Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $115.00

Selective Insurance Group (NASDAQ:SIGI) had its target price increased by Royal Bank Of Canada from $110.00 to $115.00 in a research report report published on Monday morning, MarketBeat reports. The brokerage currently has an outperform rating on the insurance provider’s stock.

Several other brokerages have also issued reports on SIGI. Keefe, Bruyette & Woods lifted their price target on shares of Selective Insurance Group from $88.00 to $101.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Piper Sandler lifted their target price on Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Oppenheimer lifted their target price on Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Thursday, May 21st. Weiss Ratings raised Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Finally, Morgan Stanley raised their price target on Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, July 6th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and a consensus price target of $100.17.

Selective Insurance Group Stock Up 2.4%

Shares of Selective Insurance Group stock opened at $96.68 on Monday. The company has a market capitalization of $5.76 billion, a P/E ratio of 12.00 and a beta of 0.29. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.30. The business has a 50-day moving average of $93.44 and a two-hundred day moving average of $86.09. Selective Insurance Group has a 1 year low of $72.78 and a 1 year high of $100.40.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.29. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the business posted $1.31 EPS. As a group, equities analysts predict that Selective Insurance Group will post 7.98 EPS for the current year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a $0.43 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.72 annualized dividend and a dividend yield of 1.8%. Selective Insurance Group’s dividend payout ratio is presently 21.34%.

Insiders Place Their Bets

In other news, EVP Michael H. Lanza sold 17,100 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total transaction of $1,608,084.00. Following the completion of the sale, the executive vice president owned 16,565 shares in the company, valued at $1,557,772.60. The trade was a 50.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Eurizon Capital SGR S.p.A. acquired a new position in shares of Selective Insurance Group in the 4th quarter valued at approximately $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Selective Insurance Group during the 4th quarter worth approximately $25,000. Amundi boosted its position in shares of 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 acquiring an additional 311 shares in the last quarter. First Horizon Corp increased its stake in Selective Insurance Group by 52.8% in the fourth quarter. First Horizon Corp now owns 550 shares of the insurance provider’s stock valued at $46,000 after acquiring an additional 190 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in Selective Insurance Group by 177.5% in the fourth quarter. IFP Advisors Inc now owns 591 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 378 shares during the last quarter. 82.88% of the stock is owned by institutional investors.

About Selective Insurance Group

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.