Selective Insurance Group (NASDAQ:SIGI) Announces Earnings Results, Beats Estimates By $0.33 EPS

Selective Insurance Group (NASDAQ:SIGI) released its earnings results on Thursday. The insurance provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.24 by $0.33, FiscalAI reports. Selective Insurance Group had a net margin of 7.78% and a return on equity of 12.96%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter last year, the company earned $1.62 EPS. Selective Insurance Group’s quarterly revenue was up 8.6% on a year-over-year basis.

Selective Insurance Group Trading Up 3.3%

NASDAQ:SIGI opened at $84.08 on Friday. The stock has a fifty day simple moving average of $81.91 and a 200 day simple moving average of $80.48. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 12.96 and a beta of 0.24. Selective Insurance Group has a 1-year low of $71.75 and a 1-year high of $93.38. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.27.

Analysts Set New Price Targets

SIGI has been the subject of a number of research analyst reports. Royal Bank Of Canada began coverage on Selective Insurance Group in a research report on Monday, November 24th. They issued an “outperform” rating and a $95.00 target price for the company. Piper Sandler boosted their price objective on Selective Insurance Group from $76.00 to $79.00 and gave the stock a “neutral” rating in a research note on Monday, December 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. Zacks Research raised Selective Insurance Group from a “strong sell” rating to a “hold” rating in a research note on Friday, October 3rd. Finally, Morgan Stanley boosted their price target on shares of Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, November 17th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Selective Insurance Group has an average rating of “Hold” and an average price target of $81.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Amundi raised its holdings in shares of Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 311 shares during the period. Danske Bank A S purchased a new position in Selective Insurance Group during the 3rd quarter worth approximately $57,000. Advisory Services Network LLC acquired a new stake in Selective Insurance Group during the 3rd quarter valued at $68,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Selective Insurance Group by 415.9% in the second quarter. EverSource Wealth Advisors LLC now owns 846 shares of the insurance provider’s stock valued at $73,000 after purchasing an additional 682 shares in the last quarter. Finally, State of Wyoming acquired a new stake in shares of Selective Insurance Group in the second quarter worth $108,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

About Selective Insurance Group

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.