Selective Insurance Group (NASDAQ:SIGI) Sets New 12-Month High – Still a Buy?

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) hit a new 52-week high during mid-day trading on Monday. The company traded as high as $101.48 and last traded at $100.76, with a volume of 629,806 shares. The stock had previously closed at $98.83.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of 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. BMO Capital Markets reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research note on Wednesday, October 21st. Morgan Stanley upped their price target on Selective Insurance Group from $80.00 to $85.00 and gave the company an “underweight” rating in a research note on Tuesday, October 27th. Oppenheimer reiterated an “outperform” rating and issued a $115.00 price target on shares of Selective Insurance Group in a report on Tuesday, October 13th. Finally, Wall Street Zen lowered Selective Insurance Group from a “buy” rating to a “hold” rating in a research report on Sunday. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $101.83.

Selective Insurance Group Price Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.29 and a current ratio of 0.29. The company has a 50-day moving average price of $89.61 and a 200-day moving average price of $87.58. The firm has a market capitalization of $5.94 billion, a P/E ratio of 12.11 and a beta of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Thursday, October 22nd. The insurance provider reported $2.37 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.46. Selective Insurance Group had a return on equity of 15.60% and a net margin of 9.40%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the company posted $1.85 earnings per share. On average, sell-side analysts predict that Selective Insurance Group, Inc. will post 8.44 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be paid a $0.48 dividend. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Monday, November 16th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.9%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 23.08%.

Insider Buying and Selling at Selective Insurance Group

In related news, Director Cynthia Nicholson sold 3,691 shares of Selective Insurance Group stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $98.71, for a total transaction of $364,338.61. Following the transaction, the director owned 17,463 shares of the company’s stock, valued at $1,723,772.73. This trade represents a 17.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Selective Insurance Group

A number of hedge funds have recently modified their holdings of the business. Vise Technologies Inc. grew its position in shares of Selective Insurance Group by 6.7% in the 3rd quarter. Vise Technologies Inc. now owns 8,730 shares of the insurance provider’s stock valued at $730,000 after purchasing an additional 550 shares during the period. Signaturefd LLC increased its stake in Selective Insurance Group by 40.6% during the 3rd quarter. Signaturefd LLC now owns 1,412 shares of the insurance provider’s stock worth $118,000 after purchasing an additional 408 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new stake in Selective Insurance Group during the 3rd quarter worth approximately $206,000. Nisa Investment Advisors LLC raised its holdings in Selective Insurance Group by 6.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 17,776 shares of the insurance provider’s stock worth $1,486,000 after buying an additional 1,064 shares during the period. Finally, IFP Advisors Inc lifted its stake in Selective Insurance Group by 51.3% in the third quarter. IFP Advisors Inc now owns 596 shares of the insurance provider’s stock valued at $50,000 after buying an additional 202 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers’ compensation, general liability, commercial property and other specialty coverages.