Selective Insurance Group, Inc. (NASDAQ:SIGI) Given Average Recommendation of “Hold” by Brokerages

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been assigned a consensus recommendation of “Hold” from the eight brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $99.3333.

SIGI has been the topic of several analyst reports. Keefe, Bruyette & Woods upped their price target on Selective Insurance Group from $88.00 to $101.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Piper Sandler boosted their price objective on shares of Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a research note on Wednesday. Royal Bank Of Canada upped their target price on shares of Selective Insurance Group from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Weiss Ratings upgraded shares of Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $96.46 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30. Selective Insurance Group has a 52-week low of $71.75 and a 52-week high of $100.40. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 13.20 and a beta of 0.29. The business’s fifty day moving average is $92.00 and its 200 day moving average is $85.41.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $1.29 billion. During the same period last year, the company posted $1.76 EPS. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Research analysts predict that Selective Insurance Group will post 7.85 EPS for the current year.

Selective Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given 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 was Friday, May 15th. Selective Insurance Group’s dividend payout ratio (DPR) is 23.53%.

Hedge Funds Weigh In On Selective Insurance Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legacy Wealth Asset Management LLC bought a new position in Selective Insurance Group in the 2nd quarter worth about $284,000. Gradient Investments LLC boosted its position in shares of Selective Insurance Group by 8.0% during the 2nd quarter. Gradient Investments LLC now owns 16,644 shares of the insurance provider’s stock valued at $1,615,000 after acquiring an additional 1,228 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Selective Insurance Group by 101.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 193,405 shares of the insurance provider’s stock valued at $18,762,000 after acquiring an additional 97,469 shares during the last quarter. Baron Wealth Management LLC grew its holdings in shares of Selective Insurance Group by 7.5% during the second quarter. Baron Wealth Management LLC now owns 3,722 shares of the insurance provider’s stock worth $361,000 after purchasing an additional 261 shares in the last quarter. Finally, Cim Investment Management Inc. grew its holdings in shares of Selective Insurance Group by 54.3% during the first quarter. Cim Investment Management Inc. now owns 5,098 shares of the insurance provider’s stock worth $384,000 after purchasing an additional 1,793 shares in the last quarter. 82.88% of the stock is currently 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.