Zacks Research Comments on Selective Insurance Group, Inc.'s Q1 2024 Earnings (NASDAQ:SIGI)

Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) - Equities researchers at Zacks Research boosted their Q1 2024 earnings estimates for shares of Selective Insurance Group in a research report issued on Wednesday, April 10th. Zacks Research analyst R. Department now forecasts that the insurance provider will earn $1.78 per share for the quarter, up from their prior estimate of $1.77. The consensus estimate for Selective Insurance Group's current full-year earnings is $7.67 per share. Zacks Research also issued estimates for Selective Insurance Group's FY2024 earnings at $7.51 EPS, Q1 2026 earnings at $2.40 EPS and FY2026 earnings at $9.65 EPS.

Several other brokerages also recently commented on SIGI. Oppenheimer reissued an "outperform" rating and issued a $120.00 price objective on shares of Selective Insurance Group in a research note on Friday, April 5th. Royal Bank of Canada dropped their price objective on shares of Selective Insurance Group from $108.00 to $105.00 and set a "sector perform" rating for the company in a research note on Friday, February 2nd. Keefe, Bruyette & Woods dropped their price objective on shares of Selective Insurance Group from $111.00 to $109.00 and set a "market perform" rating for the company in a research note on Tuesday, February 6th. Finally, Piper Sandler reissued a "neutral" rating and issued a $104.00 price objective on shares of Selective Insurance Group in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $105.17.

Selective Insurance Group Price Performance

Shares of Selective Insurance Group stock traded down $0.96 on Friday, reaching $101.19. 153,048 shares of the stock were exchanged, compared to its average volume of 308,623. The firm's 50 day moving average is $103.48 and its 200-day moving average is $102.93. Selective Insurance Group has a one year low of $91.99 and a one year high of $109.58. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $6.15 billion, a PE ratio of 17.36, a P/E/G ratio of 0.75 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.92 by $0.02. Selective Insurance Group had a net margin of 8.57% and a return on equity of 14.43%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend was Wednesday, February 14th. Selective Insurance Group's dividend payout ratio (DPR) is presently 24.01%.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of Selective Insurance Group stock in a transaction on Monday, March 4th. The shares were sold at an average price of $105.88, for a total value of $278,040.88. Following the completion of the sale, the chief operating officer now directly owns 10,511 shares of the company's stock, valued at $1,112,904.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Janiczek Wealth Management LLC lifted its position in shares of Selective Insurance Group by 186.5% during the third quarter. Janiczek Wealth Management LLC now owns 255 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 166 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Selective Insurance Group by 68.9% during the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider's stock valued at $27,000 after purchasing an additional 104 shares in the last quarter. Rise Advisors LLC bought a new position in shares of Selective Insurance Group during the first quarter valued at about $27,000. Lazard Asset Management LLC bought a new position in shares of Selective Insurance Group during the third quarter valued at about $36,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Selective Insurance Group during the fourth quarter valued at about $40,000. 82.88% of the stock is owned by institutional investors.

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.