Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives $105.17 Consensus Price Target from Brokerages

Selective Insurance Group, Inc. (NASDAQ:SIGI) has earned an average rating of “Hold” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $105.17.

Several equities analysts have weighed in on SIGI shares. Oppenheimer restated an “outperform” rating and set a $120.00 price objective on shares of Selective Insurance Group in a research note on Friday, April 5th. Piper Sandler restated a “neutral” rating and set a $104.00 price objective on shares of Selective Insurance Group in a research note on Monday, April 1st. Keefe, Bruyette & Woods dropped their price objective on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 6th. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Monday. Finally, Royal Bank of Canada lowered their target price on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Friday, February 2nd.

Selective Insurance Group Stock Performance

NASDAQ SIGI opened at $101.88 on Friday. The company has a fifty day simple moving average of $103.58 and a 200 day simple moving average of $102.87. Selective Insurance Group has a 12-month low of $91.99 and a 12-month high of $109.58. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18. The company has a market cap of $6.19 billion, a P/E ratio of 17.48, a PEG ratio of 0.75 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.02. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Sell-side analysts predict that Selective Insurance Group will post 7.67 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Wednesday, February 14th. Selective Insurance Group’s payout ratio is 24.01%.

Insider Buying and Selling

In related news, COO Brenda M. Hall sold 2,626 shares of Selective Insurance Group stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the completion of the sale, the chief operating officer now owns 10,511 shares of the company’s stock, valued at approximately $1,112,904.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Selective Insurance Group

Several large investors have recently added to or reduced their stakes in SIGI. Raymond James & Associates increased its holdings in Selective Insurance Group by 11.4% in the 1st quarter. Raymond James & Associates now owns 3,725 shares of the insurance provider’s stock worth $333,000 after acquiring an additional 381 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Selective Insurance Group by 116.2% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 5,904 shares of the insurance provider’s stock worth $528,000 after acquiring an additional 3,173 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Selective Insurance Group in the 1st quarter worth about $201,000. Bank of Montreal Can increased its holdings in Selective Insurance Group by 8.6% in the 1st quarter. Bank of Montreal Can now owns 7,495 shares of the insurance provider’s stock worth $684,000 after acquiring an additional 591 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Selective Insurance Group by 10.7% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,063 shares of the insurance provider’s stock valued at $1,972,000 after buying an additional 2,129 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Company Profile

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.