Equities Analysts Offer Predictions for SIGI FY2024 Earnings

Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) - Equities researchers at Zacks Research dropped their FY2024 earnings per share (EPS) estimates for shares of Selective Insurance Group in a research report issued to clients and investors on Monday, November 11th. Zacks Research analyst R. Department now expects that the insurance provider will earn $3.65 per share for the year, down from their prior forecast of $3.77. The consensus estimate for Selective Insurance Group's current full-year earnings is $3.66 per share. Zacks Research also issued estimates for Selective Insurance Group's Q4 2024 earnings at $2.02 EPS, Q1 2025 earnings at $1.95 EPS, Q2 2025 earnings at $1.75 EPS, Q3 2025 earnings at $1.85 EPS, Q4 2025 earnings at $2.22 EPS, FY2025 earnings at $7.77 EPS, Q1 2026 earnings at $2.44 EPS and Q3 2026 earnings at $2.14 EPS.

Several other brokerages also recently commented on SIGI. Royal Bank of Canada boosted their price objective 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. BMO Capital Markets raised Selective Insurance Group from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and dropped their price objective for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. Bank of America increased their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an "underperform" rating in a report on Tuesday, October 22nd. Finally, JMP Securities restated a "market perform" rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $101.67.

Selective Insurance Group Stock Performance

Shares of Selective Insurance Group stock traded down $0.84 on Tuesday, hitting $100.40. 37,167 shares of the company's stock were exchanged, compared to its average volume of 355,050. The company has a 50-day simple moving average of $92.91 and a 200-day simple moving average of $92.86. Selective Insurance Group has a 1 year low of $81.00 and a 1 year high of $109.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35. The stock has a market capitalization of $6.10 billion, a PE ratio of 27.29, a PEG ratio of 1.68 and a beta of 0.57.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company earned $1.51 earnings per share. Selective Insurance Group's quarterly revenue was up 15.1% compared to the same quarter last year.

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.51%. This is an increase from Selective Insurance Group's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, November 15th. Selective Insurance Group's dividend payout ratio is presently 37.74%.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction on Friday, October 25th. The shares were sold at an average price of $92.61, for a total transaction of $130,024.44. Following the sale, the chief accounting officer now owns 15,946 shares of the company's stock, valued at $1,476,759.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Selective Insurance Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC boosted its position in shares of Selective Insurance Group by 48.6% during the first quarter. Janney Montgomery Scott LLC now owns 5,951 shares of the insurance provider's stock worth $650,000 after buying an additional 1,945 shares during the period. SG Americas Securities LLC lifted its holdings in Selective Insurance Group by 53.4% during the 1st quarter. SG Americas Securities LLC now owns 3,070 shares of the insurance provider's stock worth $335,000 after buying an additional 1,069 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in Selective Insurance Group by 66.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 11,742 shares of the insurance provider's stock valued at $1,282,000 after buying an additional 4,685 shares during the period. Swiss National Bank grew its stake in shares of Selective Insurance Group by 0.3% in the first quarter. Swiss National Bank now owns 119,600 shares of the insurance provider's stock worth $13,057,000 after acquiring an additional 300 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Selective Insurance Group by 6.8% during the first quarter. Russell Investments Group Ltd. now owns 64,939 shares of the insurance provider's stock worth $7,089,000 after acquiring an additional 4,161 shares during the period. Institutional investors and hedge funds 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.