Selective Insurance Group (NASDAQ:SIGI) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $67.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.56% from the stock’s previous close.

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 research firms have also issued reports on SIGI. Royal Bank of Canada restated a “hold” rating and issued a $59.00 target price on shares of Selective Insurance Group in a report on Friday, December 8th. BidaskClub lowered shares of Selective Insurance Group from a “buy” rating to a “hold” rating in a report on Tuesday. Keefe, Bruyette & Woods set a $55.00 price objective on shares of Selective Insurance Group and gave the company a “hold” rating in a report on Sunday, October 29th. Boenning Scattergood reiterated a “hold” rating on shares of Selective Insurance Group in a report on Friday, October 27th. Finally, ValuEngine upgraded shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Selective Insurance Group presently has an average rating of “Hold” and an average target price of $54.13.

Selective Insurance Group (SIGI) traded down $0.55 during trading on Wednesday, hitting $59.00. 150,408 shares of the stock traded hands, compared to its average volume of 217,306. The company has a market cap of $3,468.45, a price-to-earnings ratio of 19.73, a PEG ratio of 1.58 and a beta of 1.45. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26. Selective Insurance Group has a 12-month low of $38.50 and a 12-month high of $62.40.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, October 25th. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.10. The firm had revenue of $621.30 million during the quarter, compared to analyst estimates of $625.80 million. Selective Insurance Group had a net margin of 7.36% and a return on equity of 11.00%. The business’s revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the business earned $0.66 EPS. equities analysts forecast that Selective Insurance Group will post 3.08 EPS for the current year.

In related news, Director John Burville sold 600 shares of Selective Insurance Group stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $59.10, for a total transaction of $35,460.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul D. Bauer sold 28,840 shares of Selective Insurance Group stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $61.14, for a total transaction of $1,763,277.60. The disclosure for this sale can be found here. Insiders have sold a total of 45,375 shares of company stock valued at $2,740,784 in the last quarter. 3.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Great West Life Assurance Co. Can increased its position in Selective Insurance Group by 3.6% during the 2nd quarter. Great West Life Assurance Co. Can now owns 84,273 shares of the insurance provider’s stock valued at $4,213,000 after purchasing an additional 2,896 shares during the period. TD Asset Management Inc. increased its position in Selective Insurance Group by 6.0% during the 2nd quarter. TD Asset Management Inc. now owns 44,300 shares of the insurance provider’s stock valued at $2,217,000 after purchasing an additional 2,500 shares during the period. Cigna Investments Inc. New purchased a new position in Selective Insurance Group during the 2nd quarter valued at about $268,000. Schwab Charles Investment Management Inc. increased its position in Selective Insurance Group by 3.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 321,363 shares of the insurance provider’s stock valued at $16,085,000 after purchasing an additional 10,550 shares during the period. Finally, Teacher Retirement System of Texas increased its position in Selective Insurance Group by 2.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,657 shares of the insurance provider’s stock valued at $233,000 after purchasing an additional 94 shares during the period. Institutional investors own 77.83% of the company’s stock.

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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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