Selective Insurance Group (NASDAQ:SIGI) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley started coverage on shares of Selective Insurance Group (NASDAQ:SIGI) in a report released on Thursday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $105.00 price target on the insurance provider’s stock.

Other analysts also recently issued reports about the stock. 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 report on Tuesday, October 22nd. Royal Bank of Canada lifted their price objective on shares of Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Finally, BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $102.14.

Selective Insurance Group Price Performance

SIGI stock opened at $99.20 on Thursday. Selective Insurance Group has a 1 year low of $81.00 and a 1 year high of $109.58. The stock has a market capitalization of $6.03 billion, a PE ratio of 26.74 and a beta of 0.60. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.35. The company’s 50-day moving average is $96.01 and its 200-day moving average is $93.03.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.17 billion. During the same quarter last year, the business posted $1.51 EPS. The company’s quarterly revenue was up 15.1% on a year-over-year basis. Equities research analysts expect that Selective Insurance Group will post 3.59 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Friday, November 15th. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio is currently 40.97%.

Insider Transactions at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the company’s stock in a transaction that occurred on 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 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Selective Insurance Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC purchased a new stake in Selective Insurance Group in the third quarter worth approximately $27,000. Quest Partners LLC purchased a new stake in Selective Insurance Group in the second quarter worth approximately $28,000. GAMMA Investing LLC raised its position in Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 145 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Selective Insurance Group in the second quarter worth approximately $44,000. Finally, KBC Group NV raised its position in Selective Insurance Group by 18.1% in the third quarter. KBC Group NV now owns 1,840 shares of the insurance provider’s stock worth $172,000 after acquiring an additional 282 shares during the period. Hedge funds and other 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.