Selective Insurance Group, Inc. (NASDAQ:SIGI) Given Consensus Rating of "Hold" by Analysts

Key Points

• Selective Insurance Group, Inc. received a consensus recommendation of "Hold" from analysts, with varying ratings including one sell, five holds, and one buy; the average target price is $91.00.
• The company's recent quarterly earnings report indicated a miss on earnings per share, reporting $1.31 versus the consensus estimate of $1.55, along with a revenue of $1.29 billion compared to expected $1.32 billion.
• Selective Insurance has announced a quarterly dividend of $0.38 per share, yielding approximately 2.0%, set to be paid on September 2nd to shareholders of record as of August 15th.

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) have been assigned a consensus rating of "Hold" from the seven analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $91.00.

A number of equities analysts recently issued reports on SIGI shares. Keefe, Bruyette & Woods lowered their price target on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a report on Monday, July 28th. Morgan Stanley lowered their price target on Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating for the company in a report on Friday, July 25th. BMO Capital Markets upped their price target on Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Piper Sandler decreased their price objective on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Finally, Wall Street Zen raised Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th.

Selective Insurance Group Stock Up 2.1%

Shares of Selective Insurance Group stock traded up $1.62 on Friday, reaching $79.09. 472,640 shares of the company were exchanged, compared to its average volume of 760,358. Selective Insurance Group has a 1-year low of $71.75 and a 1-year high of $103.56. The company has a market cap of $4.81 billion, a P/E ratio of 12.94 and a beta of 0.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick ratio of 0.33. The stock's 50 day moving average price is $85.57 and its 200-day moving average price is $86.78.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm posted ($1.10) earnings per share. As a group, equities analysts forecast that Selective Insurance Group will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.52 annualized dividend and a yield of 1.9%. Selective Insurance Group's dividend payout ratio is 24.88%.

Insiders Place Their Bets

In other Selective Insurance Group news, Director Robert Kelly Doherty bought 1,500 shares of Selective Insurance Group stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $77.00 per share, for a total transaction of $115,500.00. Following the completion of the transaction, the director owned 27,110 shares of the company's stock, valued at $2,087,470. This represents a 5.86% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph Eppers bought 1,402 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was bought at an average price of $76.82 per share, with a total value of $107,701.64. Following the completion of the acquisition, the executive vice president owned 12,492 shares of the company's stock, valued at $959,635.44. This trade represents a 12.64% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 10,602 shares of company stock valued at $817,440. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Selective Insurance Group

Large investors have recently modified their holdings of the company. LPL Financial LLC grew its position in shares of Selective Insurance Group by 4.6% during the fourth quarter. LPL Financial LLC now owns 54,306 shares of the insurance provider's stock worth $5,079,000 after buying an additional 2,366 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Selective Insurance Group by 18.1% in the 4th quarter. JPMorgan Chase & Co. now owns 478,609 shares of the insurance provider's stock valued at $44,760,000 after purchasing an additional 73,456 shares during the last quarter. Pictet Asset Management Holding SA increased its position in Selective Insurance Group by 14.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 9,490 shares of the insurance provider's stock valued at $888,000 after acquiring an additional 1,181 shares during the period. O Shaughnessy Asset Management LLC raised its stake in shares of Selective Insurance Group by 8.6% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,542 shares of the insurance provider's stock valued at $238,000 after purchasing an additional 202 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Selective Insurance Group by 6.4% during the 4th quarter. Franklin Resources Inc. now owns 6,698 shares of the insurance provider's stock valued at $626,000 after buying an additional 402 shares during the period. 82.88% of the stock is currently owned by hedge funds and other 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.