Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $101.00

Selective Insurance Group (NASDAQ:SIGI) had its price target raised by Keefe, Bruyette & Woods from $88.00 to $101.00 in a research note released on Wednesday,Benzinga reports. They currently have a market perform rating on the insurance provider’s stock.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Selective Insurance Group in a report on Thursday, June 18th. Piper Sandler lifted their price target on Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Morgan Stanley boosted their price target on Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday. Royal Bank Of Canada reiterated an “outperform” rating and issued a $95.00 price objective on shares of Selective Insurance Group in a report on Monday, March 23rd. Finally, BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $84.00 to $97.00 in a research report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $95.17.

Selective Insurance Group Stock Performance

Shares of Selective Insurance Group stock opened at $95.93 on Wednesday. Selective Insurance Group has a fifty-two week low of $71.75 and a fifty-two week high of $100.40. 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 has a market capitalization of $5.74 billion, a P/E ratio of 13.12 and a beta of 0.29. The company’s 50 day moving average price is $90.78 and its two-hundred day moving average price is $85.02.

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

Selective Insurance Group Announces Dividend

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

Institutional Trading of Selective Insurance Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. bought a new stake in shares of Selective Insurance Group in the 4th quarter valued at $25,000. Los Angeles Capital Management LLC bought a new position in Selective Insurance Group during the fourth quarter worth $25,000. True Wealth Design LLC lifted its holdings in Selective Insurance Group by 45.9% in the fourth quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock valued at $34,000 after buying an additional 129 shares during the period. 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 valued at $36,000 after acquiring an additional 311 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in Selective Insurance Group by 38.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider’s stock valued at $46,000 after acquiring an additional 154 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.