Brokerages Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Price Target at $99.40

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have been assigned an average recommendation of “Hold” from the seven research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $98.67.

Several brokerages have recently weighed in on SIGI. Royal Bank of Canada decreased their target price on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets raised their price target on Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research report on Wednesday. Bank of America cut their price target on Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a report on Thursday, July 11th. Piper Sandler lowered their target price on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $120.00 price target on shares of Selective Insurance Group in a research note on Friday, April 5th.

Selective Insurance Group Stock Up 2.6 %

Shares of SIGI opened at $91.12 on Tuesday. Selective Insurance Group has a 12-month low of $81.00 and a 12-month high of $109.58. The company’s 50-day moving average price is $93.42 and its 200 day moving average price is $99.32. The firm has a market cap of $5.54 billion, a P/E ratio of 16.10, a price-to-earnings-growth ratio of 1.11 and a beta of 0.54. 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 (NASDAQ:SIGI) last released its earnings results on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing the consensus estimate of $1.49 by ($2.59). Selective Insurance Group had a return on equity of 8.80% and a net margin of 5.12%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the firm earned $0.99 earnings per share. On average, sell-side analysts forecast that Selective Insurance Group will post 5.01 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.40 dividend on an annualized basis and a yield of 1.54%. Selective Insurance Group’s dividend payout ratio is currently 24.74%.

Insider Buying and Selling at Selective Insurance Group

In related news, Director Terrence W. Cavanaugh acquired 2,000 shares of Selective Insurance Group stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average price of $85.85 per share, with a total value of $171,700.00. Following the completion of the acquisition, the director now directly owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Selective Insurance Group news, Director Terrence W. Cavanaugh bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average cost of $85.85 per share, with a total value of $171,700.00. Following the completion of the purchase, the director now directly owns 20,651 shares in the company, valued at $1,772,888.35. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John J. Marchioni purchased 2,400 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was bought at an average price of $83.56 per share, with a total value of $200,544.00. Following the transaction, the chief executive officer now directly owns 136,397 shares in the company, valued at $11,397,333.32. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Selective Insurance Group by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock valued at $717,735,000 after purchasing an additional 367,987 shares during the period. Wellington Management Group LLP lifted its position in Selective Insurance Group by 188.2% during the 4th quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock worth $144,287,000 after buying an additional 947,147 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Selective Insurance Group by 14.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,190,389 shares of the insurance provider’s stock valued at $118,420,000 after purchasing an additional 149,901 shares in the last quarter. Boston Trust Walden Corp raised its position in shares of Selective Insurance Group by 1.2% during the second quarter. Boston Trust Walden Corp now owns 988,846 shares of the insurance provider’s stock worth $92,783,000 after acquiring an additional 11,327 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Selective Insurance Group by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 811,919 shares of the insurance provider’s stock worth $80,770,000 after buying an additional 17,657 shares during the period. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Company Profile

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.