Selective Insurance Group’s (SIGI) Market Perform Rating Reiterated at JMP Securities

JMP Securities restated their market perform rating on shares of Selective Insurance Group (NASDAQ:SIGI) in a report published on Tuesday, Benzinga reports.

Other analysts also recently issued reports about the company. Bank of America lowered their price objective on Selective Insurance Group from $98.00 to $97.00 and set an underperform rating for the company in a research note on Thursday, July 11th. Royal Bank of Canada lowered their price objective on Selective Insurance Group from $103.00 to $96.00 and set a sector perform rating for the company in a research note on Monday, July 22nd. Keefe, Bruyette & Woods raised Selective Insurance Group from a market perform rating to an outperform rating and reduced their target price for the company from $104.00 to $99.00 in a report on Monday, July 22nd. Piper Sandler reduced their target price on Selective Insurance Group from $104.00 to $85.00 and set a neutral rating for the company in a report on Monday, July 22nd. Finally, Oppenheimer reaffirmed an outperform rating and issued a $120.00 target price on shares of Selective Insurance Group in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $98.67.

Selective Insurance Group Stock Up 2.6 %

SIGI stock opened at $91.12 on Tuesday. The stock’s 50 day simple moving average is $93.56 and its 200 day simple moving average is $99.39. 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 0.18, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market cap of $5.54 billion, a P/E ratio of 16.10, a price-to-earnings-growth ratio of 1.09 and a beta of 0.54.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing the consensus estimate of $1.49 by ($2.59). The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Selective Insurance Group had a return on equity of 8.80% and a net margin of 5.12%. During the same period last year, the company earned $0.99 earnings per share. On average, research analysts expect that Selective Insurance Group will post 5.01 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.54%. The ex-dividend date is Thursday, August 15th. Selective Insurance Group’s dividend payout ratio (DPR) is 24.74%.

Insider Buying and Selling at Selective Insurance Group

In other news, CEO John J. Marchioni acquired 2,400 shares of Selective Insurance Group stock in a transaction on Monday, July 22nd. The stock was acquired at an average cost of $83.56 per share, with a total value of $200,544.00. Following the completion of the acquisition, the chief executive officer now owns 136,397 shares in the company, valued at $11,397,333.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO John J. Marchioni acquired 2,400 shares of Selective Insurance Group stock in a transaction on Monday, July 22nd. The stock was acquired at an average cost of $83.56 per share, with a total value of $200,544.00. Following the completion of the acquisition, the chief executive officer now owns 136,397 shares in the company, valued at $11,397,333.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Terrence W. Cavanaugh acquired 2,000 shares of Selective Insurance Group stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average cost of $85.85 per share, with a total value of $171,700.00. Following the completion of the acquisition, the director now owns 20,651 shares of the company’s stock, valued at approximately $1,772,888.35. The disclosure for this purchase can be found here. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Selective Insurance Group

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in shares of Selective Insurance Group by 68.9% in the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 104 shares during the period. Rise Advisors LLC bought a new position in shares of Selective Insurance Group in the first quarter worth $27,000. GAMMA Investing LLC boosted its holdings in shares of Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 145 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Selective Insurance Group in the first quarter worth $48,000. Finally, Burkett Financial Services LLC bought a new position in shares of Selective Insurance Group in the fourth quarter worth $75,000. 82.88% of the stock is owned by institutional investors.

About Selective Insurance Group

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.