Brokerages Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Target Price at $91.67

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have received a consensus recommendation of “Hold” from the eight analysts that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $91.6667.

A number of equities research analysts have weighed in on the company. BMO Capital Markets upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $84.00 to $97.00 in a research note on Thursday, May 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Selective Insurance Group in a report on Thursday, June 18th. Piper Sandler increased their price objective on Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Royal Bank Of Canada reissued an “outperform” rating and issued a $95.00 price objective on shares of Selective Insurance Group in a report on Monday, March 23rd. Finally, Oppenheimer upped their price target on Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research note on Thursday, May 21st.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $96.30 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27. Selective Insurance Group has a 52 week low of $71.75 and a 52 week high of $97.32. The stock has a market capitalization of $5.77 billion, a PE ratio of 13.17 and a beta of 0.32. The firm has a 50 day moving average of $87.75 and a two-hundred day moving average of $83.90.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data 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). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.76 EPS. On average, research analysts predict that Selective Insurance Group will post 7.81 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

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

Hedge Funds Weigh In On Selective Insurance Group

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

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.