JMP Securities Reaffirms Market Perform Rating for Selective Insurance Group (NASDAQ:SIGI)

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

A number of other equities research analysts have also recently weighed in on the company. Piper Sandler restated a neutral rating and set a $104.00 price objective on shares of Selective Insurance Group in a research note on Monday, April 1st. Oppenheimer restated an outperform rating and set a $120.00 price objective on shares of Selective Insurance Group in a research note on Friday, April 5th. Royal Bank of Canada decreased their price objective on Selective Insurance Group from $108.00 to $105.00 and set a sector perform rating for the company in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods decreased their price objective on Selective Insurance Group from $111.00 to $109.00 and set a market perform rating for the company in a research note on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $105.17.

Selective Insurance Group Price Performance

Shares of SIGI stock opened at $101.42 on Monday. Selective Insurance Group has a twelve month low of $91.99 and a twelve month high of $109.58. The stock has a market capitalization of $6.17 billion, a price-to-earnings ratio of 17.40, a P/E/G ratio of 0.75 and a beta of 0.55. The stock has a fifty day simple moving average of $103.73 and a two-hundred day simple moving average of $102.84. 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 earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.02. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. On average, analysts predict that Selective Insurance Group will post 7.67 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Thursday, February 15th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Wednesday, February 14th. Selective Insurance Group’s dividend payout ratio is presently 24.01%.

Insiders Place Their Bets

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the completion of 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 is available through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Natixis Advisors L.P. raised its stake in shares of Selective Insurance Group by 6.3% in the third quarter. Natixis Advisors L.P. now owns 89,197 shares of the insurance provider’s stock worth $9,203,000 after purchasing an additional 5,289 shares during the last quarter. Boston Trust Walden Corp raised its stake in shares of Selective Insurance Group by 1.8% in the fourth quarter. Boston Trust Walden Corp now owns 983,020 shares of the insurance provider’s stock worth $97,791,000 after purchasing an additional 17,800 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Selective Insurance Group by 45.6% in the third quarter. Envestnet Asset Management Inc. now owns 94,670 shares of the insurance provider’s stock worth $9,767,000 after purchasing an additional 29,662 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Selective Insurance Group by 0.7% in the third quarter. Vanguard Group Inc. now owns 6,165,209 shares of the insurance provider’s stock worth $636,065,000 after purchasing an additional 41,639 shares during the last quarter. Finally, State of Michigan Retirement System raised its stake in shares of Selective Insurance Group by 0.7% in the fourth quarter. State of Michigan Retirement System now owns 14,581 shares of the insurance provider’s stock worth $1,451,000 after purchasing an additional 100 shares during the last quarter. 82.88% of the stock is currently owned by hedge funds and other 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.