Selective Insurance Group (NASDAQ:SIGI) Shares Gap Up – What’s Next?

Selective Insurance Group, Inc. (NASDAQ:SIGI) shares gapped up before the market opened on Tuesday . The stock had previously closed at $82.48, but opened at $86.17. Selective Insurance Group shares last traded at $86.0320, with a volume of 30,327 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SIGI shares. Piper Sandler increased their price objective on shares of 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 upped their target price on shares of Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research 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 research note on Monday, March 23rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Selective Insurance Group in a report on Wednesday, March 25th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and an average target price of $84.40.

Selective Insurance Group Price Performance

The business has a 50-day simple moving average of $79.61 and a two-hundred day simple moving average of $80.97. The company has a quick ratio of 0.32, a current ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 11.47 and a beta of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the firm posted $1.76 EPS. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, research analysts predict that Selective Insurance Group, Inc. will post 7.66 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

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

Institutional Trading of Selective Insurance Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Wyoming grew its position in Selective Insurance Group by 17.7% in the fourth quarter. State of Wyoming now owns 750 shares of the insurance provider’s stock worth $63,000 after buying an additional 113 shares during the last quarter. True Wealth Design LLC boosted its stake in shares of Selective Insurance Group by 45.9% during the 4th quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 129 shares in the last quarter. Merit Financial Group LLC grew its holdings in shares of Selective Insurance Group by 4.0% in the 3rd quarter. Merit Financial Group LLC now owns 3,345 shares of the insurance provider’s stock worth $271,000 after acquiring an additional 129 shares during the last quarter. Belpointe Asset Management LLC raised its position in shares of Selective Insurance Group by 1.8% during the third quarter. Belpointe Asset Management LLC now owns 8,559 shares of the insurance provider’s stock worth $694,000 after purchasing an additional 149 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Selective Insurance Group by 38.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 154 shares during the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

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.