Selective Insurance Group (NASDAQ:SIGI) Rating Increased to Outperform at BMO Capital Markets

BMO Capital Markets upgraded shares of Selective Insurance Group (NASDAQ:SIGI) from a market perform rating to an outperform rating in a research report report published on Wednesday, Marketbeat.com reports. They currently have $105.00 price objective on the insurance provider’s stock, up from their previous price objective of $95.00.

Several other brokerages have also recently issued reports on SIGI. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. Piper Sandler cut their target price on 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. Royal Bank of Canada upped their target price on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Bank of America lifted their price target on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a report on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $101.67.

Selective Insurance Group Trading Up 2.0 %

Shares of SIGI stock opened at $91.83 on Wednesday. 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 stock has a 50 day simple moving average of $91.93 and a two-hundred day simple moving average of $93.29. The company has a market cap of $5.58 billion, a P/E ratio of 16.22, a PEG ratio of 1.53 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.29). The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The business’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.51 earnings per share. Research analysts forecast that Selective Insurance Group will post 3.68 earnings per share for the current 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 paid a dividend of $0.38 per share. This is an increase from Selective Insurance Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.66%. Selective Insurance Group’s dividend payout ratio is presently 26.86%.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at approximately $1,476,759.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Selective Insurance Group

Large investors have recently made changes to their positions in the stock. Westfield Capital Management Co. LP bought a new stake in shares of Selective Insurance Group during the 1st quarter valued at $55,468,000. Allspring Global Investments Holdings LLC increased its position in shares of 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 during the period. Vanguard Group Inc. lifted its holdings in shares of Selective Insurance Group by 5.9% in the first quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock worth $717,735,000 after buying an additional 367,987 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Selective Insurance Group by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock worth $132,949,000 after buying an additional 62,699 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Selective Insurance Group by 32.6% in 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 acquiring an additional 8,807 shares during the period. 82.88% of the stock is owned by institutional investors.

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.