Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives Average Recommendation of “Hold” from Analysts

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been given an average rating of “Hold” by the seven brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $101.67.

A number of analysts have recently issued reports on SIGI shares. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $95.00 to $105.00 in a research report on Wednesday, October 30th. Royal Bank of Canada increased their price target on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, Bank of America lifted their price objective on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd.

Selective Insurance Group Stock Performance

NASDAQ SIGI opened at $97.82 on Monday. The firm has a market capitalization of $5.95 billion, a P/E ratio of 26.37 and a beta of 0.57. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17. The firm’s fifty day moving average price is $94.41 and its two-hundred day moving average price is $92.78. Selective Insurance Group has a 1 year low of $81.00 and a 1 year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, research analysts anticipate that Selective Insurance Group will post 3.59 EPS for the current year.

Selective Insurance Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.55%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group’s dividend payout ratio is currently 40.97%.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $92.61, for a total value of $130,024.44. Following the transaction, the chief accounting officer now directly owns 15,946 shares in the company, valued at approximately $1,476,759.06. This represents a 8.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.50% of the company’s stock.

Institutional Trading of Selective Insurance Group

A number of institutional investors have recently bought and sold shares of the business. FMR LLC increased its holdings in shares of Selective Insurance Group by 28.6% during the third quarter. FMR LLC now owns 5,468,801 shares of the insurance provider’s stock worth $510,239,000 after purchasing an additional 1,216,801 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Selective Insurance Group during the third quarter worth approximately $37,726,000. Eagle Asset Management Inc. increased its stake in Selective Insurance Group by 112.7% during the 3rd quarter. Eagle Asset Management Inc. now owns 427,180 shares of the insurance provider’s stock worth $42,667,000 after acquiring an additional 226,387 shares during the period. Emerald Advisers LLC acquired a new position in Selective Insurance Group in the 3rd quarter valued at $11,767,000. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Selective Insurance Group by 16.4% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 717,946 shares of the insurance provider’s stock valued at $66,984,000 after acquiring an additional 101,045 shares during the period. Institutional investors own 82.88% of the company’s stock.

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.