Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives Average Rating of “Hold” from Brokerages

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been given an average recommendation of “Hold” by the eight ratings firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $100.3333.

A number of analysts recently commented on SIGI shares. Piper Sandler boosted their price objective on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Weiss Ratings cut Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Keefe, Bruyette & Woods increased their price objective on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Royal Bank Of Canada boosted their target price on shares of Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Morgan Stanley lifted their price target on shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, July 6th.

Insiders Place Their Bets

In other Selective Insurance Group news, EVP Michael Lanza sold 17,100 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total value of $1,608,084.00. Following the sale, the executive vice president directly owned 16,565 shares of the company’s stock, valued at approximately $1,557,772.60. This trade represents a 50.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.82% of the company’s stock.

Institutional Trading of Selective Insurance Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sivia Capital Partners LLC purchased a new position in shares of Selective Insurance Group in the 2nd quarter valued at $468,000. Intech Investment Management LLC increased its holdings in Selective Insurance Group by 138.0% in the 4th quarter. Intech Investment Management LLC now owns 62,686 shares of the insurance provider’s stock valued at $5,245,000 after purchasing an additional 36,351 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Selective Insurance Group by 3.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,359,224 shares of the insurance provider’s stock valued at $102,473,000 after buying an additional 44,532 shares during the period. UBS Group AG raised its stake in shares of Selective Insurance Group by 46.1% during the fourth quarter. UBS Group AG now owns 237,076 shares of the insurance provider’s stock valued at $19,836,000 after purchasing an additional 74,757 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in Selective Insurance Group in the 2nd quarter worth $5,496,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $92.19 on Friday. Selective Insurance Group has a one year low of $72.78 and a one year high of $100.40. The company has a 50-day simple moving average of $94.93 and a 200-day simple moving average of $87.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 11.44 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.66 by $0.29. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. During the same quarter last year, the business earned $1.31 EPS. On average, analysts predict that Selective Insurance Group will post 8.12 EPS for the current year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were given a $0.43 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.9%. Selective Insurance Group’s payout ratio is currently 21.34%.

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.