Analysts Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Target Price at $98.67

Selective Insurance Group, Inc. (NASDAQ:SIGI) has earned an average rating of “Hold” from the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $98.67.

Several research analysts recently commented on the stock. Bank of America reduced their price objective on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a research note on Thursday, July 11th. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $104.00 to $99.00 in a report on Monday, July 22nd. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. Royal Bank of Canada reduced their target price on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a research report on Monday, July 22nd. Finally, BMO Capital Markets raised their price target on Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th.

Selective Insurance Group Stock Up 0.5 %

Shares of NASDAQ SIGI opened at $88.94 on Friday. Selective Insurance Group has a 12-month low of $81.00 and a 12-month high of $109.58. The stock’s fifty day simple moving average is $90.57 and its two-hundred day simple moving average is $97.30. The stock has a market capitalization of $5.41 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 1.46 and a beta of 0.54. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. During the same period in the previous year, the business earned $0.99 EPS. As a group, analysts expect that Selective Insurance Group will post 3.85 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Thursday, August 15th. Selective Insurance Group’s dividend payout ratio is presently 24.74%.

Insider Buying and Selling

In other Selective Insurance Group news, CEO John J. Marchioni acquired 2,400 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were acquired at an average cost of $83.56 per share, with a total value of $200,544.00. Following the acquisition, the chief executive officer now directly owns 136,397 shares of the company’s stock, valued at $11,397,333.32. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Terrence W. Cavanaugh purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was bought at an average cost of $85.85 per share, with a total value of $171,700.00. Following the completion of the acquisition, the director now owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John J. Marchioni acquired 2,400 shares of the stock in a transaction on Monday, July 22nd. The stock was bought at an average price of $83.56 per share, for a total transaction of $200,544.00. Following the transaction, the chief executive officer now owns 136,397 shares in the company, valued at approximately $11,397,333.32. The disclosure for this purchase can be found here. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Selective Insurance Group

Several large investors have recently made changes to their positions in SIGI. Apollon Wealth Management LLC increased its holdings in Selective Insurance Group by 2.0% in the fourth quarter. Apollon Wealth Management LLC now owns 5,628 shares of the insurance provider’s stock valued at $560,000 after buying an additional 109 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Selective Insurance Group by 0.5% in the 4th quarter. Teacher Retirement System of Texas now owns 27,092 shares of the insurance provider’s stock valued at $2,695,000 after purchasing an additional 123 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in Selective Insurance Group by 0.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 32,436 shares of the insurance provider’s stock worth $3,227,000 after purchasing an additional 143 shares during the period. GAMMA Investing LLC boosted its position in Selective Insurance Group by 81.5% during the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 145 shares in the last quarter. Finally, D.A. Davidson & CO. grew its holdings in Selective Insurance Group by 6.7% in the fourth quarter. D.A. Davidson & CO. now owns 3,126 shares of the insurance provider’s stock valued at $311,000 after purchasing an additional 196 shares during the period. 82.88% of the stock is currently owned by institutional investors and hedge funds.

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.