The board of directors of Selective Insurance Group Inc. SIGI recently authorized a share buyback program to return more value to investors. The latest authorization will allow the company to spend up to $100 million to repurchase its common stock.

This Zacks Rank #3 (Hold) insurer remains committed toward boosting shareholder value through such share repurchases and dividend payouts. Selective Insurance flaunts a sound capital structure and remains committed toward protecting the interests of its policyholders and shareholders alike while improving its financial strength and underwriting capabilities.

Concurrent with the third-quarter earnings release, the company’s board of directors had approved a 9% hike in the quarterly cash dividend. Its dividend yield of 1.6% appears attractive compared with the industry average of 0.4%. Such steadfast endeavors buoy confidence among investors, making it an attractive pick for yield-seeking investors

The company boasts a long-term outperformance in total shareholder return relative to the S&P P&C insurance index and S&P 500 over the past 10 years.

Sustained operating excellence across its Commercial Lines, Personal Lines and Excess & Surplus segments, pricing prudence, new business growth and high retention ratio should continue to help this property and casualty insurer enhance its shareholder value.

Shares of Selective Insurance have lost 1.5% year to date compared with the industry’s decrease of 5.1%. Geographic expansions, improvement in premiums, improved rate environment leading to better investment income and solid capital position should help shares bounce back.

Recently, Assurant’s AIZ board of directors approved a 5% hike while the board of directors of RLI Corp. RLI approved a special cash dividend of $1.00 per share. The board of directors of American Equity Investment Life Holding Company AEL approved a 6% hike in its annual dividend.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

These Stocks Are Poised to Soar Past the Pandemic

The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.

Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.

See the 5 high-tech stocks now>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
RLI Corp. (RLI) : Free Stock Analysis Report
 
Assurant, Inc. (AIZ) : Free Stock Analysis Report
 
American Equity Investment Life Holding Company (AEL) : Free Stock Analysis Report
 
Selective Insurance Group, Inc. (SIGI) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research