Selective Insurance Group (NASDAQ:SIGI) Price Target Lowered to $87.00 at Morgan Stanley

Selective Insurance Group (NASDAQ:SIGI) had its target price reduced by Morgan Stanley from $95.00 to $87.00 in a research note released on Monday morning,Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

A number of other equities research analysts have also weighed in on SIGI. Keefe, Bruyette & Woods boosted their target price on Selective Insurance Group from $114.00 to $116.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. Bank of America increased their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. Finally, Royal Bank of Canada boosted their price target on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.00.

Selective Insurance Group Stock Performance

Shares of NASDAQ SIGI opened at $82.77 on Monday. The stock’s 50-day moving average is $94.33 and its 200 day moving average is $92.65. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 25.71 and a beta of 0.62. Selective Insurance Group has a 1-year low of $80.84 and a 1-year high of $109.58. The company has a current ratio of 0.34, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $1.62 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.37). Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. On average, sell-side analysts anticipate that Selective Insurance Group will post 7.77 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Friday, February 14th. Selective Insurance Group’s dividend payout ratio is currently 47.20%.

Institutional Investors Weigh In On Selective Insurance Group

Hedge funds have recently made changes to their positions in the company. Bank of Montreal Can boosted its holdings in shares of Selective Insurance Group by 6.5% during the 2nd quarter. Bank of Montreal Can now owns 8,526 shares of the insurance provider’s stock valued at $838,000 after buying an additional 524 shares in the last quarter. Millennium Management LLC grew its stake in shares of Selective Insurance Group by 233.6% in the 2nd quarter. Millennium Management LLC now owns 106,239 shares of the insurance provider’s stock worth $9,968,000 after buying an additional 74,390 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Selective Insurance Group during the 2nd quarter valued at approximately $278,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Selective Insurance Group during the second quarter valued at $44,000. Finally, Handelsbanken Fonder AB grew its stake in shares of Selective Insurance Group by 24.8% in the third quarter. Handelsbanken Fonder AB now owns 15,616 shares of the insurance provider’s stock worth $1,457,000 after acquiring an additional 3,100 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors.

Selective Insurance Group Company Profile

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.