Selective Insurance Group, Inc. (SIGI) Upgraded at ValuEngine
Selective Insurance Group, Inc. (NASDAQ:SIGI) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.
SIGI has been the topic of a number of other reports. BidaskClub raised Selective Insurance Group from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Zacks Investment Research cut Selective Insurance Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Keefe, Bruyette & Woods set a $48.00 price target on Selective Insurance Group and gave the company a “hold” rating in a report on Tuesday, August 15th. Royal Bank Of Canada reissued a “hold” rating and set a $50.00 price target on shares of Selective Insurance Group in a report on Friday, July 28th. Finally, Boenning Scattergood reissued a “hold” rating on shares of Selective Insurance Group in a report on Thursday, July 27th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $47.73.
Selective Insurance Group (NASDAQ:SIGI) traded up 0.60% during trading on Friday, reaching $50.70. The company had a trading volume of 163,700 shares. Selective Insurance Group has a one year low of $34.95 and a one year high of $53.75. The firm’s 50-day moving average price is $50.82 and its 200 day moving average price is $49.08. The firm has a market capitalization of $2.96 billion, a P/E ratio of 17.66 and a beta of 1.44.
Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $0.68 EPS for the quarter, missing the Zacks’ consensus estimate of $0.73 by $0.05. The business had revenue of $614.50 million for the quarter, compared to the consensus estimate 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 was up 8.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.74 earnings per share. Equities analysts forecast that Selective Insurance Group will post $3.07 earnings per share for the current fiscal year.
In other news, CEO Gregory E. Murphy sold 8,789 shares of Selective Insurance Group stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $49.80, for a total value of $437,692.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael J. Morrissey sold 665 shares of Selective Insurance Group stock in a transaction dated 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 sale, the director now directly owns 15,177 shares in the company, valued at $771,143.37. The disclosure for this sale can be found here. Insiders sold 12,937 shares of company stock worth $647,833 over the last ninety days. Insiders own 3.00% of the company’s stock.
Large investors have recently modified their holdings of the company. Nationwide Fund Advisors boosted its stake in shares of Selective Insurance Group by 7.6% in the first quarter. Nationwide Fund Advisors now owns 114,349 shares of the insurance provider’s stock valued at $5,392,000 after buying an additional 8,037 shares during the period. Tributary Capital Management LLC raised its position in Selective Insurance Group by 11.9% in the second quarter. Tributary Capital Management LLC now owns 531,801 shares of the insurance provider’s stock valued at $26,617,000 after buying an additional 56,446 shares in the last quarter. Karp Capital Management Corp bought a new position in Selective Insurance Group during the first quarter valued at approximately $1,472,000. Parametric Portfolio Associates LLC raised its position in Selective Insurance Group by 18.4% in the first quarter. Parametric Portfolio Associates LLC now owns 293,141 shares of the insurance provider’s stock valued at $13,822,000 after buying an additional 45,657 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Selective Insurance Group by 3.7% in the first quarter. Principal Financial Group Inc. now owns 478,086 shares of the insurance provider’s stock valued at $22,542,000 after buying an additional 17,090 shares in the last quarter. 78.11% of the stock is currently owned by hedge funds and other institutional investors.
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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