Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives $107.20 Average Price Target from Analysts

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have been assigned a consensus rating of “Hold” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $107.20.

Several equities research analysts have issued reports on SIGI shares. Piper Sandler reissued a “neutral” rating and set a $104.00 target price on shares of Selective Insurance Group in a research note on Monday, April 1st. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Oppenheimer reaffirmed an “outperform” rating and set a $120.00 price objective on shares of Selective Insurance Group in a research report on Friday, April 5th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $103.00 target price on shares of Selective Insurance Group in a research report on Monday, June 24th.

Selective Insurance Group Trading Down 0.9 %

Shares of SIGI stock opened at $93.49 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18. Selective Insurance Group has a twelve month low of $89.78 and a twelve month high of $109.58. The company’s 50-day moving average price is $95.83 and its 200-day moving average price is $100.27. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 0.85 and a beta of 0.54.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.55). The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.11 billion. Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.44 earnings per share. As a group, equities analysts predict that Selective Insurance Group will post 6.8 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Tuesday, May 14th. Selective Insurance Group’s dividend payout ratio is presently 24.74%.

Institutional Trading of Selective Insurance Group

Several hedge funds have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Selective Insurance Group during the 3rd quarter worth $374,000. Envestnet Asset Management Inc. boosted its position in shares of Selective Insurance Group by 45.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 94,670 shares of the insurance provider’s stock worth $9,767,000 after acquiring an additional 29,662 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Selective Insurance Group by 6.7% in the 3rd quarter. LPL Financial LLC now owns 56,886 shares of the insurance provider’s stock valued at $5,869,000 after acquiring an additional 3,597 shares during the last quarter. Mariner LLC lifted its stake in Selective Insurance Group by 2.1% during the third quarter. Mariner LLC now owns 7,420 shares of the insurance provider’s stock worth $765,000 after purchasing an additional 152 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in Selective Insurance Group by 10.4% during the third quarter. Federated Hermes Inc. now owns 50,457 shares of the insurance provider’s stock worth $5,206,000 after purchasing an additional 4,769 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.