Selective Insurance Group, Inc. (NASDAQ:SIGI) Given Consensus Recommendation of “Hold” by Analysts

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

A number of equities analysts have recently issued reports on the company. Oppenheimer increased their target price on Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a report on Thursday, May 21st. Piper Sandler increased their target price on Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $84.00 to $97.00 in a report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating and issued a $95.00 target price on shares of Selective Insurance Group in a report on Monday, March 23rd. Finally, Keefe, Bruyette & Woods increased their target price on Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a report on Friday, April 24th.

Institutional Investors Weigh In On Selective Insurance Group

A number of hedge funds have recently made changes to their positions in the company. State of Wyoming increased its position in shares of Selective Insurance Group by 17.7% during the 4th quarter. State of Wyoming now owns 750 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 113 shares in the last quarter. Oak Associates Ltd. OH increased its position in shares of Selective Insurance Group by 1.8% during the 1st quarter. Oak Associates Ltd. OH now owns 7,124 shares of the insurance provider’s stock worth $537,000 after purchasing an additional 125 shares in the last quarter. True Wealth Design LLC increased its position in shares of Selective Insurance Group by 45.9% during the 4th quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 129 shares in the last quarter. Merit Financial Group LLC increased its holdings in Selective Insurance Group by 4.0% during the 3rd quarter. Merit Financial Group LLC now owns 3,345 shares of the insurance provider’s stock valued at $271,000 after purchasing an additional 129 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its holdings in Selective Insurance Group by 1.8% during the 3rd quarter. Belpointe Asset Management LLC now owns 8,559 shares of the insurance provider’s stock valued at $694,000 after purchasing an additional 149 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Trading Down 0.1%

Shares of SIGI stock opened at $86.05 on Friday. Selective Insurance Group has a 52-week low of $71.75 and a 52-week high of $91.65. The stock has a market cap of $5.15 billion, a price-to-earnings ratio of 11.77 and a beta of 0.32. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a fifty day moving average of $82.45 and a 200-day moving average of $82.20.

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

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a dividend of $0.43 per share. The ex-dividend date was Friday, May 15th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.0%. Selective Insurance Group’s dividend payout ratio (DPR) is 23.53%.

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.