Selective Insurance Group, Inc. (NASDAQ:SIGI) Downgraded by Zacks Investment Research to “Hold”
Selective Insurance Group, Inc. (NASDAQ:SIGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Selective Insurance Group, Inc. is a regional insurance holding company which, through its insurance subsidiaries, offers a broad range of property and casualty insurance products. Selective’s commercial insurance products are directed to small- to medium-sized service-oriented businesses, governmental entities and selected classes of light industry. They also offer personal insurance products to individuals and families. “
Several other equities analysts have also issued reports on the company. Keefe, Bruyette & Woods restated a “hold” rating and set a $48.00 price target on shares of Selective Insurance Group in a research note on Tuesday, May 2nd. BidaskClub upgraded Selective Insurance Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Finally, ValuEngine upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Selective Insurance Group has a consensus rating of “Hold” and an average target price of $45.93.
Selective Insurance Group (NASDAQ SIGI) opened at 51.15 on Tuesday. The stock has a 50 day moving average price of $50.33 and a 200 day moving average price of $46.54. Selective Insurance Group has a 12 month low of $34.95 and a 12 month high of $53.75. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 17.52 and a beta of 1.45.
Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, April 26th. The insurance provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.13. Selective Insurance Group had a return on equity of 11.14% and a net margin of 7.37%. The firm had revenue of $600.50 million for the quarter, compared to analyst estimates of $608.40 million. During the same period in the previous year, the company posted $0.66 earnings per share. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, equities analysts expect that Selective Insurance Group will post $3.09 earnings per share for the current fiscal year.
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In other news, Director William M. Rue sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $52.24, for a total value of $626,880.00. Following the sale, the director now directly owns 357,164 shares in the company, valued at approximately $18,658,247.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul D. Bauer sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $50.20, for a total value of $100,400.00. Following the completion of the sale, the director now owns 76,063 shares in the company, valued at $3,818,362.60. The disclosure for this sale can be found here. Insiders have sold 29,064 shares of company stock worth $1,481,797 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in SIGI. Comerica Bank raised its stake in Selective Insurance Group by 5.6% in the fourth quarter. Comerica Bank now owns 61,519 shares of the insurance provider’s stock valued at $2,587,000 after buying an additional 3,283 shares in the last quarter. State Street Corp raised its stake in Selective Insurance Group by 6.8% in the fourth quarter. State Street Corp now owns 1,273,886 shares of the insurance provider’s stock valued at $54,846,000 after buying an additional 81,320 shares in the last quarter. FMR LLC raised its stake in Selective Insurance Group by 3,421.3% in the fourth quarter. FMR LLC now owns 841,600 shares of the insurance provider’s stock valued at $36,231,000 after buying an additional 817,700 shares in the last quarter. Employees Retirement System of Texas bought a new stake in Selective Insurance Group during the fourth quarter valued at $387,000. Finally, GSA Capital Partners LLP bought a new stake in Selective Insurance Group during the fourth quarter valued at $650,000. Institutional investors own 78.49% of the company’s stock.
About Selective Insurance Group
Selective Insurance Group, Inc is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market.
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