Brokerages Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Price Target at $107.20

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have been given an average recommendation of “Hold” by the six brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $107.20.

SIGI has been the subject of several analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $103.00 target price on shares of Selective Insurance Group in a report on Monday, June 24th. Piper Sandler reiterated a “neutral” rating and issued a $104.00 target price on shares of Selective Insurance Group in a research note on Monday, April 1st. Oppenheimer restated an “outperform” rating and set a $120.00 price target on shares of Selective Insurance Group in a report on Friday, April 5th. Finally, JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th.

Institutional Investors Weigh In On Selective Insurance Group

A number of institutional investors have recently bought and sold shares of the business. Eagle Asset Management Inc. lifted its stake in Selective Insurance Group by 7.9% during the fourth quarter. Eagle Asset Management Inc. now owns 147,465 shares of the insurance provider’s stock worth $14,670,000 after purchasing an additional 10,743 shares during the period. Quadrature Capital Ltd bought a new position in shares of Selective Insurance Group during the 4th quarter worth approximately $1,041,000. UBS Group AG boosted its stake in Selective Insurance Group by 17.9% in the 4th quarter. UBS Group AG now owns 87,302 shares of the insurance provider’s stock valued at $8,685,000 after buying an additional 13,237 shares in the last quarter. Hsbc Holdings PLC raised its stake in Selective Insurance Group by 479.8% during the fourth quarter. Hsbc Holdings PLC now owns 11,595 shares of the insurance provider’s stock worth $1,155,000 after acquiring an additional 9,595 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Selective Insurance Group by 3.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 505,325 shares of the insurance provider’s stock valued at $50,270,000 after acquiring an additional 18,457 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Trading Down 0.9 %

Shares of NASDAQ SIGI opened at $93.49 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18. Selective Insurance Group has a one year low of $89.78 and a one year high of $109.58. The business has a 50-day moving average price of $95.83 and a two-hundred day moving average price of $100.27. The firm has a market capitalization of $5.68 billion, a PE ratio of 16.52, a PEG ratio of 0.85 and a beta of 0.54.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.55). Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the business posted $1.44 EPS. Selective Insurance Group’s revenue for the quarter was up 16.5% on a year-over-year basis. As a group, analysts predict that Selective Insurance Group will post 6.8 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Tuesday, May 14th. Selective Insurance Group’s dividend payout ratio is presently 24.74%.

About Selective Insurance Group

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.