Selective Insurance Group’s (SIGI) “Outperform” Rating Reaffirmed at Royal Bank Of Canada

Royal Bank Of Canada reaffirmed their outperform rating on shares of Selective Insurance Group (NASDAQ:SIGI) in a report released on Monday morning,Benzinga reports. They currently have a $95.00 price objective on the insurance provider’s stock.

Other equities analysts also recently issued research reports about the company. Piper Sandler raised their price target on Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, February 2nd. Keefe, Bruyette & Woods reduced their price objective on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $83.00.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $75.07 on Monday. Selective Insurance Group has a 12-month low of $71.75 and a 12-month high of $93.38. The stock has a market cap of $4.51 billion, a P/E ratio of 10.02 and a beta of 0.23. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $82.44 and a two-hundred day moving average of $81.07.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, January 29th. The insurance provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.24 by $0.33. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period in the prior year, the business earned $1.62 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, research analysts predict that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a dividend of $0.43 per share. The ex-dividend date was Friday, February 13th. This represents a $1.72 annualized dividend and a dividend yield of 2.3%. Selective Insurance Group’s dividend payout ratio (DPR) is 22.96%.

Hedge Funds Weigh In On Selective Insurance Group

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its holdings in Selective Insurance Group by 56.3% in the 4th quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock valued at $339,662,000 after buying an additional 1,462,838 shares during the period. Norges Bank acquired a new position in shares of Selective Insurance Group during the 4th quarter valued at about $65,625,000. First Trust Advisors LP lifted its holdings in shares of Selective Insurance Group by 239.1% during the 4th quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider’s stock worth $86,726,000 after acquiring an additional 730,890 shares during the period. Franklin Resources Inc. boosted its position in shares of Selective Insurance Group by 4,903.4% in the second quarter. Franklin Resources Inc. now owns 347,933 shares of the insurance provider’s stock worth $30,148,000 after acquiring an additional 340,979 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Selective Insurance Group by 1,299.9% in the third quarter. American Century Companies Inc. now owns 301,965 shares of the insurance provider’s stock worth $24,480,000 after acquiring an additional 280,395 shares during the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.