Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $85.00

Selective Insurance Group (NASDAQ:SIGI) had its price target boosted by Morgan Stanley from $80.00 to $85.00 in a research report released on Tuesday morning,Benzinga reports. Morgan Stanley currently has an underweight rating on the insurance provider’s stock.

SIGI has been the topic of several other reports. Piper Sandler decreased their target price on shares of Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating on the stock in a report on Monday, September 28th. Keefe, Bruyette & Woods upped their price target on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. BMO Capital Markets reiterated a “market perform” rating on shares of Selective Insurance Group in a research report on Wednesday, October 21st. Wall Street Zen upgraded shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Saturday, October 24th. Finally, Weiss Ratings cut shares of Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 1st. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $101.83.

Selective Insurance Group Price Performance

NASDAQ:SIGI opened at $99.32 on Tuesday. Selective Insurance Group has a one year low of $72.78 and a one year high of $101.25. The company has a market cap of $5.86 billion, a P/E ratio of 11.39 and a beta of 0.26. The firm’s fifty day moving average price is $89.45 and its two-hundred day moving average price is $87.50. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.29 and a quick ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.46. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a return on equity of 15.60% and a net margin of 9.40%. During the same quarter last year, the business earned $1.85 EPS. Equities analysts expect that Selective Insurance Group will post 8.50 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be given a $0.48 dividend. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.43. This represents a $1.92 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, November 16th. Selective Insurance Group’s dividend payout ratio (DPR) is 20.67%.

Insiders Place Their Bets

In other Selective Insurance Group news, Director Cynthia Nicholson sold 3,691 shares of the business’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $98.71, for a total transaction of $364,338.61. Following the sale, the director owned 17,463 shares of the company’s stock, valued at approximately $1,723,772.73. The trade was a 17.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Selective Insurance Group in the second quarter worth approximately $26,000. IFP Advisors Inc raised its holdings in Selective Insurance Group by 51.3% during the third quarter. IFP Advisors Inc now owns 596 shares of the insurance provider’s stock worth $50,000 after buying an additional 202 shares during the last quarter. Westpac Banking Corp acquired a new stake in shares of Selective Insurance Group in the 2nd quarter worth about $72,000. Farther Finance Advisors LLC lifted its holdings in shares of Selective Insurance Group by 51.2% in the third quarter. Farther Finance Advisors LLC now owns 812 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 275 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in Selective Insurance Group during the 2nd quarter valued at $89,000. 82.88% of the stock is currently owned by institutional investors.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers’ compensation, general liability, commercial property and other specialty coverages.