Selective Insurance Group, Inc. (NASDAQ:SIGI) Announces Quarterly Dividend of $0.38

Selective Insurance Group, Inc. (NASDAQ:SIGI) announced a quarterly dividend on Friday, October 18th,RTT News reports. Stockholders of record on Friday, November 15th will be given a dividend of 0.38 per share by the insurance provider on Monday, December 2nd. This represents a $1.52 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35.

Selective Insurance Group has increased its dividend payment by an average of 10.0% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. Selective Insurance Group has a payout ratio of 19.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Selective Insurance Group to earn $7.76 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 19.6%.

Selective Insurance Group Stock Performance

Shares of Selective Insurance Group stock opened at $99.85 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market cap of $6.07 billion, a P/E ratio of 26.91 and a beta of 0.57. The firm has a 50 day simple moving average of $93.27 and a 200 day simple moving average of $92.91. Selective Insurance Group has a fifty-two week low of $81.00 and a fifty-two week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the business earned $1.51 EPS. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. Sell-side analysts predict that Selective Insurance Group will post 3.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Piper Sandler lowered their target price on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $104.00 to $99.00 in a research report on Monday, July 22nd. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $95.00 to $105.00 in a research report on Wednesday, October 30th. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. Finally, Bank of America lifted their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $101.67.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction on Friday, October 25th. The shares were sold at an average price of $92.61, for a total value of $130,024.44. Following the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at approximately $1,476,759.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.50% 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.