Q3 2024 Earnings Estimate for Selective Insurance Group, Inc. (NASDAQ:SIGI) Issued By Zacks Research

Selective Insurance Group, Inc. (NASDAQ:SIGI) – Research analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for Selective Insurance Group in a research report issued on Thursday, August 22nd. Zacks Research analyst R. Department now forecasts that the insurance provider will post earnings per share of $1.65 for the quarter, down from their previous forecast of $1.70. The consensus estimate for Selective Insurance Group’s current full-year earnings is $3.85 per share. Zacks Research also issued estimates for Selective Insurance Group’s Q4 2024 earnings at $1.89 EPS, FY2024 earnings at $3.77 EPS, Q2 2025 earnings at $1.80 EPS, Q4 2025 earnings at $2.34 EPS, FY2025 earnings at $7.84 EPS and FY2026 earnings at $9.59 EPS.

Other analysts have also issued reports about the stock. Bank of America lowered their price objective on shares of Selective Insurance Group from $98.00 to $97.00 and set an “underperform” rating for the company in a report on Thursday, July 11th. BMO Capital Markets raised their price objective on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Royal Bank of Canada lowered their price objective on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a report on Monday, July 22nd. 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 stock from $104.00 to $99.00 in a report on Monday, July 22nd. Finally, Piper Sandler lowered their price objective on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Selective Insurance Group presently has a consensus rating of “Hold” and a consensus price target of $98.67.

Selective Insurance Group Stock Up 0.6 %

NASDAQ SIGI opened at $89.80 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market capitalization of $5.46 billion, a PE ratio of 15.87, a PEG ratio of 1.46 and a beta of 0.54. Selective Insurance Group has a 1 year low of $81.00 and a 1 year high of $109.58. The business’s 50-day moving average is $90.51 and its 200 day moving average is $97.17.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($2.59). The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.21 billion. Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. During the same period in the previous year, the business earned $0.99 earnings per share.

Hedge Funds Weigh In On Selective Insurance Group

A number of hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new stake in Selective Insurance Group in the 4th quarter worth approximately $330,000. Russell Investments Group Ltd. grew its position in Selective Insurance Group by 1.9% in the 4th quarter. Russell Investments Group Ltd. now owns 60,778 shares of the insurance provider’s stock worth $6,046,000 after purchasing an additional 1,104 shares during the period. Legacy Capital Wealth Partners LLC bought a new stake in Selective Insurance Group in the 4th quarter worth approximately $204,000. Van ECK Associates Corp grew its position in Selective Insurance Group by 38.8% in the 4th quarter. Van ECK Associates Corp now owns 14,884 shares of the insurance provider’s stock worth $1,481,000 after purchasing an additional 4,157 shares during the period. Finally, Victory Capital Management Inc. grew its position in Selective Insurance Group by 14.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,190,389 shares of the insurance provider’s stock worth $118,420,000 after purchasing an additional 149,901 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Selective Insurance Group news, Director Terrence W. Cavanaugh bought 2,000 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the acquisition, the director now owns 20,651 shares of the company’s stock, valued at $1,772,888.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Terrence W. Cavanaugh acquired 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the acquisition, the director now directly owns 20,651 shares in the company, valued at $1,772,888.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John J. Marchioni acquired 2,400 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was purchased at an average price of $83.56 per share, with a total value of $200,544.00. Following the completion of the acquisition, the chief executive officer now owns 136,397 shares in the company, valued at $11,397,333.32. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.56%. Selective Insurance Group’s payout ratio is 24.73%.

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.