Brokerages Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Target Price at $91.67

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have been assigned an average rating of “Hold” from the eight ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $91.6667.

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Selective Insurance Group in a research note on Thursday, June 18th. Oppenheimer boosted their target price on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Piper Sandler upped their price objective on shares of Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $95.00 target price on shares of Selective Insurance Group in a research note on Monday, March 23rd.

Selective Insurance Group Trading Up 1.5%

Shares of NASDAQ:SIGI opened at $97.76 on Tuesday. The firm has a fifty day moving average of $88.09 and a two-hundred day moving average of $84.09. The firm has a market capitalization of $5.85 billion, a P/E ratio of 13.37 and a beta of 0.32. Selective Insurance Group has a 12-month low of $71.75 and a 12-month high of $97.93. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.12). Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the business earned $1.76 EPS. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, equities analysts expect that Selective Insurance Group will post 7.81 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.43 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.72 dividend on an annualized basis and a yield of 1.8%. Selective Insurance Group’s payout ratio is presently 23.53%.

Institutional Trading of Selective Insurance Group

Large investors have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. bought a new stake in Selective Insurance Group during the fourth quarter worth about $25,000. Los Angeles Capital Management LLC bought a new stake in Selective Insurance Group during the fourth quarter worth about $25,000. Amundi grew its stake in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after buying an additional 311 shares during the last quarter. True Wealth Design LLC grew its stake in Selective Insurance Group by 45.9% during the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after buying an additional 129 shares during the last quarter. Finally, First Horizon Corp grew its stake in Selective Insurance Group by 52.8% during the fourth quarter. First Horizon Corp now owns 550 shares of the insurance provider’s stock worth $46,000 after buying an additional 190 shares during the last quarter. 82.88% of the stock is owned by institutional investors.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.