Selective Insurance Group, Inc. (SIGI) Given Consensus Recommendation of “Hold” by Brokerages
Selective Insurance Group, Inc. (NASDAQ:SIGI) has earned an average recommendation of “Hold” from the seven ratings firms that are presently covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $47.33.
Several research analysts recently weighed in on SIGI shares. ValuEngine upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub upgraded Selective Insurance Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Zacks Investment Research lowered Selective Insurance Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Royal Bank Of Canada reiterated a “hold” rating and issued a $48.00 price objective on shares of Selective Insurance Group in a research report on Wednesday, July 12th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Selective Insurance Group in a research report on Thursday, July 27th.
In related news, Director Paul D. Bauer sold 1,000 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.06, for a total value of $51,060.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Morrissey sold 665 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $50.81, for a total value of $33,788.65. Following the completion of the transaction, the director now owns 15,177 shares of the company’s stock, valued at $771,143.37. The disclosure for this sale can be found here. Insiders sold 4,148 shares of company stock valued at $210,141 over the last quarter. 3.00% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in SIGI. Nationwide Fund Advisors lifted its stake in Selective Insurance Group by 7.6% during the first quarter. Nationwide Fund Advisors now owns 114,349 shares of the insurance provider’s stock worth $5,392,000 after purchasing an additional 8,037 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in Selective Insurance Group by 6.9% during the first quarter. Great West Life Assurance Co. Can now owns 81,377 shares of the insurance provider’s stock worth $3,833,000 after purchasing an additional 5,246 shares in the last quarter. Tyers Asset Management LLC lifted its stake in Selective Insurance Group by 2.8% during the first quarter. Tyers Asset Management LLC now owns 2,464 shares of the insurance provider’s stock worth $116,000 after purchasing an additional 66 shares in the last quarter. Eqis Capital Management Inc. acquired a new position in Selective Insurance Group during the first quarter worth $229,000. Finally, First Trust Advisors LP lifted its stake in Selective Insurance Group by 3.3% during the first quarter. First Trust Advisors LP now owns 59,901 shares of the insurance provider’s stock worth $2,824,000 after purchasing an additional 1,910 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.
Shares of Selective Insurance Group (NASDAQ SIGI) opened at 49.80 on Wednesday. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 17.35 and a beta of 1.44. The company’s 50 day moving average price is $50.36 and its 200-day moving average price is $49.31. Selective Insurance Group has a 52 week low of $34.95 and a 52 week high of $53.75.
Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). The company had revenue of $614.50 million during the quarter, compared to analysts’ expectations of $611.62 million. Selective Insurance Group had a net margin of 7.13% and a return on equity of 10.82%. Selective Insurance Group’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter last year, the company earned $0.74 earnings per share. Analysts anticipate that Selective Insurance Group will post $3.07 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were given a $0.16 dividend. The ex-dividend date was Friday, August 11th. This represents a $0.64 annualized dividend and a yield of 1.29%. Selective Insurance Group’s payout ratio is 22.22%.
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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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