Selective Insurance (SIGI) Cut to “Buy” at BidaskClub

BidaskClub lowered shares of Selective Insurance (NASDAQ:SIGI) from a strong-buy rating to a buy rating in a report issued on Thursday morning.

A number of other equities analysts also recently issued reports on SIGI. Sandler O’Neill restated a hold rating and issued a $61.00 price target on shares of Selective Insurance in a research note on Friday, April 6th. Zacks Investment Research downgraded Selective Insurance from a buy rating to a hold rating in a research note on Saturday, March 31st. ValuEngine upgraded Selective Insurance from a hold rating to a buy rating in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods set a $62.00 price target on Selective Insurance and gave the stock a hold rating in a research note on Monday, February 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Selective Insurance presently has a consensus rating of Hold and a consensus price target of $62.50.

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SIGI stock opened at $59.10 on Thursday. The firm has a market capitalization of $3,495.32, a PE ratio of 19.00, a PEG ratio of 0.88 and a beta of 1.25. Selective Insurance has a 1 year low of $44.65 and a 1 year high of $62.40. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.26.

Selective Insurance (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, February 1st. The insurance provider reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.06. The firm had revenue of $633.70 million for the quarter, compared to the consensus estimate of $632.30 million. Selective Insurance had a return on equity of 11.11% and a net margin of 6.83%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period last year, the business posted $0.75 EPS. equities research analysts expect that Selective Insurance will post 3.38 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. McQueen Ball & Associates Inc. purchased a new position in Selective Insurance during the fourth quarter valued at $203,000. Zeke Capital Advisors LLC purchased a new position in Selective Insurance during the fourth quarter valued at $203,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Selective Insurance by 46.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,697 shares of the insurance provider’s stock valued at $217,000 after purchasing an additional 1,171 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Selective Insurance during the fourth quarter valued at $233,000. Finally, Xact Kapitalforvaltning AB purchased a new position in Selective Insurance during the fourth quarter valued at $277,000. Institutional investors own 78.66% of the company’s stock.

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Selective Insurance Company Profile

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates in four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus (E&S) Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.

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