Selective Insurance Group (NASDAQ:SIGI) Sets New 12-Month High – Still a Buy?

Selective Insurance Group, Inc. (NASDAQ:SIGI)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $93.05 and last traded at $92.27, with a volume of 331422 shares changing hands. The stock had previously closed at $92.41.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SIGI shares. Royal Bank Of Canada reissued an “outperform” rating and set a $95.00 price target on shares of Selective Insurance Group in a research report on Monday, March 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Piper Sandler raised their price target on shares of Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods raised their price target on shares of Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Finally, Oppenheimer raised their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $91.67.

Selective Insurance Group Stock Performance

The company has a market cap of $5.55 billion, a PE ratio of 12.67 and a beta of 0.32. The firm’s fifty day moving average is $85.90 and its 200 day moving average is $83.16. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.12). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.Selective Insurance Group’s revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.76 EPS. As a group, research analysts predict that Selective Insurance Group, Inc. will post 7.81 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, May 15th. Selective Insurance Group’s payout ratio is 23.53%.

Institutional Investors Weigh In On Selective Insurance Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Eurizon Capital SGR S.p.A. acquired a new stake in Selective Insurance Group during the 4th quarter worth $25,000. Los Angeles Capital Management LLC acquired a new stake in Selective Insurance Group during the 4th quarter worth $25,000. Amundi boosted its stake in Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 311 shares during the last quarter. True Wealth Design LLC raised its holdings in shares of Selective Insurance Group by 45.9% during the 4th quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 129 shares during the period. Finally, Rothschild Investment LLC raised its holdings in shares of Selective Insurance Group by 680.0% during the 3rd quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 476 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.