Brokerages Set Selective Insurance Group, Inc. (NASDAQ:SIGI) PT at $98.67

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have received an average recommendation of “Hold” from the seven analysts that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $98.67.

SIGI has been the subject of several recent analyst reports. Piper Sandler reduced their target price on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. BMO Capital Markets upped their price objective on Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. Royal Bank of Canada cut their price target on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $104.00 to $99.00 in a report on Monday, July 22nd.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Selective Insurance Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rise Advisors LLC bought a new stake in Selective Insurance Group during the 1st quarter worth approximately $27,000. Quest Partners LLC bought a new position in shares of Selective Insurance Group in the second quarter worth $28,000. GAMMA Investing LLC raised its position in shares of 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 buying an additional 145 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in Selective Insurance Group during the first quarter valued at $48,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Selective Insurance Group during the second quarter valued at $44,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Price Performance

SIGI opened at $90.95 on Wednesday. Selective Insurance Group has a 1 year low of $81.00 and a 1 year high of $109.58. 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 company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 16.07, a P/E/G ratio of 1.44 and a beta of 0.56. The firm’s fifty day moving average price is $89.77 and its two-hundred day moving average price is $96.04.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the business earned $0.99 earnings per share. As a group, analysts anticipate that Selective Insurance Group will post 3.84 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Thursday, August 15th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 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.