Selective Insurance Group (NASDAQ:SIGI) Given New $73.00 Price Target at Morgan Stanley

Selective Insurance Group (NASDAQ:SIGI) had its price objective lifted by Morgan Stanley from $72.00 to $73.00 in a report released on Tuesday, Marketbeat reports. They currently have an underweight rating on the insurance provider’s stock.

A number of other analysts have also commented on SIGI. Keefe, Bruyette & Woods cut their price objective on shares of Selective Insurance Group from $92.00 to $84.00 and set a “market perform” rating on the stock in a research report on Monday, July 28th. Piper Sandler dropped their price target on shares of Selective Insurance Group from $88.00 to $79.00 and set a “neutral” rating on the stock in a research report on Friday, July 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Selective Insurance Group in a research report on Saturday, September 27th. BMO Capital Markets set a $88.00 price target on shares of Selective Insurance Group and gave the stock an “outperform” rating in a research report on Tuesday, August 5th. Finally, Zacks Research raised shares of Selective Insurance Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $87.50.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $84.24 on Tuesday. The company’s fifty day simple moving average is $78.89 and its 200-day simple moving average is $84.38. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28. The firm has a market cap of $5.13 billion, a PE ratio of 13.79 and a beta of 0.39. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $103.56.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.24). The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%.During the same period in the prior year, the firm earned ($1.10) EPS. Equities research analysts expect that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, August 15th. Selective Insurance Group’s payout ratio is currently 24.88%.

Insider Transactions at Selective Insurance Group

In related news, Director Terrence W. Cavanaugh acquired 2,000 shares of the firm’s stock in a transaction on Friday, July 25th. The shares were purchased at an average cost of $75.72 per share, for a total transaction of $151,440.00. Following the completion of the acquisition, the director directly owned 25,295 shares in the company, valued at approximately $1,915,337.40. This trade represents a 8.59% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John J. Marchioni acquired 3,200 shares of the firm’s stock in a transaction on Monday, July 28th. The stock was bought at an average price of $77.89 per share, for a total transaction of $249,248.00. Following the completion of the acquisition, the chief executive officer owned 139,775 shares of the company’s stock, valued at approximately $10,887,074.75. The trade was a 2.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 10,602 shares of company stock valued at $817,440. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Selective Insurance Group

Institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. grew its stake in shares of Selective Insurance Group by 0.3% in the first quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider’s stock valued at $12,967,000 after acquiring an additional 493 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Selective Insurance Group by 11.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider’s stock valued at $761,000 after acquiring an additional 861 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Selective Insurance Group by 221.3% in the first quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider’s stock valued at $651,000 after acquiring an additional 4,899 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Selective Insurance Group by 1.7% in the first quarter. Hsbc Holdings PLC now owns 10,075 shares of the insurance provider’s stock valued at $922,000 after acquiring an additional 173 shares in the last quarter. Finally, Baird Financial Group Inc. bought a new stake in Selective Insurance Group during the first quarter worth about $1,007,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

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.