Selective Insurance Group (NASDAQ:SIGI) Reaches New 52-Week High – Here’s Why

Selective Insurance Group, Inc. (NASDAQ:SIGI) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $93.99 and last traded at $93.1090, with a volume of 8762 shares changing hands. The stock had previously closed at $92.44.

Analyst Ratings Changes

SIGI has been the topic of a number of recent analyst reports. Royal Bank Of Canada reiterated an “outperform” rating and issued a $95.00 target price on shares of Selective Insurance Group in a research note on Monday, March 23rd. Piper Sandler boosted their target price on shares of Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Oppenheimer upped their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a report on Thursday, May 21st. Keefe, Bruyette & Woods raised their price target on shares of Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research note on Friday, April 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Selective Insurance Group in a report on Thursday, June 18th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $91.67.

Selective Insurance Group Price Performance

The firm has a fifty day simple moving average of $87.16 and a 200 day simple moving average of $83.70. The company has a market capitalization of $5.71 billion, a PE ratio of 13.05 and a beta of 0.32. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.12). Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the firm earned $1.76 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts anticipate that Selective Insurance Group, Inc. will post 7.81 EPS for the current year.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, May 15th. Selective Insurance Group’s payout ratio is presently 23.53%.

Institutional Trading of Selective Insurance Group

A number of hedge funds have recently added to or reduced their stakes in SIGI. Eurizon Capital SGR S.p.A. purchased a new position in Selective Insurance Group during the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC bought a new position in shares of Selective Insurance Group during the fourth quarter valued at approximately $25,000. True Wealth Design LLC increased its holdings in Selective Insurance Group by 45.9% during the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock valued at $34,000 after buying an additional 129 shares during the period. Amundi increased its holdings in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after buying an additional 311 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Selective Insurance Group by 38.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider’s stock worth $46,000 after buying an additional 154 shares in the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Company Profile

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.