Selective Insurance Group (NASDAQ:SIGI) Earns “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Selective Insurance Group (NASDAQ:SIGI) in a research report released on Monday morning, Benzinga reports. The firm currently has a $103.00 price objective on the insurance provider’s stock.

A number of other research firms have also recently commented on SIGI. JMP Securities reiterated a market perform rating on shares of Selective Insurance Group in a report on Monday, April 15th. Oppenheimer reiterated an outperform rating and set a $120.00 price target on shares of Selective Insurance Group in a report on Friday, April 5th. Finally, Piper Sandler restated a neutral rating and set a $104.00 price objective on shares of Selective Insurance Group in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $107.20.

Selective Insurance Group Price Performance

Shares of SIGI opened at $92.78 on Monday. The firm’s 50-day simple moving average is $96.93 and its two-hundred day simple moving average is $100.64. Selective Insurance Group has a fifty-two week low of $89.78 and a fifty-two week high of $109.58. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market cap of $5.64 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 0.84 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.33 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 analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company earned $1.44 EPS. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. Analysts anticipate that Selective Insurance Group will post 6.84 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $1.40 dividend on an annualized basis and a yield of 1.51%. Selective Insurance Group’s dividend payout ratio (DPR) is 24.74%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in Selective Insurance Group by 188.2% in the fourth quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock worth $144,287,000 after acquiring an additional 947,147 shares during the period. Norges Bank bought a new position in Selective Insurance Group in the fourth quarter worth approximately $67,290,000. Westfield Capital Management Co. LP bought a new position in Selective Insurance Group in the first quarter worth approximately $55,468,000. Vanguard Group Inc. raised its position in Selective Insurance Group by 5.9% in the first quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock worth $717,735,000 after acquiring an additional 367,987 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its position in Selective Insurance Group by 2,195.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 257,273 shares of the insurance provider’s stock worth $25,594,000 after acquiring an additional 246,063 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.