Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives Average Rating of “Hold” from Analysts

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have received a consensus rating of “Hold” from the seven brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $83.60.

A number of research firms have weighed in on SIGI. Keefe, Bruyette & Woods dropped their price target on shares of Selective Insurance Group from $92.00 to $84.00 and set a “market perform” rating for the company in a research report on Tuesday. Royal Bank Of Canada reiterated an “outperform” rating and issued a $95.00 price target on shares of Selective Insurance Group in a research report on Monday, March 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Finally, Piper Sandler upped their price target on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, February 2nd.

Selective Insurance Group Stock Up 2.8%

SIGI opened at $81.40 on Thursday. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average price of $81.14 and a 200-day moving average price of $80.88. Selective Insurance Group has a twelve month low of $71.75 and a twelve month high of $93.38. The stock has a market capitalization of $4.87 billion, a price-to-earnings ratio of 10.87 and a beta of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.33. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.36 billion. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.62 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Selective Insurance Group’s payout ratio is 22.96%.

Institutional Investors Weigh In On Selective Insurance Group

A number of hedge funds have recently bought and sold shares of SIGI. Amundi raised its stake in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 311 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Selective Insurance Group by 5.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock valued at $19,555,000 after purchasing an additional 11,167 shares in the last quarter. Focus Partners Wealth raised its stake in Selective Insurance Group by 17.9% during the first quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock valued at $248,000 after purchasing an additional 411 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Selective Insurance Group during the second quarter valued at $468,000. Finally, Cetera Investment Advisers raised its stake in Selective Insurance Group by 14.1% during the second quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock valued at $325,000 after purchasing an additional 462 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.

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.