Selective Insurance Group (NASDAQ:SIGI) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Selective Insurance Group, Inc. (NASDAQ:SIGI) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $80.78 and traded as high as $83.09. Selective Insurance Group shares last traded at $82.97, with a volume of 480,759 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SIGI. Weiss Ratings reiterated a “hold (c-)” rating on shares of Selective Insurance Group in a research report on Wednesday, October 8th. BMO Capital Markets lowered Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price target for the company. in a research note on Tuesday, October 28th. Morgan Stanley increased their price target on Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, November 17th. Keefe, Bruyette & Woods dropped their price objective on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a report on Tuesday, January 6th. Finally, Zacks Research raised Selective Insurance Group from a “strong sell” rating to a “hold” rating in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $81.60.

Selective Insurance Group Trading Down 1.3%

The company has a fifty day moving average of $81.28 and a 200-day moving average of $80.71. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of 12.62 and a beta of 0.24.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, October 22nd. The insurance provider reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.04. Selective Insurance Group had a return on equity of 12.96% and a net margin of 7.78%.The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the business posted $1.40 earnings per share. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Selective Insurance Group

A number of institutional investors and hedge funds have recently bought and sold shares of SIGI. Amundi raised its holdings in Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 311 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Selective Insurance Group by 5.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock valued at $19,555,000 after purchasing an additional 11,167 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Selective Insurance Group by 17.9% in the first quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock valued at $248,000 after purchasing an additional 411 shares during the last quarter. Parallel Advisors LLC lifted its position in Selective Insurance Group by 219.5% during the second quarter. Parallel Advisors LLC now owns 361 shares of the insurance provider’s stock worth $31,000 after buying an additional 248 shares in the last quarter. Finally, Sivia Capital Partners LLC acquired a new position in Selective Insurance Group during the second quarter worth $468,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.