Equities Analysts Set Expectations for SIGI FY2024 Earnings

Selective Insurance Group, Inc. (NASDAQ:SIGI) – Equities research analysts at Zacks Research cut their FY2024 earnings per share (EPS) estimates for Selective Insurance Group in a research report issued to clients and investors on Monday, November 11th. Zacks Research analyst R. Department now forecasts that the insurance provider will post earnings per share of $3.65 for the year, down from their previous estimate of $3.77. The consensus estimate for Selective Insurance Group’s current full-year earnings is $3.63 per share. Zacks Research also issued estimates for Selective Insurance Group’s Q4 2024 earnings at $2.02 EPS, Q1 2025 earnings at $1.95 EPS, Q2 2025 earnings at $1.75 EPS, Q3 2025 earnings at $1.85 EPS, Q4 2025 earnings at $2.22 EPS, FY2025 earnings at $7.77 EPS, Q1 2026 earnings at $2.44 EPS and Q3 2026 earnings at $2.14 EPS.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.51 EPS.

Several other analysts have also commented on the company. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. Royal Bank of Canada boosted their target price on shares of Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Piper Sandler lowered their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Selective Insurance Group has an average rating of “Hold” and an average target price of $101.67.

Selective Insurance Group Stock Performance

Shares of NASDAQ SIGI opened at $99.85 on Tuesday. The company has a 50 day simple moving average of $93.27 and a two-hundred day simple moving average of $92.91. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of 26.91 and a beta of 0.57. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17. Selective Insurance Group has a 12 month low of $81.00 and a 12 month high of $109.58.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.52%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group’s payout ratio is presently 37.74%.

Insider Activity

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the sale, the chief accounting officer now owns 15,946 shares in the company, valued at $1,476,759.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Selective Insurance Group

Several hedge funds have recently bought and sold shares of SIGI. Vanguard Group Inc. boosted its holdings 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 valued at $717,735,000 after purchasing an additional 367,987 shares during the period. FMR LLC boosted its stake in shares of Selective Insurance Group by 28.6% in the 3rd quarter. FMR LLC now owns 5,468,801 shares of the insurance provider’s stock valued at $510,239,000 after buying an additional 1,216,801 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Selective Insurance Group by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock worth $132,949,000 after buying an additional 62,699 shares in the last quarter. Boston Trust Walden Corp increased its stake in shares of Selective Insurance Group by 1.2% during the second quarter. Boston Trust Walden Corp now owns 988,846 shares of the insurance provider’s stock worth $92,783,000 after buying an additional 11,327 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Selective Insurance Group by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 867,691 shares of the insurance provider’s stock valued at $80,956,000 after acquiring an additional 21,374 shares in the last quarter. Institutional investors and hedge funds 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.