Selective Insurance Group (NASDAQ:SIGI) Reaches New 52-Week High at $108.23

Selective Insurance Group, Inc. (NASDAQ:SIGI)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $108.23 and last traded at $108.23, with a volume of 6269 shares trading hands. The stock had previously closed at $107.42.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SIGI shares. Royal Bank of Canada dropped their price target on shares of Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Friday, February 2nd. Keefe, Bruyette & Woods lowered their target price on shares of Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Selective Insurance Group presently has a consensus rating of “Hold” and an average price target of $105.50.

Selective Insurance Group Stock Performance

The stock has a market capitalization of $6.60 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 0.76 and a beta of 0.55. The firm’s fifty day moving average is $103.34 and its 200-day moving average is $102.70. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.18.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.02. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. Selective Insurance Group had a net margin of 8.57% and a return on equity of 14.43%. As a group, research analysts anticipate that Selective Insurance Group, Inc. will post 7.68 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Thursday, February 15th were issued a $0.35 dividend. The ex-dividend date was Wednesday, February 14th. This represents a $1.40 annualized dividend and a yield of 1.29%. Selective Insurance Group’s dividend payout ratio (DPR) is 24.01%.

Insider Activity at Selective Insurance Group

In related news, COO Brenda M. Hall sold 2,626 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $105.88, for a total value of $278,040.88. Following the sale, the chief operating officer now owns 10,511 shares of the company’s stock, valued at $1,112,904.68. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in shares of Selective Insurance Group by 3.2% during the second quarter. BlackRock Inc. now owns 7,339,403 shares of the insurance provider’s stock worth $704,216,000 after acquiring an additional 226,054 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Selective Insurance Group by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 6,206,485 shares of the insurance provider’s stock worth $617,421,000 after acquiring an additional 41,276 shares during the last quarter. FMR LLC grew its position in shares of Selective Insurance Group by 11.5% during the third quarter. FMR LLC now owns 3,866,827 shares of the insurance provider’s stock worth $398,941,000 after acquiring an additional 398,517 shares during the last quarter. Macquarie Group Ltd. grew its position in shares of Selective Insurance Group by 3.2% during the second quarter. Macquarie Group Ltd. now owns 2,752,581 shares of the insurance provider’s stock worth $239,309,000 after acquiring an additional 84,594 shares during the last quarter. Finally, State Street Corp grew its position in shares of Selective Insurance Group by 1.7% during the first quarter. State Street Corp now owns 2,138,623 shares of the insurance provider’s stock worth $203,875,000 after acquiring an additional 36,024 shares during the last quarter. 82.88% of the stock is currently owned by hedge funds and other 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.