Selective Insurance Group (NASDAQ:SIGI) Shares Down 4.6% Following Weak Earnings

Selective Insurance Group, Inc. (NASDAQ:SIGI - Get Free Report)'s share price was down 4.6% during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $91.86 and last traded at $92.49. 315,265 shares changed hands during trading, a decline of 9% from the average session volume of 346,964 shares. The stock had previously closed at $96.97.

The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.29). The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. The company's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the business posted $1.51 earnings per share.

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a dividend of $0.38 per share. This is a positive change from Selective Insurance Group's previous quarterly dividend of $0.35. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.63%. Selective Insurance Group's payout ratio is presently 38.25%.

Analysts Set New Price Targets

A number of research firms have commented on SIGI. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and reduced their price objective for the stock from $104.00 to $99.00 in a research report on Monday, July 22nd. Piper Sandler reduced their target price 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, July 22nd. BMO Capital Markets upped 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 note on Wednesday, July 24th. Royal Bank of Canada cut their price objective on shares of Selective Insurance Group from $103.00 to $96.00 and set a "sector perform" rating for the company in a research report on Monday, July 22nd. Finally, Bank of America upped their target price on Selective Insurance Group from $96.00 to $102.00 and gave the company an "underperform" rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $99.50.

Institutional Trading of Selective Insurance Group

A number of institutional investors have recently bought and sold shares of SIGI. V Square Quantitative Management LLC acquired a new position in Selective Insurance Group in the 3rd quarter valued at $27,000. Quest Partners LLC acquired a new position in shares of Selective Insurance Group during the second quarter worth $28,000. GAMMA Investing LLC grew its position in shares of Selective Insurance Group by 81.5% in the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider's stock valued at $30,000 after buying an additional 145 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Selective Insurance Group in the second quarter valued at approximately $44,000. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Selective Insurance Group in the 1st quarter valued at $48,000. Institutional investors own 82.88% of the company's stock.

Selective Insurance Group Stock Performance

The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 25.72, a P/E/G ratio of 1.62 and a beta of 0.56. The stock has a fifty day simple moving average of $91.39 and a two-hundred day simple moving average of $93.75. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.32 and a current ratio of 0.32.

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.