Selective Insurance Group (NASDAQ:SIGI) Issues Earnings Results

Selective Insurance Group (NASDAQ:SIGI) released its quarterly earnings results on Wednesday. The insurance provider reported $1.69 earnings per share for the quarter, missing the consensus estimate of $1.81 by ($0.12), FiscalAI reports. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%.

Selective Insurance Group Stock Performance

NASDAQ SIGI traded down $3.25 on Wednesday, hitting $77.63. 1,363,747 shares of the company traded hands, compared to its average volume of 561,199. The business’s 50 day moving average price is $80.03 and its 200-day moving average price is $80.96. Selective Insurance Group has a 52-week low of $71.75 and a 52-week high of $93.38. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 10.36 and a beta of 0.26.

Selective Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a dividend of $0.43 per share. The ex-dividend date was Friday, February 13th. This represents a $1.72 annualized dividend and a yield of 2.2%. Selective Insurance Group’s payout ratio is 22.96%.

Analyst Ratings Changes

A number of research firms recently commented on SIGI. Royal Bank Of Canada reiterated an “outperform” rating and set a $95.00 price objective on shares of Selective Insurance Group in a research report on Monday, March 23rd. Keefe, Bruyette & Woods cut their price target on Selective Insurance Group from $92.00 to $84.00 and set a “market perform” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Finally, Piper Sandler raised their price objective on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday, February 2nd. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $83.60.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its stake in shares of Selective Insurance Group by 56.3% during the 4th quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock valued at $339,662,000 after acquiring an additional 1,462,838 shares during the period. First Trust Advisors LP raised its stake in Selective Insurance Group by 239.1% during the 4th quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider’s stock worth $86,726,000 after acquiring an additional 730,890 shares during the period. Bank of America Corp DE raised its stake in Selective Insurance Group by 40.0% during the 2nd quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider’s stock worth $62,906,000 after acquiring an additional 207,258 shares during the period. Franklin Resources Inc. raised its stake in Selective Insurance Group by 58.9% during the 3rd quarter. Franklin Resources Inc. now owns 552,880 shares of the insurance provider’s stock worth $44,822,000 after acquiring an additional 204,947 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in Selective Insurance Group during the 3rd quarter worth approximately $14,700,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.