Royal Bank Of Canada Reiterates Hold Rating for Selective Insurance Group (SIGI)

Selective Insurance Group (NASDAQ:SIGI)‘s stock had its “hold” rating reiterated by Royal Bank Of Canada in a research note issued to investors on Friday. They currently have a $59.00 target price on the insurance provider’s stock. Royal Bank Of Canada’s price target points to a potential downside of 0.34% from the company’s previous close.

SIGI has been the subject of several other research reports. BidaskClub upgraded Selective Insurance Group from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Zacks Investment Research upgraded Selective Insurance Group from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Keefe, Bruyette & Woods set a $55.00 price objective on Selective Insurance Group and gave the company a “hold” rating in a report on Sunday, October 29th. Boenning Scattergood restated a “hold” rating on shares of Selective Insurance Group in a report on Friday, October 27th. Finally, ValuEngine upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $50.91.

Shares of Selective Insurance Group (NASDAQ:SIGI) opened at $59.20 on Friday. The company has a market capitalization of $3,456.75, a P/E ratio of 19.67, a PEG ratio of 1.58 and a beta of 1.45. Selective Insurance Group has a 1-year low of $38.50 and a 1-year high of $62.40. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.

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

In related news, Director Michael J. Morrissey sold 1,875 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $61.47, for a total transaction of $115,256.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Burville sold 1,000 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $58.76, for a total value of $58,760.00. Following the sale, the director now owns 82,898 shares of the company’s stock, valued at approximately $4,871,086.48. The disclosure for this sale can be found here. Insiders have sold 45,375 shares of company stock valued at $2,740,784 in the last quarter. 3.00% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in Selective Insurance Group by 0.3% during the second quarter. BlackRock Inc. now owns 7,444,606 shares of the insurance provider’s stock worth $372,603,000 after buying an additional 19,072 shares in the last quarter. Vanguard Group Inc. grew its holdings in Selective Insurance Group by 1.6% during the second quarter. Vanguard Group Inc. now owns 5,296,404 shares of the insurance provider’s stock worth $265,086,000 after buying an additional 81,335 shares in the last quarter. State Street Corp grew its holdings in Selective Insurance Group by 3.9% during the second quarter. State Street Corp now owns 1,414,041 shares of the insurance provider’s stock worth $70,766,000 after buying an additional 53,087 shares in the last quarter. Northern Trust Corp grew its holdings in Selective Insurance Group by 16.2% during the second quarter. Northern Trust Corp now owns 1,359,536 shares of the insurance provider’s stock worth $68,044,000 after buying an additional 189,401 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Selective Insurance Group by 130.3% during the second quarter. Goldman Sachs Group Inc. now owns 995,781 shares of the insurance provider’s stock worth $49,838,000 after buying an additional 563,487 shares in the last quarter. Institutional investors and hedge funds own 77.83% of the company’s stock.

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Selective Insurance Group Company Profile

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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