Analysts Set Selective Insurance Group (SIGI) Price Target at $61.50

Shares of Selective Insurance Group (NASDAQ:SIGI) have received an average rating of “Hold” from the seven analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $61.50.

A number of equities research analysts have issued reports on SIGI shares. ValuEngine upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Tuesday. BidaskClub cut Selective Insurance Group from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 9th. Boenning Scattergood reissued a “hold” rating on shares of Selective Insurance Group in a research note on Thursday, May 2nd. Finally, Zacks Investment Research raised Selective Insurance Group from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a research note on Tuesday, February 12th.

Shares of NASDAQ:SIGI traded up $0.01 during mid-day trading on Monday, reaching $70.40. The stock had a trading volume of 17,370 shares, compared to its average volume of 172,825. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $4.20 billion, a P/E ratio of 19.23, a P/E/G ratio of 1.64 and a beta of 0.99. Selective Insurance Group has a 1 year low of $53.55 and a 1 year high of $72.60.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.04). Selective Insurance Group had a return on equity of 13.72% and a net margin of 8.32%. The firm had revenue of $699.00 million during the quarter, compared to analysts’ expectations of $697.30 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Selective Insurance Group’s quarterly revenue was up 11.5% on a year-over-year basis. On average, research analysts forecast that Selective Insurance Group will post 4.09 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $0.80 annualized dividend and a yield of 1.14%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 21.86%.

In related news, CEO Gregory E. Murphy sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $66.25, for a total value of $331,250.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Paul D. Bauer sold 10,000 shares of the stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $66.28, for a total value of $662,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 30,389 shares of company stock worth $2,068,751. 2.00% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in SIGI. Vaughan Nelson Investment Management L.P. bought a new stake in Selective Insurance Group during the 4th quarter valued at $52,892,000. Norges Bank bought a new stake in Selective Insurance Group during the 4th quarter valued at $41,822,000. Mesirow Financial Investment Management Equity Management bought a new stake in Selective Insurance Group during the 4th quarter valued at $11,517,000. Morgan Stanley boosted its position in Selective Insurance Group by 75.1% during the 3rd quarter. Morgan Stanley now owns 262,022 shares of the insurance provider’s stock valued at $16,638,000 after acquiring an additional 112,412 shares in the last quarter. Finally, Vanguard Group Inc boosted its position in Selective Insurance Group by 1.8% during the 3rd quarter. Vanguard Group Inc now owns 5,848,362 shares of the insurance provider’s stock valued at $371,372,000 after acquiring an additional 105,870 shares in the last quarter. 79.89% of the stock is currently owned by institutional investors and hedge funds.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.

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