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

BidaskClub downgraded shares of Selective Insurance (NASDAQ:SIGI) from a hold rating to a sell rating in a research note issued to investors on Monday.

Several other analysts have also recently commented on SIGI. ValuEngine upgraded Selective Insurance from a hold rating to a buy rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods set a $62.00 price target on Selective Insurance and gave the stock a hold rating in a report on Monday, February 5th. Zacks Investment Research cut Selective Insurance from a buy rating to a hold rating in a report on Wednesday, March 14th. Sandler O’Neill restated a hold rating and set a $61.00 price target on shares of Selective Insurance in a report on Friday, April 6th. Finally, Boenning Scattergood restated a hold rating on shares of Selective Insurance in a report on Thursday, May 3rd. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $62.50.

Shares of SIGI stock opened at $55.20 on Monday. Selective Insurance has a one year low of $54.80 and a one year high of $56.05. The company has a market capitalization of $3.30 billion, a P/E ratio of 20.66, a P/E/G ratio of 0.82 and a beta of 1.27. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.26.

Selective Insurance (NASDAQ:SIGI) last announced its earnings results on Wednesday, May 2nd. The insurance provider reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.08). Selective Insurance had a net margin of 5.50% and a return on equity of 9.58%. The company had revenue of $626.70 million during the quarter, compared to the consensus estimate of $642.35 million. During the same quarter in the previous year, the company earned $0.86 earnings per share. The business’s revenue was up 4.4% on a year-over-year basis. sell-side analysts anticipate that Selective Insurance will post 3.39 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Tuesday, May 15th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend is Monday, May 14th. Selective Insurance’s payout ratio is 23.15%.

In other Selective Insurance news, EVP Michael H. Lanza sold 9,000 shares of the stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $55.99, for a total transaction of $503,910.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director J Brian Thebault sold 9,888 shares of the stock in a transaction that occurred on Thursday, May 10th. The stock was sold at an average price of $56.01, for a total value of $553,826.88. Following the transaction, the director now owns 90,160 shares in the company, valued at $5,049,861.60. The disclosure for this sale can be found here. Insiders have sold a total of 28,888 shares of company stock worth $1,616,737 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Several institutional investors have recently bought and sold shares of the business. Mason Street Advisors LLC raised its position in shares of Selective Insurance by 7.3% during the first quarter. Mason Street Advisors LLC now owns 16,289 shares of the insurance provider’s stock worth $989,000 after purchasing an additional 1,102 shares during the period. Profund Advisors LLC raised its position in shares of Selective Insurance by 23.8% during the first quarter. Profund Advisors LLC now owns 11,068 shares of the insurance provider’s stock worth $672,000 after purchasing an additional 2,130 shares during the period. Principal Financial Group Inc. raised its position in shares of Selective Insurance by 3.1% during the first quarter. Principal Financial Group Inc. now owns 482,508 shares of the insurance provider’s stock worth $29,288,000 after purchasing an additional 14,483 shares during the period. Pitcairn Co. raised its position in shares of Selective Insurance by 59.8% during the first quarter. Pitcairn Co. now owns 7,605 shares of the insurance provider’s stock worth $462,000 after purchasing an additional 2,846 shares during the period. Finally, Stifel Financial Corp raised its position in shares of Selective Insurance by 5.3% during the first quarter. Stifel Financial Corp now owns 283,538 shares of the insurance provider’s stock worth $17,213,000 after purchasing an additional 14,350 shares during the period. Hedge funds and other institutional investors own 79.61% of the company’s stock.

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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