Selective Insurance Group (NASDAQ:SIGI) Given New $96.00 Price Target at Bank of America

Selective Insurance Group (NASDAQ:SIGI) had its price target increased by Bank of America from $89.00 to $96.00 in a research report released on Thursday morning, Benzinga reports. They currently have an underperform rating on the insurance provider’s stock.

Several other research analysts have also weighed in on the stock. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a market perform rating to an outperform rating and decreased their price objective for the stock from $104.00 to $99.00 in a report on Monday, July 22nd. Piper Sandler lowered their price objective on Selective Insurance Group from $104.00 to $85.00 and set a neutral rating for the company 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 report on Monday, July 22nd. BMO Capital Markets boosted their price objective on shares of Selective Insurance Group from $92.00 to $95.00 and gave the company a market perform rating in a research report on Wednesday, July 24th. Finally, JMP Securities restated a market perform rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. 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. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $98.50.

Selective Insurance Group Price Performance

SIGI stock opened at $92.47 on Thursday. The company has a market cap of $5.62 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.53 and a beta of 0.56. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average price of $89.79 and a two-hundred day moving average price of $94.38. Selective Insurance Group has a 12-month low of $81.00 and a 12-month high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing the consensus estimate of $1.49 by ($2.59). The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. During the same period last year, the firm posted $0.99 earnings per share. As a group, research analysts predict that Selective Insurance Group will post 3.84 EPS for the current year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Thursday, August 15th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 38.25%.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, CEO John J. Marchioni bought 2,400 shares of the stock in a transaction on Monday, July 22nd. The shares were bought at an average price of $83.56 per share, with a total value of $200,544.00. Following the purchase, the chief executive officer now directly owns 136,397 shares in the company, valued at $11,397,333.32. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Terrence W. Cavanaugh bought 2,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the completion of the acquisition, the director now directly owns 20,651 shares in the company, valued at approximately $1,772,888.35. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John J. Marchioni purchased 2,400 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were bought at an average price of $83.56 per share, with a total value of $200,544.00. Following the purchase, the chief executive officer now owns 136,397 shares in the company, valued at $11,397,333.32. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Selective Insurance Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new position in Selective Insurance Group during the first quarter valued at approximately $27,000. Quest Partners LLC bought a new stake in shares of Selective Insurance Group during the 2nd quarter worth $28,000. GAMMA Investing LLC lifted its position in shares of Selective Insurance Group by 81.5% during the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 145 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Selective Insurance Group in the 2nd quarter worth approximately $44,000. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Selective Insurance Group during the first quarter worth approximately $48,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

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.