Selective Insurance Group, Inc. (NASDAQ:SIGI) Declares Quarterly Dividend of $0.38

Selective Insurance Group, Inc. (NASDAQ:SIGI) announced a quarterly dividend on Monday, October 21st, RTT News reports. Stockholders of record on Friday, November 15th will be paid a dividend of 0.38 per share by the insurance provider on Monday, December 2nd. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.57%. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35.

Selective Insurance Group has increased its dividend by an average of 10.0% annually over the last three years. Selective Insurance Group has a payout ratio of 18.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Selective Insurance Group to earn $7.83 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 17.9%.

Selective Insurance Group Trading Down 1.7 %

NASDAQ:SIGI opened at $96.97 on Tuesday. The stock has a 50-day simple moving average of $91.39 and a 200-day simple moving average of $93.75. The stock has a market cap of $5.90 billion, a P/E ratio of 26.49, a P/E/G ratio of 1.62 and a beta of 0.56. 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 0.19, a quick ratio of 0.32 and a current ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last posted its 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 5.12% and a return on equity of 8.75%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the previous year, the firm posted $1.51 earnings per share. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. As a group, analysts anticipate that Selective Insurance Group will post 3.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on SIGI. Royal Bank of Canada lowered their price target on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a report on Monday, July 22nd. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. Bank of America increased their target price on Selective Insurance Group from $89.00 to $96.00 and gave the stock an “underperform” rating in a research report on Thursday, October 10th. Piper Sandler cut their target price on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. Finally, BMO Capital Markets raised their price objective on Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $98.50.

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.