Selective Insurance Group, Inc. (NASDAQ:SIGI) recently received an increase in Q3 2023 earnings estimates from Zacks Research. The research firm now expects the insurance provider to post earnings per share of $1.63 for the quarter, up from the previous estimate of $1.61. The consensus estimate for Selective Insurance Group’s current full-year earnings is $6.10 per share. Zacks Research also issued estimates for Selective Insurance Group’s Q3 2024 earnings at $1.85 EPS, FY2024 earnings at $7.41 EPS and FY2025 earnings at $9.66 EPS.
During the company’s last quarterly earnings report on August 2nd, Selective Insurance Group reported earnings per share of $0.99 for the quarter, meeting expectations. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion.
Several research firms have also recently issued reports on SIGI. StockNews.com initiated coverage on Selective Insurance Group with a “hold” rating for the company. Piper Sandler boosted their price objective on shares of Selective Insurance Group from $102.00 to $110.00 and gave the stock a “neutral” rating. Bank of America raised their target price on shares of Selective Insurance Group from $93.00 to $100.00 and gave the company an “underperform” rating. Royal Bank of Canada boosted their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock a “sector perform” rating. BMO Capital Markets raised their price objective on Selective Insurance Group from $90.00 to $93.00.
Selective Insurance Group currently has a “hold” rating and a consensus target price of $101.86. The stock has a market capitalization of $6.24 billion, a price-to-earnings ratio of 23.19, and a beta of 0.61. Despite having a 1 year low of $78.89 and a 1 year high of $105.54, the stock opened at $102.95 on Thursday.
Selective Insurance Group also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 14th. This represents a $1.20 annualized dividend and a yield of 1.17%. The company’s dividend payout ratio (DPR) is currently 27.03%.
Institutional investors have recently added to or reduced their stakes in Selective Insurance Group. Raymond James & Associates lifted its position in shares of Selective Insurance Group by 11.4% during the 1st quarter. Raymond James & Associates now owns 3,725 shares of the insurance provider’s stock valued at $333,000 after acquiring an additional 381 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in Selective Insurance Group by 116.2% during the first quarter. The firm now owns 5,904 shares of the insurance provider’s stock valued at $528,000 after buying an additional 3,173 shares in the last quarter. Private Advisor Group LLC acquired a new position in Selective Insurance Group during the 1st quarter valued at about $201,000. Bank of Montreal Can raised its position in shares of Selective Insurance Group by 8.6% in the 1st quarter. The bank now owns 7,495 shares of the insurance provider’s stock valued at $684,000 after buying an additional 591 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Selective Insurance Group by 10.7% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,063 shares of the insurance provider’s stock worth $1,972,000 after acquiring an additional 2,129 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.
Selective Insurance Group, Inc. 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 property insurance products, casualty insurance products, and flood insurance products.
While Selective Insurance Group currently has a “Hold” rating among analysts, top-rated analysts have identified five stocks that they believe are better buys.