Selective Insurance Group, Inc. (NASDAQ:SIGI) Stock Has Consensus Target Price of $99.33

Selective Insurance Group, Inc. (NASDAQ:SIGI) has received a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $99.33.

SIGI has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their target price on shares of Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. BMO Capital Markets downgraded shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 price target on the stock. in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price objective on shares of Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Piper Sandler reduced their price objective on shares of Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating on the stock in a research note on Monday, September 28th. Finally, Weiss Ratings cut shares of Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, September 1st.

Selective Insurance Group Stock Up 0.8%

Shares of SIGI opened at $85.59 on Thursday. The stock’s 50-day moving average price is $91.12 and its two-hundred day moving average price is $88.52. Selective Insurance Group has a 12 month low of $72.78 and a 12 month high of $100.40. The company has a market capitalization of $5.10 billion, a PE ratio of 10.62 and a beta of 0.26. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.29. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the prior year, the firm posted $1.31 earnings per share. On average, analysts anticipate that Selective Insurance Group will post 8.1 EPS for the current year.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a yield of 2.0%. Selective Insurance Group’s dividend payout ratio is 21.34%.

Insiders Place Their Bets

In other Selective Insurance Group news, EVP Michael Lanza sold 17,100 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the completion of the sale, the executive vice president directly owned 16,565 shares in the company, valued at approximately $1,557,772.60. This trade represents a 50.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Selective Insurance Group

Several institutional investors and hedge funds have recently made changes to their positions in SIGI. BlackRock Inc. acquired a new stake in Selective Insurance Group in the second quarter worth $754,557,000. Wellington Management Group LLP bought a new stake in Selective Insurance Group in the second quarter valued at $77,149,000. Norges Bank acquired a new position in shares of Selective Insurance Group during the fourth quarter valued at about $65,625,000. Bank of America Corp DE acquired a new position in shares of Selective Insurance Group during the second quarter valued at about $63,423,000. Finally, Jupiter Topco LLC bought a new position in shares of Selective Insurance Group during the 2nd quarter worth about $47,558,000. Institutional investors own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. Founded in 1926, the company provides property and casualty insurance through a network of independent agents and operates primarily in the United States.

Selective offers commercial insurance products for businesses, including property, general liability, commercial automobile, workers’ compensation and related coverage. Its personal insurance business provides products such as homeowners, renters and automobile insurance.