Selective Insurance Group (NASDAQ:SIGI) Price Target Lowered to $96.00 at Royal Bank of Canada

Selective Insurance Group (NASDAQ:SIGI) had its price objective cut by Royal Bank of Canada from $103.00 to $96.00 in a research note released on Monday, Benzinga reports. They currently have a sector perform rating on the insurance provider’s stock.

Other analysts also recently issued research reports about the stock. Piper Sandler cut their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a neutral rating for the company in a report on Monday. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a market perform rating to an outperform rating and cut their target price for the stock from $104.00 to $99.00 in a research note on Monday. 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. JMP Securities reissued a market perform rating on shares of Selective Insurance Group in a report on Monday, April 15th. Finally, Bank of America dropped their price objective on Selective Insurance Group from $98.00 to $97.00 and set an underperform rating for the company in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Selective Insurance Group has a consensus rating of Hold and an average price target of $98.67.

Selective Insurance Group Price Performance

Selective Insurance Group stock opened at $87.66 on Monday. The firm has a market cap of $5.33 billion, a PE ratio of 15.49, a price-to-earnings-growth ratio of 0.84 and a beta of 0.54. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.30 and a quick ratio of 0.30. The stock’s fifty day moving average price is $93.91 and its two-hundred day moving average price is $99.55. Selective Insurance Group has a one year low of $81.00 and a one year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Thursday, July 18th. The insurance provider reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). Selective Insurance Group had a return on equity of 8.80% and a net margin of 5.12%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the previous year, the business posted $0.99 EPS. As a group, research analysts expect that Selective Insurance Group will post 6.22 EPS 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. Investors of record on Thursday, August 15th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.40 dividend on an annualized basis and a yield of 1.60%. Selective Insurance Group’s dividend payout ratio is currently 24.73%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Selective Insurance Group

A number of institutional investors have recently made changes to their positions in SIGI. State of Michigan Retirement System boosted its holdings in 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 valued at $1,451,000 after acquiring an additional 100 shares during the last quarter. Blue Trust Inc. raised its stake in Selective Insurance Group by 68.9% during the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after buying an additional 104 shares during the last quarter. Apollon Wealth Management LLC lifted its holdings in Selective Insurance Group by 2.0% in the fourth quarter. Apollon Wealth Management LLC now owns 5,628 shares of the insurance provider’s stock valued at $560,000 after buying an additional 109 shares during the period. Teacher Retirement System of Texas boosted its position in Selective Insurance Group by 0.5% during the fourth quarter. Teacher Retirement System of Texas now owns 27,092 shares of the insurance provider’s stock valued at $2,695,000 after acquiring an additional 123 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in Selective Insurance Group by 0.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 32,436 shares of the insurance provider’s stock worth $3,227,000 after acquiring an additional 143 shares during the period. Institutional investors own 82.88% of the company’s stock.

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.