Analysts Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Target Price at $83.00

Selective Insurance Group, Inc. (NASDAQ:SIGI) has received an average rating of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $83.00.

Several equities research analysts recently issued reports on the company. Piper Sandler upped 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. Keefe, Bruyette & Woods reduced their target price on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a research note on Tuesday, January 6th. Morgan Stanley raised their price target on shares of Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, November 17th. Royal Bank Of Canada began coverage on shares of Selective Insurance Group in a research report on Monday, November 24th. They issued an “outperform” rating and a $95.00 price objective for the company. Finally, BMO Capital Markets cut shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 target price on the stock. in a research report on Tuesday, October 28th.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Eurizon Capital SGR S.p.A. purchased a new stake in Selective Insurance Group during the fourth quarter worth about $25,000. Los Angeles Capital Management LLC bought a new position in shares of Selective Insurance Group during the 4th quarter valued at approximately $25,000. First Horizon Corp purchased a new stake in shares of Selective Insurance Group during the 3rd quarter worth approximately $29,000. True Wealth Design LLC raised its holdings in shares of Selective Insurance Group by 45.9% in the 4th quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 129 shares during the period. Finally, Amundi lifted 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. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Trading Down 0.4%

NASDAQ:SIGI opened at $82.63 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. Selective Insurance Group has a one year low of $71.75 and a one year high of $93.38. The company has a market cap of $4.96 billion, a PE ratio of 11.03 and a beta of 0.23. The firm has a 50-day moving average of $84.56 and a 200-day moving average of $80.99.

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

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, February 13th. Selective Insurance Group’s dividend payout ratio is 22.96%.

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.