Selective Insurance Group (NASDAQ:SIGI) Releases Earnings Results, Misses Estimates By $0.24 EPS

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) posted its earnings results on Wednesday. The insurance provider reported $1.31 earnings per share for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24), Zacks reports. Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.81%. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period last year, the business posted ($1.10) earnings per share.

Selective Insurance Group Stock Up 4.3%

Shares of SIGI traded up $3.25 during midday trading on Friday, reaching $78.25. 1,178,050 shares of the stock were exchanged, compared to its average volume of 431,984. The company has a market capitalization of $4.76 billion, a P/E ratio of 12.81 and a beta of 0.48. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.30. Selective Insurance Group has a 52 week low of $71.75 and a 52 week high of $103.56. The company's 50 day moving average is $86.69 and its two-hundred day moving average is $87.39.

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 given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Friday, August 15th. Selective Insurance Group's dividend payout ratio (DPR) is presently 41.42%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Piper Sandler decreased their price target on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday. BMO Capital Markets lifted their price target on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Morgan Stanley reduced their price objective on shares of Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Friday. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. Finally, Keefe, Bruyette & Woods reduced their price target on Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating on the stock in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $92.33.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, Director Terrence W. Cavanaugh acquired 2,000 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were bought at an average cost of $75.72 per share, with a total value of $151,440.00. Following the completion of the acquisition, the director directly owned 25,295 shares in the company, valued at $1,915,337.40. This represents a 8.59% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by insiders.

Institutional Trading of Selective Insurance Group

Several hedge funds and other institutional investors have recently bought and sold shares of SIGI. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Selective Insurance Group by 5.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider's stock valued at $19,555,000 after buying an additional 11,167 shares during the last quarter. Focus Partners Wealth boosted its holdings in Selective Insurance Group by 17.9% in the 1st quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider's stock valued at $248,000 after purchasing an additional 411 shares during the last quarter. Finally, Amundi boosted its stake in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider's stock worth $36,000 after buying an additional 311 shares during the period. Institutional investors own 82.88% of the company's stock.

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.