Selective Insurance Group (NASDAQ:SIGI) Hits New 12-Month High – Here’s Why

Selective Insurance Group, Inc. (NASDAQ:SIGI) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $97.57 and last traded at $97.90, with a volume of 352714 shares traded. The stock had previously closed at $96.30.

Analysts Set New Price Targets

SIGI has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised their target price on Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research note on Friday, April 24th. Piper Sandler upped their target price on shares of Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Selective Insurance Group in a research report on Thursday, June 18th. Royal Bank Of Canada restated an “outperform” rating and issued a $95.00 price target on shares of Selective Insurance Group in a research note on Monday, March 23rd. Finally, BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $91.67.

Selective Insurance Group Price Performance

The company has a market cap of $5.89 billion, a PE ratio of 13.45 and a beta of 0.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.30 and a quick ratio of 0.30. The stock’s 50-day moving average is $88.37 and its 200 day moving average is $84.22.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($0.12). Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the company earned $1.76 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, equities analysts anticipate that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently declared 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. The ex-dividend date was Friday, May 15th. This represents a $1.72 dividend on an annualized basis and a yield of 1.7%. Selective Insurance Group’s dividend payout ratio is presently 23.53%.

Institutional Investors Weigh In On Selective Insurance Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cim Investment Management Inc. raised its stake in Selective Insurance Group by 54.3% in the 1st quarter. Cim Investment Management Inc. now owns 5,098 shares of the insurance provider’s stock worth $384,000 after acquiring an additional 1,793 shares during the last quarter. Bank of America Corp DE raised its position in Selective Insurance Group by 2.5% during the first quarter. Bank of America Corp DE now owns 759,122 shares of the insurance provider’s stock valued at $57,230,000 after acquiring an additional 18,675 shares in the last quarter. Bull Harbor Capital LLC purchased a new position in shares of Selective Insurance Group during the 1st quarter valued at approximately $244,000. Amundi boosted its holdings in Selective Insurance Group by 163.6% during the first quarter. Amundi now owns 13,343 shares of the insurance provider’s stock worth $1,006,000 after buying an additional 8,281 shares in the last quarter. Finally, California State Teachers Retirement System grew its position in Selective Insurance Group by 27.3% during the first quarter. California State Teachers Retirement System now owns 73,313 shares of the insurance provider’s stock valued at $5,527,000 after buying an additional 15,720 shares during the period. 82.88% of the stock is currently owned by institutional investors and hedge funds.

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.