Brokerages Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Price Target at $93.50

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) have earned a consensus rating of "Hold" from the seven analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $94.00.

A number of analysts have recently issued reports on the company. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating for the company in a report on Wednesday, April 30th. BMO Capital Markets boosted their target price on Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Morgan Stanley boosted their target price on Selective Insurance Group from $85.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. Finally, JMP Securities reiterated a "market perform" rating on shares of Selective Insurance Group in a report on Thursday, January 30th.

Selective Insurance Group Trading Down 0.3%

SIGI traded down $0.28 during midday trading on Monday, hitting $86.28. The company's stock had a trading volume of 215,253 shares, compared to its average volume of 387,335. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.17. The firm has a market cap of $5.24 billion, a P/E ratio of 26.80 and a beta of 0.51. The firm has a 50-day moving average price of $88.59 and a two-hundred day moving average price of $90.51. Selective Insurance Group has a 52-week low of $78.13 and a 52-week high of $103.56.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 EPS for the quarter, missing the consensus estimate of $1.86 by ($0.10). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.30 billion. During the same quarter last year, the firm earned $1.33 EPS. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. On average, research analysts anticipate that Selective Insurance Group will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Thursday, May 15th. Selective Insurance Group's dividend payout ratio is presently 41.42%.

Insiders Place Their Bets

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of the company's stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $87.06, for a total value of $117,705.12. Following the completion of the transaction, the chief accounting officer now owns 15,946 shares in the company, valued at $1,388,258.76. This represents a 7.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Selective Insurance Group

Institutional investors have recently made changes to their positions in the business. R Squared Ltd acquired a new position in shares of Selective Insurance Group in the 4th quarter valued at approximately $25,000. Olde Wealth Management LLC acquired a new position in shares of Selective Insurance Group in the 1st quarter valued at approximately $28,000. Amundi raised its position in shares of Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 311 shares in the last quarter. Quarry LP acquired a new position in shares of Selective Insurance Group in the 4th quarter valued at approximately $38,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Selective Insurance Group during the 1st quarter valued at approximately $38,000. 82.88% of the stock is owned by institutional investors and hedge funds.

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.