Selective Insurance Group (NASDAQ:SIGI) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Selective Insurance Group (NASDAQ:SIGIGet Rating) in a report published on Monday, MarketBeat.com reports. The firm issued an overweight rating and a $98.00 target price on the insurance provider’s stock.

Separately, StockNews.com assumed coverage on Selective Insurance Group in a report on Thursday, March 31st. They issued a hold rating for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $88.50.

Shares of NASDAQ SIGI opened at $85.21 on Monday. Selective Insurance Group has a 12-month low of $74.29 and a 12-month high of $94.35. The company has a market cap of $5.14 billion, a P/E ratio of 15.11, a P/E/G ratio of 4.88 and a beta of 0.83. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average price of $79.58 and a 200 day moving average price of $81.31.

Selective Insurance Group (NASDAQ:SIGIGet Rating) last announced its quarterly earnings results on Wednesday, May 4th. The insurance provider reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.03. Selective Insurance Group had a return on equity of 13.77% and a net margin of 10.19%. The firm had revenue of $846.10 million during the quarter, compared to the consensus estimate of $883.09 million. During the same period in the prior year, the firm earned $1.70 EPS. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, sell-side analysts forecast that Selective Insurance Group will post 5.67 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 1st. Stockholders of record on Monday, May 16th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, May 13th. This represents a $1.12 annualized dividend and a dividend yield of 1.31%. Selective Insurance Group’s dividend payout ratio is presently 19.86%.

Several institutional investors have recently made changes to their positions in the company. Crossmark Global Holdings Inc. grew its stake in shares of Selective Insurance Group by 2.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,930 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 140 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Selective Insurance Group by 12.2% during the fourth quarter. Van ECK Associates Corp now owns 1,317 shares of the insurance provider’s stock valued at $108,000 after acquiring an additional 143 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Selective Insurance Group by 4.6% during the first quarter. Mackenzie Financial Corp now owns 3,359 shares of the insurance provider’s stock valued at $300,000 after acquiring an additional 147 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of Selective Insurance Group by 96.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 306 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 150 shares in the last quarter. Finally, Procyon Private Wealth Partners LLC grew its stake in Selective Insurance Group by 0.9% in the fourth quarter. Procyon Private Wealth Partners LLC now owns 17,009 shares of the insurance provider’s stock worth $1,394,000 after purchasing an additional 153 shares in the last quarter. Institutional investors own 81.37% of the company’s stock.

Selective Insurance Group Company Profile (Get Rating)

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. The company offers property insurance products, which covers the financial consequences of accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and 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, as well as flood insurance products.

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