Selective Insurance Group, Inc. (NASDAQ:SIGI) to Issue 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 given 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 1.63%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.35.

Selective Insurance Group has raised its dividend by an average of 10.0% annually over the last three years. Selective Insurance Group has a payout ratio of 18.1% indicating that its dividend is sufficiently covered by earnings. Research 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 Stock Performance

SIGI opened at $93.32 on Wednesday. The firm has a market capitalization of $5.68 billion, a PE ratio of 25.50, a PEG ratio of 1.62 and a beta of 0.56. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19. Selective Insurance Group has a twelve month low of $81.00 and a twelve month high of $109.58. The firm’s 50-day moving average price is $91.53 and its 200 day moving average price is $93.67.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. Selective Insurance Group’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the company earned $1.51 earnings per share. As a group, sell-side analysts expect that Selective Insurance Group will post 3.84 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Bank of America lifted their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research note on Tuesday. Royal Bank of Canada lowered their price objective on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research report on Monday, July 22nd. Piper Sandler lowered their price target on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. BMO Capital Markets boosted their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. Finally, JMP Securities reaffirmed 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, four have assigned 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 price target of $99.50.

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.