Selective Insurance Group, Inc. (NASDAQ:SIGI) Receives $107.20 Consensus Target Price from Analysts

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been given an average recommendation of “Hold” by the six analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $107.20.

Several research firms have recently commented on SIGI. Piper Sandler restated a “neutral” rating and issued a $104.00 target price on shares of Selective Insurance Group in a research note on Monday, April 1st. Royal Bank of Canada restated a “sector perform” rating and issued a $103.00 price objective on shares of Selective Insurance Group in a research report on Monday, June 24th. Oppenheimer reiterated an “outperform” rating and set a $120.00 target price on shares of Selective Insurance Group in a research report on Friday, April 5th. Finally, JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th.

Selective Insurance Group Stock Up 1.2 %

SIGI opened at $93.83 on Friday. Selective Insurance Group has a 52 week low of $89.78 and a 52 week high of $109.58. The business has a 50 day moving average price of $96.19 and a two-hundred day moving average price of $100.37. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The company has a market cap of $5.70 billion, a PE ratio of 16.58, a P/E/G ratio of 0.85 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share (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 company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the firm posted $1.44 EPS. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. As a group, research analysts anticipate that Selective Insurance Group will post 6.8 EPS for the current year.

Selective Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th were issued a $0.35 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $1.40 dividend on an annualized basis and a yield of 1.49%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 24.74%.

Institutional Investors Weigh In On Selective Insurance Group

Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its stake in Selective Insurance Group by 188.2% in the 4th quarter. Wellington Management Group LLP now owns 1,450,417 shares of the insurance provider’s stock valued at $144,287,000 after acquiring an additional 947,147 shares during the last quarter. Norges Bank purchased a new position in shares of Selective Insurance Group during the 4th quarter worth approximately $67,290,000. Westfield Capital Management Co. LP acquired a new position in shares of Selective Insurance Group during the 1st quarter worth approximately $55,468,000. Vanguard Group Inc. lifted its stake in Selective Insurance Group by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock valued at $717,735,000 after buying an additional 367,987 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado grew its holdings in Selective Insurance Group by 2,195.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 257,273 shares of the insurance provider’s stock valued at $25,594,000 after buying an additional 246,063 shares during the last quarter. 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.