Zacks Investment Research upgraded shares of Selective Insurance Group (NASDAQ:SIGI) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. They currently have $66.00 price target on the insurance provider’s stock.
According to Zacks, “Selective Insurance Group, Inc. is a regional insurance holding company which, through its insurance subsidiaries, offers a broad range of property and casualty insurance products. Selective’s commercial insurance products are directed to small- to medium-sized service-oriented businesses, governmental entities and selected classes of light industry. They also offer personal insurance products to individuals and families. “
SIGI has been the topic of several other reports. BidaskClub raised shares of Selective Insurance Group from a buy rating to a strong-buy rating in a report on Friday, March 30th. ValuEngine lowered shares of Selective Insurance Group from a buy rating to a hold rating in a report on Friday, April 27th. Boenning Scattergood reaffirmed a hold rating on shares of Selective Insurance Group in a report on Thursday, May 3rd. Finally, Sandler O’Neill reaffirmed a hold rating and set a $61.00 price target on shares of Selective Insurance Group in a report on Friday, April 6th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $62.00.
Shares of Selective Insurance Group opened at $58.20 on Wednesday, Marketbeat Ratings reports. The company has a market capitalization of $3.40 billion, a PE ratio of 18.71, a PEG ratio of 1.05 and a beta of 1.25. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.26. Selective Insurance Group has a 12 month low of $46.28 and a 12 month high of $62.40.
Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, May 2nd. The insurance provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.08). The firm had revenue of $626.70 million during the quarter, compared to analyst estimates of $642.35 million. Selective Insurance Group had a net margin of 5.50% and a return on equity of 9.58%. Selective Insurance Group’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.86 earnings per share. research analysts expect that Selective Insurance Group will post 3.4 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 1st. Investors of record on Tuesday, May 15th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.24%. The ex-dividend date was Monday, May 14th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 23.15%.
In related news, EVP Michael H. Lanza sold 9,000 shares of Selective Insurance Group stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $55.99, for a total transaction of $503,910.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director J Brian Thebault sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $55.90, for a total transaction of $559,000.00. Following the sale, the director now directly owns 100,160 shares in the company, valued at $5,598,944. The disclosure for this sale can be found here. Insiders have sold a total of 45,811 shares of company stock worth $2,617,902 over the last ninety days. 3.00% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. LPL Financial LLC grew its holdings in Selective Insurance Group by 69.3% during the 4th quarter. LPL Financial LLC now owns 105,329 shares of the insurance provider’s stock worth $6,183,000 after acquiring an additional 43,109 shares during the last quarter. Swiss National Bank grew its holdings in Selective Insurance Group by 2.5% during the 4th quarter. Swiss National Bank now owns 99,400 shares of the insurance provider’s stock worth $5,835,000 after acquiring an additional 2,400 shares during the last quarter. New York State Teachers Retirement System grew its holdings in Selective Insurance Group by 4.0% during the 1st quarter. New York State Teachers Retirement System now owns 147,144 shares of the insurance provider’s stock worth $8,932,000 after acquiring an additional 5,700 shares during the last quarter. MetLife Investment Advisors LLC bought a new stake in Selective Insurance Group during the 4th quarter worth approximately $1,573,000. Finally, Arizona State Retirement System grew its holdings in Selective Insurance Group by 224.6% during the 4th quarter. Arizona State Retirement System now owns 98,140 shares of the insurance provider’s stock worth $5,761,000 after acquiring an additional 67,905 shares during the last quarter. 78.27% of the stock is currently owned by hedge funds and other institutional investors.
Selective Insurance Group 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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