Selective Insurance Group (NASDAQ:SIGI) Price Target Cut to $84.00 by Analysts at Keefe, Bruyette & Woods

Selective Insurance Group (NASDAQ:SIGI) had its price objective cut by Keefe, Bruyette & Woods from $92.00 to $84.00 in a report issued on Tuesday,Benzinga reports. They currently have a market perform rating on the insurance provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Selective Insurance Group in a report on Wednesday, March 25th. Piper Sandler upped their price objective on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday, February 2nd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $95.00 price objective on shares of Selective Insurance Group in a report on Monday, March 23rd. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $83.60.

Selective Insurance Group Trading Up 1.9%

Shares of NASDAQ SIGI opened at $79.22 on Tuesday. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of 10.58 and a beta of 0.26. The business has a 50 day simple moving average of $81.14 and a 200 day simple moving average of $80.88. Selective Insurance Group has a 52 week low of $71.75 and a 52 week high of $93.38. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last announced 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. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.62 EPS. On average, research analysts predict that Selective Insurance Group will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.72 dividend on an annualized basis and a yield of 2.2%. Selective Insurance Group’s dividend payout ratio is presently 22.96%.

Institutional Investors Weigh In On Selective Insurance Group

A number of hedge funds have recently bought and sold shares of SIGI. Eurizon Capital SGR S.p.A. bought a new stake in Selective Insurance Group during the fourth quarter valued at about $25,000. Los Angeles Capital Management LLC bought a new stake in Selective Insurance Group during the fourth quarter valued at about $25,000. First Horizon Corp bought a new stake in Selective Insurance Group during the third quarter valued at about $29,000. True Wealth Design LLC boosted its holdings in Selective Insurance Group by 45.9% during the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 129 shares during the period. Finally, Amundi boosted its holdings 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 acquiring an additional 311 shares during the period. 82.88% of the stock is currently owned by institutional investors.

About Selective Insurance Group

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.