Zacks Research Analysts Raise Earnings Estimates for Selective Insurance Group, Inc. (NASDAQ:SIGI)

Selective Insurance Group, Inc. (NASDAQ:SIGI) – Analysts at Zacks Research lifted their Q1 2024 earnings per share estimates for shares of Selective Insurance Group in a note issued to investors on Wednesday, April 10th. Zacks Research analyst R. Department now forecasts that the insurance provider will post earnings of $1.78 per share for the quarter, up from their previous estimate of $1.77. The consensus estimate for Selective Insurance Group’s current full-year earnings is $7.67 per share. Zacks Research also issued estimates for Selective Insurance Group’s FY2024 earnings at $7.51 EPS, Q1 2026 earnings at $2.40 EPS and FY2026 earnings at $9.65 EPS.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.02. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion.

SIGI has been the subject of several other reports. Piper Sandler reissued a “neutral” rating and set a $104.00 price objective on shares of Selective Insurance Group in a research note on Monday, April 1st. Royal Bank of Canada decreased their price target on shares of Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating for the company in a research report on Friday, February 2nd. Oppenheimer reaffirmed an “outperform” rating and set a $120.00 price target on shares of Selective Insurance Group in a research report on Friday, April 5th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $105.17.

Selective Insurance Group Stock Down 0.9 %

Shares of NASDAQ SIGI opened at $101.19 on Friday. Selective Insurance Group has a 52-week low of $91.99 and a 52-week high of $109.58. The firm has a fifty day moving average of $103.48 and a 200-day moving average of $102.91. The stock has a market capitalization of $6.15 billion, a PE ratio of 17.36, a P/E/G ratio of 0.75 and a beta of 0.55. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18.

Selective Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Thursday, February 15th were given a $0.35 dividend. The ex-dividend date was Wednesday, February 14th. This represents a $1.40 dividend on an annualized basis and a yield of 1.38%. Selective Insurance Group’s payout ratio is currently 24.01%.

Insider Activity

In other news, COO Brenda M. Hall sold 2,626 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.88, for a total value of $278,040.88. Following the sale, the chief operating officer now owns 10,511 shares in the company, valued at approximately $1,112,904.68. The sale was disclosed in a document filed with the SEC, 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 institutional investors have recently modified their holdings of the stock. Janiczek Wealth Management LLC raised its stake in Selective Insurance Group by 186.5% during the third quarter. Janiczek Wealth Management LLC now owns 255 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 166 shares during the period. Blue Trust Inc. boosted its holdings in shares of Selective Insurance Group by 68.9% in the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 104 shares in the last quarter. Rise Advisors LLC bought a new position in shares of Selective Insurance Group in the first quarter valued at approximately $27,000. Lazard Asset Management LLC bought a new position in shares of Selective Insurance Group in the third quarter valued at approximately $36,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Selective Insurance Group in the fourth quarter valued at approximately $40,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Company Profile

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.