Selective Insurance Group (NASDAQ:SIGI) Posts Earnings Results

Selective Insurance Group (NASDAQ:SIGI) posted its quarterly earnings results on Monday. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29), Briefing.com reports. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. The company’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 EPS.

Selective Insurance Group Stock Down 3.8 %

Shares of NASDAQ SIGI opened at $93.32 on Wednesday. The company’s 50-day simple moving average is $91.53 and its 200-day simple moving average is $93.67. Selective Insurance Group has a 52-week low of $81.00 and a 52-week high of $109.58. The firm has a market cap of $5.68 billion, a price-to-earnings ratio of 25.50, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Selective Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be given a $0.38 dividend. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a dividend yield of 1.63%. Selective Insurance Group’s dividend payout ratio (DPR) is 38.25%.

Analyst Ratings Changes

A number of research firms have issued reports on SIGI. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Piper Sandler dropped their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. BMO Capital Markets raised their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $104.00 to $99.00 in a research report on Monday, July 22nd. Finally, Bank of America raised 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $99.50.

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.