Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $102.00

Selective Insurance Group (NASDAQ:SIGI) had its price objective boosted by Bank of America from $96.00 to $102.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has an underperform rating on the insurance provider’s stock.

A number of other brokerages also recently weighed in on SIGI. Piper Sandler cut their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Royal Bank of Canada dropped their target price on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a research note on Monday, July 22nd. BMO Capital Markets raised their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. Finally, JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Selective Insurance Group has a consensus rating of “Hold” and an average target price of $100.00.

Selective Insurance Group Price Performance

SIGI opened at $93.57 on Tuesday. The firm’s fifty day moving average price is $91.80 and its two-hundred day moving average price is $93.69. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of 16.53, a P/E/G ratio of 1.57 and a beta of 0.56. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.32. Selective Insurance Group has a 1 year low of $81.00 and a 1 year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. As a group, analysts anticipate that Selective Insurance Group will post 3.76 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.62%. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, November 15th. Selective Insurance Group’s dividend payout ratio is presently 26.86%.

Institutional Trading of Selective Insurance Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in Selective Insurance Group in the 3rd quarter valued at $27,000. Quest Partners LLC bought a new position in shares of Selective Insurance Group in the second quarter worth $28,000. GAMMA Investing LLC raised its position in shares of Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after buying an additional 145 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Selective Insurance Group in the second quarter worth $44,000. Finally, Fidelis Capital Partners LLC bought a new stake in Selective Insurance Group during the first quarter valued at $48,000. Institutional investors own 82.88% of the company’s stock.

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.