Selective Insurance Group (SIGI) Upgraded by ValuEngine to Buy

Selective Insurance Group (NASDAQ:SIGI) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

A number of other equities research analysts have also issued reports on SIGI. Zacks Investment Research lowered Selective Insurance Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 14th. Boenning Scattergood restated a “hold” rating on shares of Selective Insurance Group in a research report on Friday, October 27th. Royal Bank of Canada restated a “hold” rating and issued a $55.00 price target on shares of Selective Insurance Group in a research report on Friday, October 27th. Keefe, Bruyette & Woods set a $55.00 price target on Selective Insurance Group and gave the company a “hold” rating in a research report on Sunday, October 29th. Finally, BidaskClub lowered Selective Insurance Group from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Selective Insurance Group has an average rating of “Hold” and an average target price of $56.66.

Shares of Selective Insurance Group (SIGI) opened at $58.25 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market capitalization of $3,424.66, a P/E ratio of 19.35, a PEG ratio of 0.86 and a beta of 1.45. Selective Insurance Group has a 52-week low of $38.50 and a 52-week high of $62.40.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, February 1st. The insurance provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. The business had revenue of $633.70 million during the quarter, compared to analyst estimates of $632.30 million. Selective Insurance Group had a return on equity of 11.00% and a net margin of 7.36%. The business’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 earnings per share. sell-side analysts predict that Selective Insurance Group will post 3.05 EPS for the current fiscal year.

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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIGI. Wells Fargo & Company MN lifted its holdings in Selective Insurance Group by 17.9% in the second quarter. Wells Fargo & Company MN now owns 132,757 shares of the insurance provider’s stock valued at $6,645,000 after acquiring an additional 20,169 shares during the last quarter. Teachers Advisors LLC lifted its holdings in Selective Insurance Group by 6.6% in the second quarter. Teachers Advisors LLC now owns 103,660 shares of the insurance provider’s stock valued at $5,188,000 after acquiring an additional 6,376 shares during the last quarter. TIAA CREF Investment Management LLC lifted its holdings in Selective Insurance Group by 15.4% in the second quarter. TIAA CREF Investment Management LLC now owns 194,314 shares of the insurance provider’s stock valued at $9,725,000 after acquiring an additional 25,965 shares during the last quarter. Amalgamated Bank lifted its holdings in Selective Insurance Group by 1.7% in the second quarter. Amalgamated Bank now owns 7,839 shares of the insurance provider’s stock valued at $392,000 after acquiring an additional 132 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in Selective Insurance Group by 6.8% in the second quarter. New York State Common Retirement Fund now owns 77,245 shares of the insurance provider’s stock valued at $3,866,000 after acquiring an additional 4,899 shares during the last quarter. Hedge funds and other institutional investors own 77.81% 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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