Selective Insurance Group, Inc. (NASDAQ:SIGI) Stock Has Consensus Price Target of $99.33

Selective Insurance Group, Inc. (NASDAQ:SIGI) has received an average recommendation of “Hold” from the seven research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $99.33.

A number of research firms have commented on SIGI. BMO Capital Markets lowered Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 target price for the company. in a report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price target on Selective Insurance Group from $101.00 to $102.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Weiss Ratings cut Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, September 1st. Piper Sandler reduced their price objective on Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating for the company in a report on Monday, September 28th. Finally, Royal Bank Of Canada boosted their target price on Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th.

Insider Buying and Selling at Selective Insurance Group

In other news, EVP Michael Lanza sold 17,100 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the completion of the transaction, the executive vice president directly owned 16,565 shares of the company’s stock, valued at $1,557,772.60. The trade was a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Selective Insurance Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Oak Associates Ltd. OH lifted its stake in shares of Selective Insurance Group by 1.8% during the 1st quarter. Oak Associates Ltd. OH now owns 7,124 shares of the insurance provider’s stock worth $537,000 after purchasing an additional 125 shares during the last quarter. Royal Bank of Canada grew its stake in Selective Insurance Group by 0.5% in the first quarter. Royal Bank of Canada now owns 35,809 shares of the insurance provider’s stock valued at $2,699,000 after purchasing an additional 192 shares during the last quarter. State of Michigan Retirement System grew its stake in Selective Insurance Group by 1.4% in the first quarter. State of Michigan Retirement System now owns 14,481 shares of the insurance provider’s stock valued at $1,092,000 after purchasing an additional 200 shares during the last quarter. Baron Wealth Management LLC raised its holdings in Selective Insurance Group by 7.5% in the second quarter. Baron Wealth Management LLC now owns 3,722 shares of the insurance provider’s stock worth $361,000 after purchasing an additional 261 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Selective Insurance Group in the second quarter worth about $26,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Trading Down 1.2%

Shares of NASDAQ SIGI opened at $83.81 on Thursday. The firm’s 50 day moving average price is $90.52 and its 200-day moving average price is $88.81. Selective Insurance Group has a 52-week low of $72.78 and a 52-week high of $100.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $4.99 billion, a PE ratio of 10.40 and a beta of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.29. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. During the same quarter last year, the firm earned $1.31 earnings per share. On average, equities research analysts expect that Selective Insurance Group will post 8.12 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were paid a $0.43 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.1%. Selective Insurance Group’s payout ratio is currently 21.34%.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. Founded in 1926, the company provides property and casualty insurance through a network of independent agents and operates primarily in the United States.

Selective offers commercial insurance products for businesses, including property, general liability, commercial automobile, workers’ compensation and related coverage. Its personal insurance business provides products such as homeowners, renters and automobile insurance.