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

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have received an average rating of “Hold” from the seven brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $101.67.

SIGI has been the topic of several research reports. Royal Bank of Canada upped their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and upped their price target for the company from $95.00 to $105.00 in a research note on Wednesday, October 30th. Finally, Bank of America lifted their price objective on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the transaction, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This trade represents a 8.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Selective Insurance Group

Large investors have recently bought and sold shares of the company. FMR LLC grew its holdings in shares of Selective Insurance Group by 28.6% in the 3rd quarter. FMR LLC now owns 5,468,801 shares of the insurance provider’s stock valued at $510,239,000 after buying an additional 1,216,801 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in Selective Insurance Group in the third quarter valued at about $37,726,000. Eagle Asset Management Inc. grew its stake in Selective Insurance Group by 112.7% in the third quarter. Eagle Asset Management Inc. now owns 427,180 shares of the insurance provider’s stock valued at $42,667,000 after acquiring an additional 226,387 shares during the period. Emerald Advisers LLC bought a new stake in shares of Selective Insurance Group in the third quarter worth about $11,767,000. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Selective Insurance Group by 16.4% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 717,946 shares of the insurance provider’s stock worth $66,984,000 after purchasing an additional 101,045 shares during the period. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Trading Up 1.5 %

Shares of SIGI opened at $97.82 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35. The company has a market cap of $5.95 billion, a price-to-earnings ratio of 26.37 and a beta of 0.57. The stock has a fifty day moving average price of $94.41 and a two-hundred day moving average price of $92.78. Selective Insurance Group has a 52-week low of $81.00 and a 52-week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the company earned $1.51 EPS. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. Analysts predict that Selective Insurance Group will post 3.59 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued 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 yield of 1.55%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is 40.97%.

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.