Zacks Research Weighs in on Selective Insurance Group, Inc.’s Q1 2024 Earnings (NASDAQ:SIGI)

Selective Insurance Group, Inc. (NASDAQ:SIGI) – Analysts at Zacks Research lifted their Q1 2024 earnings estimates for shares of Selective Insurance Group in a note issued to investors on Wednesday, April 10th. Zacks Research analyst R. Department now anticipates that the insurance provider will post earnings per share of $1.78 for the quarter, up from their previous forecast of $1.77. The consensus estimate for Selective Insurance Group’s current full-year earnings is $7.67 per share. Zacks Research also issued estimates for Selective Insurance Group’s FY2024 earnings at $7.51 EPS, Q1 2026 earnings at $2.40 EPS and FY2026 earnings at $9.65 EPS.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.02. Selective Insurance Group had a net margin of 8.57% and a return on equity of 14.43%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion.

SIGI has been the subject of a number of other reports. Royal Bank of Canada reduced their price objective on shares of Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating for the company in a research report on Friday, February 2nd. Keefe, Bruyette & Woods reduced their price objective on shares of Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. Piper Sandler reissued a “neutral” rating and set a $104.00 target price on shares of Selective Insurance Group in a report on Monday, April 1st. Finally, Oppenheimer reissued an “outperform” rating and set a $120.00 target price on shares of Selective Insurance Group in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $105.17.

Selective Insurance Group Trading Down 0.9 %

SIGI stock opened at $101.19 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.30 and a quick ratio of 0.30. The company has a fifty day moving average price of $103.48 and a two-hundred day moving average price of $102.93. Selective Insurance Group has a one year low of $91.99 and a one year high of $109.58. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 0.75 and a beta of 0.55.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Wednesday, February 14th. Selective Insurance Group’s dividend payout ratio is currently 24.01%.

Insider Transactions at Selective Insurance Group

In other news, COO Brenda M. Hall sold 2,626 shares of Selective Insurance Group stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.88, for a total transaction of $278,040.88. Following the completion of the sale, the chief operating officer now owns 10,511 shares of the company’s stock, valued at $1,112,904.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Michigan Retirement System raised its stake in Selective Insurance Group by 0.7% in the fourth quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider’s stock valued at $1,451,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. grew its position in Selective Insurance Group by 68.9% in the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 104 shares during the last quarter. Apollon Wealth Management LLC grew its position 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 acquiring an additional 109 shares during the last quarter. Teacher Retirement System of Texas grew its position in Selective Insurance Group by 0.5% in the fourth quarter. Teacher Retirement System of Texas now owns 27,092 shares of the insurance provider’s stock valued at $2,695,000 after acquiring an additional 123 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in Selective Insurance Group by 12.3% in the third quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider’s stock valued at $121,000 after acquiring an additional 128 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.