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

Selective Insurance Group, Inc. (NASDAQ:SIGI) hit a new 52-week high on Monday . The stock traded as high as $100.40 and last traded at $99.7840, with a volume of 6303 shares. The stock had previously closed at $100.15.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Selective Insurance Group from $84.00 to $88.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $84.00 to $97.00 in a report on Thursday, May 7th. Royal Bank Of Canada reiterated an “outperform” rating and set a $95.00 price target on shares of Selective Insurance Group in a research note on Monday, March 23rd. Morgan Stanley reissued an “underweight” rating and set a $80.00 price target on shares of Selective Insurance Group in a report on Monday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Selective Insurance Group in a report on Thursday, June 18th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Selective Insurance Group presently has a consensus rating of “Hold” and an average price target of $93.00.

Selective Insurance Group Stock Performance

The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $5.94 billion, a price-to-earnings ratio of 13.57 and a beta of 0.29. The stock’s 50 day moving average price is $89.53 and its two-hundred day moving average price is $84.58.

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

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, May 15th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 23.53%.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds have recently bought and sold shares of the company. Amundi boosted its position in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 311 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Selective Insurance Group by 5.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock worth $19,555,000 after buying an additional 11,167 shares in the last quarter. Focus Partners Wealth boosted its position in shares of Selective Insurance Group by 17.9% in the 1st quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock worth $248,000 after buying an additional 411 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Selective Insurance Group in the 2nd quarter valued at about $468,000. Finally, Cetera Investment Advisers increased its holdings in Selective Insurance Group by 14.1% during the 2nd quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock valued at $325,000 after acquiring an additional 462 shares in the last quarter. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Company Profile

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.