Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $116.00 at Keefe, Bruyette & Woods

Selective Insurance Group (NASDAQ:SIGI - Free Report) had its target price upped by Keefe, Bruyette & Woods from $114.00 to $116.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an outperform rating on the insurance provider's stock.

Several other equities analysts have also recently issued reports on the stock. Morgan Stanley started coverage on shares of Selective Insurance Group in a research note on Thursday, December 5th. They issued an "equal weight" rating and a $105.00 target price for the company. Bank of America upped their price objective on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an "underperform" rating in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their target price on Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a research report on Wednesday, October 23rd. Finally, BMO Capital Markets raised Selective Insurance Group from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $104.57.

Selective Insurance Group Stock Performance

NASDAQ:SIGI traded down $1.32 during mid-day trading on Friday, hitting $89.70. The company's stock had a trading volume of 311,513 shares, compared to its average volume of 278,552. The business's fifty day moving average is $96.33 and its two-hundred day moving average is $93.00. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 24.18 and a beta of 0.62. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.35. Selective Insurance Group has a 1 year low of $81.00 and a 1 year high of $109.58.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing analysts' consensus estimates of $1.69 by ($0.29). 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 8.11% and a net margin of 5.01%. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.51 EPS. Analysts anticipate that Selective Insurance Group will post 3.61 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were paid 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 annualized dividend and a yield of 1.69%. The ex-dividend date was Friday, November 15th. Selective Insurance Group's payout ratio is 40.97%.

Insider Activity

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the stock in a transaction dated Friday, October 25th. The shares were 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 owns 15,946 shares in the company, valued at approximately $1,476,759.06. This represents a 8.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Selective Insurance Group

A number of large investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new position in Selective Insurance Group during the third quarter worth $27,000. Quest Partners LLC purchased a new position in shares of Selective Insurance Group during the 2nd quarter worth $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Selective Insurance Group during the 2nd quarter valued at about $44,000. GAMMA Investing LLC grew its holdings in shares of Selective Insurance Group by 64.4% in the fourth quarter. GAMMA Investing LLC now owns 485 shares of the insurance provider's stock valued at $45,000 after purchasing an additional 190 shares during the period. Finally, KBC Group NV increased its position in Selective Insurance Group by 18.1% during the third quarter. KBC Group NV now owns 1,840 shares of the insurance provider's stock worth $172,000 after purchasing an additional 282 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.