Morgan Stanley Issues Positive Forecast for Selective Insurance Group (NASDAQ:SIGI) Stock Price

Selective Insurance Group (NASDAQ:SIGI) had its price objective boosted by Morgan Stanley from $85.00 to $90.00 in a research report report published on Monday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the insurance provider’s stock.

SIGI has been the topic of a number of other research reports. BMO Capital Markets increased their price target on Selective Insurance Group from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Keefe, Bruyette & Woods dropped their target price on shares of Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating on the stock in a report on Wednesday, April 30th. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research report on Thursday, January 30th. Finally, StockNews.com raised shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and a consensus price target of $94.00.

Selective Insurance Group Trading Up 0.6%

NASDAQ SIGI opened at $89.66 on Monday. The stock has a market cap of $5.45 billion, a PE ratio of 27.84 and a beta of 0.51. Selective Insurance Group has a 12 month low of $78.13 and a 12 month high of $103.56. The company’s 50-day moving average price is $88.62 and its 200-day moving average price is $90.68. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.10). The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. Selective Insurance Group’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 earnings per share. Equities research analysts forecast that Selective Insurance Group will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, May 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.70%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 41.42%.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of the firm’s stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $87.06, for a total value of $117,705.12. Following the completion of the sale, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at approximately $1,388,258.76. This trade represents a 7.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Selective Insurance Group

Several hedge funds and other institutional investors have recently modified their holdings of SIGI. R Squared Ltd acquired a new stake in shares of Selective Insurance Group during the fourth quarter worth $25,000. Olde Wealth Management LLC acquired a new stake in shares of Selective Insurance Group during the first quarter worth about $28,000. Amundi boosted its position in Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after buying an additional 311 shares during the last quarter. Quarry LP purchased a new stake in Selective Insurance Group in the fourth quarter valued at approximately $38,000. Finally, Brooklyn Investment Group acquired a new position in Selective Insurance Group in the 1st quarter worth approximately $38,000. 82.88% of the stock is 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.