Selective Insurance Group (NASDAQ:SIGI) Given Average Recommendation of “Hold” by Analysts

Shares of Selective Insurance Group (NASDAQ:SIGI) have been assigned a consensus rating of “Hold” from the seven analysts that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $60.00.

A number of analysts have recently issued reports on SIGI shares. JMP Securities raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a report on Monday, March 9th. ValuEngine lowered shares of Selective Insurance Group from a “hold” rating to a “sell” rating in a report on Thursday, April 30th. Royal Bank of Canada cut their price objective on shares of Selective Insurance Group from $75.00 to $62.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 8th. Piper Sandler decreased their price objective on Selective Insurance Group from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Monday, April 6th. Finally, BidaskClub cut Selective Insurance Group from a “hold” rating to a “sell” rating in a report on Saturday, June 13th.

Shares of Selective Insurance Group stock traded down $1.62 during trading on Friday, hitting $50.05. The stock had a trading volume of 518,910 shares, compared to its average volume of 268,862. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. Selective Insurance Group has a 12 month low of $37.05 and a 12 month high of $81.35. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 6.83 and a beta of 0.72. The business’s 50-day moving average is $51.15 and its 200 day moving average is $57.28.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $0.84 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.18). The business had revenue of $664.80 million during the quarter, compared to analysts’ expectations of $734.04 million. Selective Insurance Group had a net margin of 8.02% and a return on equity of 12.30%. The business’s revenue was down 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. As a group, equities analysts expect that Selective Insurance Group will post 3.41 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Friday, May 15th. Selective Insurance Group’s payout ratio is 20.91%.

In related news, Director William M. Rue purchased 25,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average cost of $52.45 per share, with a total value of $1,311,250.00. Following the completion of the purchase, the director now directly owns 355,170 shares in the company, valued at $18,628,666.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Terrence W. Cavanaugh acquired 1,000 shares of the stock in a transaction on Friday, May 15th. The stock was bought at an average price of $50.96 per share, with a total value of $50,960.00. Company insiders own 2.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Hong Kong Ltd bought a new stake in shares of Selective Insurance Group in the 4th quarter worth approximately $35,000. Americana Partners LLC purchased a new stake in shares of Selective Insurance Group in the fourth quarter worth $39,000. Ameritas Investment Company LLC bought a new position in shares of Selective Insurance Group during the first quarter valued at $56,000. Meeder Asset Management Inc. raised its position in shares of Selective Insurance Group by 87.0% in the 4th quarter. Meeder Asset Management Inc. now owns 1,384 shares of the insurance provider’s stock worth $90,000 after purchasing an additional 644 shares during the last quarter. Finally, PhiloSmith Capital Corp boosted its stake in Selective Insurance Group by 1,400.0% in the 1st quarter. PhiloSmith Capital Corp now owns 3,000 shares of the insurance provider’s stock worth $149,000 after purchasing an additional 2,800 shares in the last quarter. Institutional investors and hedge funds own 78.14% 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. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.

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Analyst Recommendations for Selective Insurance Group (NASDAQ:SIGI)

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