Selective Insurance Group (NASDAQ:SIGI) Reaches New 12-Month Low Following Weak Earnings

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $73.46 and last traded at $73.95, with a volume of 1154738 shares traded. The stock had previously closed at $90.41.

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 8.06% and a net margin of 4.70%. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period in the prior year, the firm posted ($1.10) earnings per share.

Selective Insurance Group Announces Dividend

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 given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.06%. Selective Insurance Group's dividend payout ratio is presently 41.42%.

Analyst Ratings Changes

SIGI has been the topic of several recent research reports. BMO Capital Markets increased 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. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Morgan Stanley increased their price target on Selective Insurance Group from $85.00 to $90.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Finally, Keefe, Bruyette & Woods cut their price objective on Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $95.80.

Insider Buying and Selling

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of the firm's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $87.06, for a total transaction of $117,705.12. Following the completion of the transaction, the chief accounting officer owned 15,946 shares in the company, valued at $1,388,258.76. This trade represents a 7.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Selective Insurance Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in SIGI. Olde Wealth Management LLC acquired a new position in shares of Selective Insurance Group during the 1st quarter worth approximately $28,000. Parallel Advisors LLC boosted its position in shares of 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 acquiring an additional 248 shares in the last quarter. Amundi boosted its position in shares of 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 acquiring an additional 311 shares in the last quarter. Quarry LP acquired a new stake in shares of Selective Insurance Group during the 4th quarter worth approximately $38,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Selective Insurance Group during the 1st quarter worth approximately $38,000. 82.88% of the stock is owned by institutional investors.

Selective Insurance Group Price Performance

The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.30. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of 20.14 and a beta of 0.48. The company's 50-day moving average is $86.96 and its 200-day moving average is $87.50.

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.

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