandler raised their price target on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods raised their price target on shares of Selective Insurance Group from $84.00 to $88.00 and gave the company a “market perform” rating in a report on Friday, April 24th. Royal Bank Of Canada restated an “outperform” rating and issued a $95.00 price target on shares of Selective Insurance Group in a report on Monday, March 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Selective Insurance Group in a report on Wednesday, March 25th. Finally, BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price target for the company from $84.00 to $97.00 in a report on Thursday.

Institutional Trading of Selective Insurance Group

Hedge funds have recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Selective Insurance Group during the fourth quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new stake in shares of Selective Insurance Group during the fourth quarter valued at approximately $25,000. First Horizon Corp acquired a new stake in shares of Selective Insurance Group during the third quarter worth approximately $29,000. Amundi grew its position in shares of Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after buying an additional 311 shares in the last quarter. Finally, True Wealth Design LLC grew its position in shares of Selective Insurance Group by 45.9% during the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after buying an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Trading Up 0.1%

Shares of SIGI stock opened at $84.78 on Monday. The firm has a market cap of $5.08 billion, a P/E ratio of 11.60 and a beta of 0.32. Selective Insurance Group has a 1-year low of $71.75 and a 1-year high of $91.63. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.30 and a quick ratio of 0.30. The firm’s 50-day simple moving average is $79.57 and its 200-day simple moving average is $80.99.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing the consensus estimate of $1.81 by ($0.12). Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the company earned $1.76 earnings per share. The company’s revenue was up 5.7% on a year-over-year basis. As a group, equities analysts forecast that Selective Insurance Group will post 7.76 EPS for the current year.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a dividend of $0.43 per share. The ex-dividend date is Friday, May 15th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.0%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 23.53%.

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.