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

Selective Insurance Group, Inc. (NASDAQ:SIGI) reached a new 52-week high during trading on Monday. The stock traded as high as $101.48 and last traded at $100.76, with a volume of 629,806 shares trading hands. The stock had previously closed at $98.83.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. BMO Capital Markets restated a “market perform” rating on shares of Selective Insurance Group in a report on Wednesday, October 21st. Keefe, Bruyette & Woods upped their target price on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 28th. Morgan Stanley increased their target price on shares of Selective Insurance Group from $80.00 to $85.00 and gave the company an “underweight” rating in a research report on Tuesday, October 27th. Finally, Oppenheimer reissued an “outperform” rating and issued a $115.00 price target on shares of Selective Insurance Group in a research note on Tuesday, October 13th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $101.83.

Selective Insurance Group Stock Up 2.6%

The firm has a market capitalization of $6.09 billion, a price-to-earnings ratio of 11.72 and a beta of 0.22. The business has a 50 day simple moving average of $90.18 and a 200-day simple moving average of $87.87. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.29 and a current ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.46. Selective Insurance Group had a net margin of 9.40% and a return on equity of 15.60%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the company posted $1.85 EPS. On average, equities analysts expect that Selective Insurance Group, Inc. will post 8.44 EPS for the current year.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.9%. The ex-dividend date is Monday, November 16th. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.43. Selective Insurance Group’s dividend payout ratio (DPR) is presently 20.67%.

Insider Buying and Selling at Selective Insurance Group

In other news, Director Cynthia Nicholson sold 3,691 shares of the stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $98.71, for a total value of $364,338.61. Following the completion of the sale, the director owned 17,463 shares of the company’s stock, valued at $1,723,772.73. This represents a 17.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Selective Insurance Group in the second quarter valued at $26,000. Heritage Family Offices LLP acquired a new position in shares of Selective Insurance Group in the 3rd quarter valued at $36,000. Parallel Advisors LLC lifted its stake in shares of Selective Insurance Group by 27.4% in the 3rd quarter. Parallel Advisors LLC now owns 576 shares of the insurance provider’s stock valued at $48,000 after purchasing an additional 124 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Selective Insurance Group by 51.3% during the 3rd quarter. IFP Advisors Inc now owns 596 shares of the insurance provider’s stock worth $50,000 after purchasing an additional 202 shares during the period. Finally, Westpac Banking Corp purchased a new position in shares of Selective Insurance Group during the 2nd quarter worth $72,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers’ compensation, general liability, commercial property and other specialty coverages.