Selective Insurance Group (NASDAQ:SIGI) Posts Quarterly Earnings Results, Misses Expectations By $0.29 EPS

Selective Insurance Group (NASDAQ:SIGI) announced its earnings results on Monday. The insurance provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29), Briefing.com reports. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.51 earnings per share.

Selective Insurance Group Stock Up 2.1 %

Shares of Selective Insurance Group stock traded up $1.99 during trading on Wednesday, reaching $95.31. The stock had a trading volume of 793,250 shares, compared to its average volume of 353,289. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of 26.19, a P/E/G ratio of 1.62 and a beta of 0.56. Selective Insurance Group has a 52 week low of $81.00 and a 52 week high of $109.58. The stock has a fifty day moving average price of $91.53 and a two-hundred day moving average price of $93.67.

Selective Insurance Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a $0.38 dividend. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.59%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 38.25%.

Analyst Ratings Changes

SIGI has been the subject of several research reports. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $104.00 to $99.00 in a research report on Monday, July 22nd. BMO Capital Markets raised their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a report on Wednesday, July 24th. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. Bank of America increased their price objective on Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday. Finally, Piper Sandler dropped their target price on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $100.00.

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.