Morgan Stanley Boosts Selective Insurance Group (NASDAQ:SIGI) Price Target to $90.00

Selective Insurance Group (NASDAQ:SIGI) had its price objective boosted by Morgan Stanley from $85.00 to $90.00 in a report released on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the insurance provider’s stock.

A number of other equities analysts have also weighed in on the stock. BMO Capital Markets boosted their price target on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Keefe, Bruyette & Woods lowered their target price on Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating on the stock in a report on Wednesday, April 30th. StockNews.com upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Thursday, May 15th. Finally, JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and an average target price of $94.00.

Selective Insurance Group Price Performance

NASDAQ:SIGI opened at $89.66 on Monday. The stock has a market capitalization of $5.45 billion, a PE ratio of 27.84 and a beta of 0.51. Selective Insurance Group has a 52 week low of $78.13 and a 52 week high of $103.56. The stock’s 50-day moving average price is $88.62 and its 200-day moving average price is $90.68. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.10). Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm posted $1.33 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts expect that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.70%. Selective Insurance Group’s dividend payout ratio (DPR) is 41.42%.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,352 shares of Selective Insurance Group stock in a transaction on Friday, April 25th. The stock was sold at an average price of $87.06, for a total value of $117,705.12. Following the sale, the chief accounting officer now owns 15,946 shares in the company, valued at $1,388,258.76. The trade was a 7.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds have recently modified their holdings of the business. Barclays PLC lifted its position in Selective Insurance Group by 171.6% in the third quarter. Barclays PLC now owns 114,790 shares of the insurance provider’s stock valued at $10,711,000 after buying an additional 72,530 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Selective Insurance Group by 38.4% during the 3rd quarter. Franklin Resources Inc. now owns 6,296 shares of the insurance provider’s stock worth $603,000 after purchasing an additional 1,747 shares during the period. Sei Investments Co. increased its holdings in Selective Insurance Group by 151.9% in the 4th quarter. Sei Investments Co. now owns 83,562 shares of the insurance provider’s stock valued at $7,815,000 after purchasing an additional 50,386 shares during the last quarter. Boston Trust Walden Corp raised its position in Selective Insurance Group by 8.7% in the fourth quarter. Boston Trust Walden Corp now owns 1,055,321 shares of the insurance provider’s stock valued at $98,694,000 after purchasing an additional 84,341 shares during the period. Finally, Pacer Advisors Inc. lifted its stake in Selective Insurance Group by 1.5% during the fourth quarter. Pacer Advisors Inc. now owns 9,061 shares of the insurance provider’s stock worth $847,000 after purchasing an additional 137 shares in 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.