Selective Insurance Group, Inc. (NASDAQ:SIGI) Given Average Rating of “Reduce” by Analysts

Selective Insurance Group, Inc. (NASDAQ:SIGI) has been assigned a consensus rating of “Reduce” from the seven research firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and six have issued a hold rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $78.75.

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Selective Insurance Group in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Selective Insurance Group from a “strong sell” rating to a “hold” rating in a report on Friday, October 3rd. Piper Sandler cut their target price on shares of Selective Insurance Group from $88.00 to $79.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Morgan Stanley lifted their target price on shares of Selective Insurance Group from $72.00 to $73.00 and gave the stock an “underweight” rating in a report on Tuesday, October 7th. Finally, BMO Capital Markets lowered shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price target on the stock. in a research note on Tuesday, October 28th.

Selective Insurance Group Stock Up 1.4%

Shares of Selective Insurance Group stock opened at $78.24 on Monday. The company has a market capitalization of $4.73 billion, a P/E ratio of 12.06 and a beta of 0.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.33. The business has a 50-day moving average of $79.44 and a two-hundred day moving average of $82.78. Selective Insurance Group has a 1 year low of $71.75 and a 1 year high of $103.56.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Wednesday, October 22nd. The insurance provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Selective Insurance Group had a return on equity of 12.96% and a net margin of 7.78%.Selective Insurance Group’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period last year, the company earned $1.40 earnings per share. As a group, equities analysts predict that Selective Insurance Group will post 7.62 EPS for the current year.

Selective Insurance Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be paid a dividend of $0.43 per share. The ex-dividend date is Friday, November 14th. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.38. This represents a $1.72 dividend on an annualized basis and a yield of 2.2%. Selective Insurance Group’s dividend payout ratio is currently 26.50%.

Institutional Trading of Selective Insurance Group

Hedge funds have recently modified their holdings of the stock. First National Bank of Omaha bought a new position in shares of Selective Insurance Group during the 3rd quarter worth approximately $2,681,000. GSA Capital Partners LLP increased its holdings in Selective Insurance Group by 76.3% in the 3rd quarter. GSA Capital Partners LLP now owns 18,020 shares of the insurance provider’s stock worth $1,461,000 after acquiring an additional 7,800 shares during the last quarter. Rothschild Investment LLC raised its stake in Selective Insurance Group by 680.0% in the 3rd quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider’s stock valued at $44,000 after acquiring an additional 476 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in Selective Insurance Group by 13.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 27,232 shares of the insurance provider’s stock valued at $2,208,000 after purchasing an additional 3,216 shares during the last quarter. Finally, Illinois Municipal Retirement Fund purchased a new stake in Selective Insurance Group during the third quarter valued at about $818,000. Institutional investors own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.