Bank of America Raises Selective Insurance Group (NASDAQ:SIGI) Price Target to $102.00

Selective Insurance Group (NASDAQ:SIGI) had its price target boosted by Bank of America from $96.00 to $102.00 in a research report report published on Tuesday, Benzinga reports. They currently have an underperform rating on the insurance provider’s stock.

Other equities analysts have also issued reports about the stock. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods upgraded 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. Royal Bank of Canada decreased their price objective 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 upped their price objective on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Finally, Piper Sandler cut their target price on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $100.00.

Selective Insurance Group Stock Down 2.4 %

SIGI opened at $91.37 on Tuesday. Selective Insurance Group has a fifty-two week low of $81.00 and a fifty-two week high of $109.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.32 and a current ratio of 0.35. The company has a fifty day moving average of $91.85 and a two-hundred day moving average of $93.59. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 1.57 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.51 EPS. On average, research analysts expect that Selective Insurance Group will post 3.76 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Friday, November 15th. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is 26.86%.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the transaction, the chief accounting officer now directly owns 15,946 shares in the company, valued at approximately $1,476,759.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Selective Insurance Group

Hedge funds have recently modified their holdings of the stock. Westfield Capital Management Co. LP acquired a new stake in shares of Selective Insurance Group in the first quarter worth approximately $55,468,000. Allspring Global Investments Holdings LLC lifted its position in Selective Insurance Group by 15,444.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,721 shares of the insurance provider’s stock valued at $1,935,000 after buying an additional 17,607 shares in the last quarter. Vanguard Group Inc. lifted its position in Selective Insurance Group by 5.9% during the first quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock valued at $717,735,000 after buying an additional 367,987 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Selective Insurance Group by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock valued at $132,949,000 after buying an additional 62,699 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in Selective Insurance Group by 32.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 35,798 shares of the insurance provider’s stock valued at $3,908,000 after buying an additional 8,807 shares in the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

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.