Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $115.00 at Royal Bank Of Canada

Selective Insurance Group (NASDAQ:SIGI) had its target price hoisted by Royal Bank Of Canada from $110.00 to $115.00 in a research report report published on Monday morning, Marketbeat reports. They currently have an outperform rating on the insurance provider’s stock.

A number of other analysts have also weighed in on SIGI. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $84.00 to $97.00 in a research note on Thursday, May 7th. Keefe, Bruyette & Woods boosted their target price on shares of Selective Insurance Group from $88.00 to $101.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Piper Sandler upped their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Morgan Stanley increased their price target on Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, July 6th. Finally, Oppenheimer lifted their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $100.17.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $92.78 on Monday. Selective Insurance Group has a twelve month low of $72.78 and a twelve month high of $100.40. The company’s 50 day moving average is $93.17 and its 200 day moving average is $85.94. The company has a current ratio of 0.33, a quick ratio of 0.30 and a debt-to-equity ratio of 0.26. The company has a market cap of $5.55 billion, a PE ratio of 11.51 and a beta of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.29. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the firm posted $1.31 EPS. On average, sell-side analysts forecast that Selective Insurance Group will post 7.95 EPS for the current year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.9%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 21.34%.

Hedge Funds Weigh In On Selective Insurance Group

Several institutional investors have recently made changes to their positions in SIGI. SG Americas Securities LLC increased its holdings in Selective Insurance Group by 381.2% in the fourth quarter. SG Americas Securities LLC now owns 28,347 shares of the insurance provider’s stock valued at $2,372,000 after buying an additional 22,456 shares in the last quarter. Comerica Bank boosted its stake in shares of Selective Insurance Group by 94.8% during the 4th quarter. Comerica Bank now owns 55,955 shares of the insurance provider’s stock worth $4,682,000 after acquiring an additional 27,236 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Selective Insurance Group during the 2nd quarter worth about $468,000. Intech Investment Management LLC boosted its stake in shares of Selective Insurance Group by 138.0% during the 4th quarter. Intech Investment Management LLC now owns 62,686 shares of the insurance provider’s stock worth $5,245,000 after acquiring an additional 36,351 shares in the last quarter. Finally, UBS Group AG grew its position in shares of Selective Insurance Group by 46.1% during the 4th quarter. UBS Group AG now owns 237,076 shares of the insurance provider’s stock valued at $19,836,000 after acquiring an additional 74,757 shares during the period. 82.88% of the stock is owned by hedge funds and other 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.