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 analysts, with two sell ratings, four hold ratings, and one buy rating, while the average 1-year price target is $87.33.
• The company recently reported earnings of $1.31 per share, missing estimates, with a net margin of 7.50% and a return on equity of 12.61%.
• Selective Insurance Group declared a $0.38 quarterly dividend to be paid on September 2nd, with an annualized dividend yield of 2.0%.

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report) have earned a consensus recommendation of "Reduce" from the seven brokerages that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $87.3333.

A number of research analysts recently commented on the company. BMO Capital Markets set a $88.00 price objective on Selective Insurance Group and gave the company an "outperform" rating in a report on Tuesday, August 5th. Morgan Stanley cut Selective Insurance Group from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $86.00 to $72.00 in a report on Tuesday, August 5th. Keefe, Bruyette & Woods decreased their price objective 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 upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Finally, Piper Sandler dropped their target price on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, July 25th.

Selective Insurance Group Trading Up 0.1%

SIGI traded up $0.10 during trading hours on Wednesday, reaching $78.23. The company's stock had a trading volume of 641,414 shares, compared to its average volume of 549,599. Selective Insurance Group has a fifty-two week low of $71.75 and a fifty-two week high of $103.56. The stock has a market cap of $4.76 billion, a PE ratio of 12.80 and a beta of 0.44. The business's 50-day moving average is $82.00 and its 200-day moving average is $85.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick 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 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 business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the company posted ($1.10) earnings per share. As a group, equities research analysts predict that Selective Insurance Group will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The business also recently announced 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. This represents a $1.52 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Selective Insurance Group's dividend payout ratio (DPR) is 24.88%.

Insider Transactions at Selective Insurance Group

In related news, Director Robert Kelly Doherty bought 1,500 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $77.00 per share, for a total transaction of $115,500.00. Following the acquisition, the director owned 27,110 shares of the company's stock, valued at approximately $2,087,470. This trade represents a 5.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Terrence W. Cavanaugh bought 2,000 shares of the company's stock in a transaction that occurred on Friday, July 25th. The stock was bought at an average price of $75.72 per share, with a total value of $151,440.00. Following the acquisition, the director directly owned 25,295 shares in the company, valued at $1,915,337.40. The trade was a 8.59% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 10,602 shares of company stock worth $817,440 in the last three months. Company insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Selective Insurance Group

Hedge funds have recently added to or reduced their stakes in 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 in 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 in 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 in the last quarter. M&T Bank Corp acquired a new stake in Selective Insurance Group during the 1st quarter worth approximately $225,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Selective Insurance Group during the 1st quarter worth approximately $2,559,000. 82.88% of the stock is currently 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.