Selective Insurance Group (NASDAQ:SIGI) Posts Quarterly Earnings Results, Beats Expectations By $0.46 EPS

Key Points

• Selective Insurance Group beat quarterly expectations: EPS came in at $2.37, $0.46 above consensus, while revenue reached $1.33 billion versus estimates of $1.17 billion. Earnings also increased from $1.85 per share a year earlier.
• SIGI shares rose 0.7% to $91.74 following the results. The company has a $5.46 billion market capitalization, an 11.38 price-to-earnings ratio and a 52-week trading range of $72.78 to $100.40.
• Analyst sentiment remains cautious: two analysts rate the stock Buy, four rate it Hold and one rates it Sell, producing an average rating of Hold and an average price target of $101.00. Separately, EVP Michael Lanza sold 17,100 shares, reducing his position by 50.79%.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) posted its quarterly earnings data on Thursday. The insurance provider reported $2.37 EPS for the quarter, beating analysts' consensus estimates of $1.91 by $0.46, Zacks reports. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%. During the same quarter last year, the company earned $1.85 earnings per share.

Selective Insurance Group Trading Up 0.7%

SIGI stock traded up $0.66 during trading on Thursday, reaching $91.74. 555,975 shares of the stock traded hands, compared to its average volume of 538,947. The business's 50 day moving average price is $88.87 and its 200-day moving average price is $89.66. 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 current ratio of 0.29 and a quick ratio of 0.29. The firm has a market capitalization of $5.46 billion, a PE ratio of 11.38 and a beta of 0.26.

Wall Street Analysts Forecast Growth

SIGI has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a research note on Monday, July 6th. Royal Bank Of Canada lifted their price target on Selective Insurance Group from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Piper Sandler dropped their price objective on shares of Selective Insurance Group from $105.00 to $97.00 and set a "neutral" rating for the company in a research note on Monday, September 28th. Keefe, Bruyette & Woods raised their target price on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a "market perform" rating in a research report on Thursday, July 30th. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Selective Insurance Group in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $101.00.

Insider Activity at Selective Insurance Group

In other news, EVP Michael Lanza sold 17,100 shares of Selective Insurance Group stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total value of $1,608,084.00. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.82% of the stock is currently owned by company insiders.

Selective Insurance Group Company Profile

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.

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