Selective Insurance Group, Inc. (SIGI) – What Are Brokerages Thinking About This Stock?

Selective Insurance Group, Inc. (NASDAQ:SIGI) has earned a consensus rating of “Hold” from the seven research firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $101.83.

SIGI has been the subject of several analyst reports. Weiss Ratings raised Selective Insurance Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. Keefe, Bruyette & Woods upped their price target on Selective Insurance Group from $101.00 to $102.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Royal Bank Of Canada increased their price target on Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. BMO Capital Markets restated a “market perform” rating on shares of Selective Insurance Group in a research note on Wednesday, October 21st. Finally, Morgan Stanley lifted their price objective on shares of Selective Insurance Group from $80.00 to $85.00 and gave the stock an “underweight” rating in a report on Tuesday, October 27th.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $98.83 on Monday. The firm has a market cap of $5.83 billion, a PE ratio of 11.88 and a beta of 0.22. The firm’s fifty day moving average is $89.61 and its 200-day moving average is $87.58. 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 has a 52 week low of $72.78 and a 52 week high of $101.25.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.46. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a net margin of 9.40% and a return on equity of 15.60%. During the same quarter last year, the business earned $1.85 EPS. Sell-side analysts predict that Selective Insurance Group will post 8.44 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Monday, November 16th. This represents a $1.92 dividend on an annualized basis and a yield of 1.9%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.43. Selective Insurance Group’s dividend payout ratio is presently 20.67%.

Insider Activity at Selective Insurance Group

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC bought a new position in shares of Selective Insurance Group during the second quarter valued at about $5,408,000. Legal & General Group Plc purchased a new stake in shares of Selective Insurance Group during the second quarter worth about $8,349,000. Bank of America Corp DE bought a new stake in shares of Selective Insurance Group in the second quarter worth about $63,423,000. The Manufacturers Life Insurance Company bought a new stake in shares of Selective Insurance Group in the second quarter worth about $5,496,000. Finally, Wellington Management Group LLP purchased a new position in Selective Insurance Group during the 2nd quarter valued at about $77,149,000. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

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.