Selective Insurance Group (NASDAQ:SIGI) Earns “Market Perform” Rating from JMP Securities

JMP Securities reaffirmed their market perform rating on shares of Selective Insurance Group (NASDAQ:SIGI) in a research report report published on Monday, Benzinga reports.

Several other analysts have also recently issued reports on the stock. Oppenheimer reissued an outperform rating and set a $120.00 price target on shares of Selective Insurance Group in a research report on Friday, April 5th. Royal Bank of Canada reduced their target price on shares of Selective Insurance Group from $108.00 to $105.00 and set a sector perform rating on the stock in a report on Friday, February 2nd. Piper Sandler reaffirmed a neutral rating and issued a $104.00 target price on shares of Selective Insurance Group in a report on Monday, April 1st. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Selective Insurance Group from $111.00 to $109.00 and set a market perform rating on the stock in a report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Selective Insurance Group currently has a consensus rating of Hold and a consensus price target of $105.17.

Selective Insurance Group Trading Down 0.2 %

Shares of SIGI stock opened at $100.99 on Monday. 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 firm has a market cap of $6.14 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 0.75 and a beta of 0.55. The company has a 50-day moving average of $103.51 and a two-hundred day moving average of $102.88. Selective Insurance Group has a 1-year low of $91.99 and a 1-year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.02. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Selective Insurance Group had a net margin of 8.57% and a return on equity of 14.43%. On average, analysts predict that Selective Insurance Group will post 7.67 EPS for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, February 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.39%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 24.01%.

Insider Activity at Selective Insurance Group

In related news, COO Brenda M. Hall sold 2,626 shares of Selective Insurance Group stock in a transaction on Monday, March 4th. The shares were sold at an average price of $105.88, for a total value of $278,040.88. Following the transaction, the chief operating officer now directly owns 10,511 shares in the company, valued at approximately $1,112,904.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Selective Insurance Group

Several institutional investors have recently made changes to their positions in SIGI. Morgan Stanley raised its stake in shares of Selective Insurance Group by 516.0% during the 4th quarter. Morgan Stanley now owns 1,959,603 shares of the insurance provider’s stock worth $173,641,000 after buying an additional 1,641,463 shares during the last quarter. Wellington Management Group LLP grew its holdings in Selective Insurance Group by 188.2% in the 4th quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock valued at $144,287,000 after buying an additional 947,147 shares during the period. Norges Bank purchased a new stake in Selective Insurance Group in the 4th quarter valued at about $67,290,000. Price T Rowe Associates Inc. MD grew its holdings in Selective Insurance Group by 317.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 525,083 shares of the insurance provider’s stock valued at $46,527,000 after buying an additional 399,386 shares during the period. Finally, FMR LLC grew its holdings in shares of Selective Insurance Group by 11.5% during the 3rd quarter. FMR LLC now owns 3,866,827 shares of the insurance provider’s stock worth $398,941,000 after purchasing an additional 398,517 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Company Profile

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.