JMP Securities Reiterates Market Perform Rating for Selective Insurance Group (NASDAQ:SIGI)

JMP Securities reaffirmed their market perform rating on shares of Selective Insurance Group (NASDAQ:SIGI) in a research note issued to investors on Monday morning, Benzinga reports.

Several other brokerages also recently weighed in on SIGI. Piper Sandler restated a neutral rating and set a $104.00 price objective on shares of Selective Insurance Group in a research report on Monday, April 1st. Royal Bank of Canada reduced their price target on shares of Selective Insurance Group from $108.00 to $105.00 and set a sector perform rating for the company in a research report on Friday, February 2nd. Oppenheimer reaffirmed an outperform rating and set a $120.00 price objective on shares of Selective Insurance Group in a report on Friday, April 5th. Finally, Keefe, Bruyette & Woods reduced their target price on Selective Insurance Group from $111.00 to $109.00 and set a market perform rating for the company in a report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $105.17.

Selective Insurance Group Stock Down 1.5 %

Selective Insurance Group stock opened at $100.40 on Monday. The stock has a market cap of $6.10 billion, a PE ratio of 17.22, a P/E/G ratio of 0.74 and a beta of 0.55. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.30 and a quick ratio of 0.30. The stock’s fifty day moving average is $103.64 and its two-hundred day moving average is $102.85. Selective Insurance Group has a 1-year low of $91.99 and a 1-year high of $109.58.

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

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Thursday, February 15th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend was Wednesday, February 14th. Selective Insurance Group’s dividend payout ratio is currently 24.01%.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $105.88, for a total transaction of $278,040.88. Following the completion of the sale, the chief operating officer now directly owns 10,511 shares of the company’s stock, valued at approximately $1,112,904.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Selective Insurance Group

A number of large investors have recently bought and sold shares of the company. Janiczek Wealth Management LLC increased its stake in shares of Selective Insurance Group by 186.5% during the third quarter. Janiczek Wealth Management LLC now owns 255 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 166 shares during the period. Blue Trust Inc. increased its position in Selective Insurance Group by 68.9% during the 4th quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 104 shares during the period. Rise Advisors LLC purchased a new position in shares of Selective Insurance Group during the 1st quarter worth approximately $27,000. Lazard Asset Management LLC acquired a new stake in shares of Selective Insurance Group in the 3rd quarter valued at approximately $36,000. Finally, Point72 Hong Kong Ltd purchased a new position in Selective Insurance Group in the fourth quarter worth $40,000. 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.