Selective Insurance Group, Inc. (NASDAQ:SIGI) Given Consensus Recommendation of "Reduce" by Brokerages

Key Points

• Selective Insurance Group, Inc. has received a consensus recommendation of "Reduce" from seven research firms, with two analysts rating it as a sell, four as hold, and one as buy.
• The company recently reported a missed earnings estimate, posting $1.31 EPS compared to the consensus of $1.55, and revenue of $1.29 billion versus an estimated $1.32 billion.
• Insider transactions show recent confidence in the company, with executives acquiring a total of 10,602 shares valued at approximately $817,440 in the last three months.

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) has been assigned an average rating of "Reduce" from the seven research firms that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $87.3333.

A number of equities research analysts have recently issued reports on the company. Piper Sandler lowered their target price on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Morgan Stanley lowered Selective Insurance Group from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $86.00 to $72.00 in a research note on Tuesday, August 5th. Keefe, Bruyette & Woods lowered their target price on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a research note on Monday, July 28th. BMO Capital Markets set a $88.00 price target on Selective Insurance Group and gave the company an "outperform" rating in a report on Tuesday, August 5th. Finally, Wall Street Zen raised Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, EVP Joseph Eppers purchased 1,402 shares of Selective Insurance Group stock in a transaction that occurred on Friday, July 25th. The stock was purchased 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 approximately $959,635.44. This trade represents a 12.64% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Kelly Doherty purchased 1,500 shares of Selective Insurance Group stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $77.00 per share, with a total value of $115,500.00. Following the acquisition, the director directly owned 27,110 shares of the company's stock, valued at $2,087,470. The trade was a 5.86% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 10,602 shares of company stock valued at $817,440 in the last three months. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. lifted its holdings in Selective Insurance Group by 0.3% during the 1st quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider's stock worth $12,967,000 after buying an additional 493 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Selective Insurance Group by 11.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider's stock worth $761,000 after buying an additional 861 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Selective Insurance Group by 221.3% during the 1st quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider's stock worth $651,000 after buying an additional 4,899 shares during the last quarter. M&T Bank Corp bought a new position in Selective Insurance Group during the 1st quarter worth approximately $225,000. Finally, Assenagon Asset Management S.A. bought a new position in Selective Insurance Group during the 1st quarter worth approximately $2,559,000. Hedge funds and other institutional investors own 82.88% of the company's stock.

Selective Insurance Group Price Performance

SIGI stock opened at $77.91 on Wednesday. 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 has a 1 year low of $71.75 and a 1 year high of $103.56. The firm has a market cap of $4.74 billion, a P/E ratio of 12.75 and a beta of 0.47. The stock has a 50-day simple moving average of $82.58 and a 200-day simple moving average of $85.41.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analyst estimates of $1.32 billion. During the same quarter last year, the business posted ($1.10) EPS. On average, equities analysts predict that Selective Insurance Group will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors 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 dividend on an annualized basis and a yield of 2.0%. Selective Insurance Group's dividend payout ratio is currently 24.88%.

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.

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