Selective Insurance Group (NASDAQ:SIGI) Reaches New 1-Year High – Should You Buy?

Selective Insurance Group, Inc. (NASDAQ:SIGI)’s share price hit a new 52-week high on Tuesday . The company traded as high as $91.65 and last traded at $90.86, with a volume of 22214 shares traded. The stock had previously closed at $90.70.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Oppenheimer lifted their price target on Selective Insurance Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Weiss Ratings restated a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Piper Sandler boosted their price objective 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. Keefe, Bruyette & Woods increased their price target on Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Finally, BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $84.00 to $97.00 in a research note on Thursday, May 7th. Three equities 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 stock currently has an average rating of “Hold” and a consensus price target of $91.67.

Selective Insurance Group Stock Down 0.1%

The firm has a 50 day moving average of $81.24 and a 200 day moving average of $81.86. The firm has a market cap of $5.43 billion, a price-to-earnings ratio of 12.40 and a beta of 0.32. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI) last released its 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 business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.76 EPS. As a group, sell-side analysts predict that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, May 15th. Selective Insurance Group’s dividend payout ratio is 23.53%.

Hedge Funds Weigh In On Selective Insurance Group

A number of institutional investors and hedge funds have recently made changes to their positions in SIGI. Eurizon Capital SGR S.p.A. bought a new position in shares of Selective Insurance Group during the 4th quarter worth about $25,000. Los Angeles Capital Management LLC bought a new position in shares of Selective Insurance Group during the 4th quarter worth about $25,000. True Wealth Design LLC boosted its position 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 purchasing an additional 129 shares in the last quarter. 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 purchasing an additional 311 shares in the last quarter. Finally, Rothschild Investment LLC boosted its position 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 purchasing an additional 476 shares in the last quarter. Institutional investors 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.