Brokerages Set Selective Insurance Group, Inc. (NASDAQ:SIGI) Target Price at $91.00

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 recommendation of "Reduce" from the seven brokerages that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $87.3333.

Several equities research analysts have recently weighed in on SIGI shares. Morgan Stanley lowered Selective Insurance Group from an "equal weight" rating to an "underweight" rating and lowered their price objective for the company from $86.00 to $72.00 in a research note on Tuesday. Keefe, Bruyette & Woods reduced their target price on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a report on Monday, July 28th. Wall Street Zen raised Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Piper Sandler reduced their target price on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Finally, BMO Capital Markets reduced their target price on Selective Insurance Group from $96.00 to $88.00 and set an "outperform" rating on the stock in a report on Tuesday.

Selective Insurance Group Price Performance

Shares of SIGI stock traded up $0.81 during trading hours on Friday, hitting $78.82. The company had a trading volume of 245,897 shares, compared to its average volume of 451,513. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $103.56. The firm has a market capitalization of $4.80 billion, a price-to-earnings ratio of 12.90 and a beta of 0.47. The firm's fifty day moving average is $85.23 and its 200 day moving average is $86.62. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.33 and a current ratio of 0.33.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.55 by ($0.24). Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company posted ($1.10) earnings per share. On average, sell-side analysts predict that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.52 dividend on an annualized basis and a dividend 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 Terrence W. Cavanaugh bought 2,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was purchased at an average cost of $75.72 per share, with a total value of $151,440.00. Following the completion of the purchase, the director owned 25,295 shares in the company, valued at approximately $1,915,337.40. The trade was a 8.59% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thomas A. Mccarthy bought 2,500 shares of the firm's stock in a transaction on Monday, July 28th. The stock was acquired at an average cost of $77.42 per share, with a total value of $193,550.00. Following the completion of the purchase, the director owned 18,746 shares of the company's stock, valued at approximately $1,451,315.32. This trade represents a 15.39% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 10,602 shares of company stock worth $817,440 over the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Olde Wealth Management LLC bought a new position in Selective Insurance Group during the 1st quarter worth about $28,000. Parallel Advisors LLC increased its holdings in Selective Insurance Group by 219.5% during the 2nd quarter. Parallel Advisors LLC now owns 361 shares of the insurance provider's stock worth $31,000 after purchasing an additional 248 shares in the last quarter. Amundi increased its holdings in Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider's stock worth $36,000 after purchasing an additional 311 shares in the last quarter. Quarry LP bought a new position in Selective Insurance Group during the 4th quarter worth about $38,000. Finally, Brooklyn Investment Group bought a new position in Selective Insurance Group during the 1st quarter worth about $38,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Company Profile

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.