Selective Insurance Group (NASDAQ:SIGI) Posts Quarterly Earnings Results, Misses Estimates By $0.29 EPS

Selective Insurance Group (NASDAQ:SIGI) announced its quarterly earnings data on Monday. The insurance provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29), Briefing.com reports. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the company posted $1.51 EPS. The firm’s quarterly revenue was up 15.1% on a year-over-year basis.

Selective Insurance Group Price Performance

SIGI stock traded up $1.99 during trading on Wednesday, hitting $95.31. 793,250 shares of the stock traded hands, compared to its average volume of 353,289. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 26.19, a P/E/G ratio of 1.62 and a beta of 0.56. Selective Insurance Group has a one year low of $81.00 and a one year high of $109.58. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19. The company has a 50 day simple moving average of $91.53 and a 200 day simple moving average of $93.67.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.59%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is 38.25%.

Wall Street Analyst Weigh In

SIGI has been the subject of a number of research reports. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $104.00 to $99.00 in a research report on Monday, July 22nd. Piper Sandler decreased their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, July 22nd. Royal Bank of Canada increased their price objective on shares of Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a research note on Wednesday. BMO Capital Markets raised their price objective on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Finally, Bank of America upped their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Selective Insurance Group presently has an average rating of “Hold” and an average price target of $100.00.

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.