Selective Insurance Group (NASDAQ:SIGI) Sets New 12-Month High – Here’s Why

Selective Insurance Group, Inc. (NASDAQ:SIGI)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $97.57 and last traded at $97.90, with a volume of 352714 shares changing hands. The stock had previously closed at $96.30.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Oppenheimer increased their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Selective Insurance Group in a report on Monday, March 23rd. Keefe, Bruyette & Woods boosted their price target on Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. BMO Capital Markets upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $84.00 to $97.00 in a research report on Thursday, May 7th. Finally, Piper Sandler lifted their target price on Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $91.67.

Selective Insurance Group Stock Up 1.5%

The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 13.37 and a beta of 0.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.30 and a quick ratio of 0.30. The firm’s fifty day moving average price is $87.75 and its 200-day moving average price is $83.95.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.12). The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The company’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.76 EPS. Sell-side analysts expect that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, May 15th. Selective Insurance Group’s payout ratio is presently 23.53%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. bought a new position in shares of Selective Insurance Group during the fourth quarter worth about $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Selective Insurance Group during the fourth quarter worth $25,000. True Wealth Design LLC raised its stake in Selective Insurance Group by 45.9% during the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after buying an additional 129 shares during the last quarter. Amundi lifted its holdings in Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after buying an additional 311 shares during the period. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Selective Insurance Group by 38.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 154 shares during the period. 82.88% of the stock is owned by 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.