BMO Capital Markets Upgrades Selective Insurance Group (NASDAQ:SIGI) to "Outperform"

BMO Capital Markets upgraded shares of Selective Insurance Group (NASDAQ:SIGI - Free Report) from a market perform rating to an outperform rating in a research report sent to investors on Wednesday, Marketbeat reports. They currently have $105.00 price target on the insurance provider's stock, up from their previous price target of $95.00.

A number of other equities analysts have also weighed in on the stock. JMP Securities reiterated a "market perform" rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Bank of America boosted their price target on Selective Insurance Group from $96.00 to $102.00 and gave the company an "underperform" rating in a research report on Tuesday, October 22nd. Royal Bank of Canada lifted their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and reduced their target price for the company from $104.00 to $99.00 in a report on Monday, July 22nd. Finally, Piper Sandler lowered their price objective on shares of Selective Insurance Group from $104.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $101.67.

Selective Insurance Group Price Performance

Shares of SIGI traded up $1.78 during mid-day trading on Wednesday, reaching $91.83. 553,475 shares of the company's stock were exchanged, compared to its average volume of 353,486. The company has a quick ratio of 0.32, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The company has a 50-day simple moving average of $91.93 and a two-hundred day simple moving average of $93.29. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.53 and a beta of 0.56. Selective Insurance Group has a 52-week low of $81.00 and a 52-week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.69 by ($0.29). The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The firm's revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.51 EPS. On average, sell-side analysts predict that Selective Insurance Group will post 3.68 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.38 dividend. The ex-dividend date is Friday, November 15th. This is a boost from Selective Insurance Group's previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a yield of 1.66%. Selective Insurance Group's dividend payout ratio is currently 26.86%.

Insider Transactions at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,404 shares of the business's stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the completion of the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at approximately $1,476,759.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. V Square Quantitative Management LLC acquired a new position in Selective Insurance Group during the 3rd quarter valued at approximately $27,000. Quest Partners LLC bought a new stake in Selective Insurance Group in the second quarter valued at $28,000. GAMMA Investing LLC boosted its holdings in shares of Selective Insurance Group by 81.5% during the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 145 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Selective Insurance Group during the first quarter worth about $48,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Selective Insurance Group in the 2nd quarter worth about $44,000. 82.88% of the stock is owned by institutional investors and hedge funds.

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.