Zacks Investment Research downgraded shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) from a hold rating to a sell rating in a report issued on Tuesday, August 1st.
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. “
Several other equities analysts also recently weighed in on SIGI. BidaskClub downgraded shares of Selective Insurance Group from a strong-buy rating to a buy rating in a report on Friday, June 23rd. ValuEngine raised shares of Selective Insurance Group from a hold rating to a buy rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $48.00 price target on shares of Selective Insurance Group in a report on Tuesday, May 2nd. Royal Bank Of Canada reaffirmed a hold rating and set a $50.00 price target on shares of Selective Insurance Group in a report on Friday, July 28th. Finally, Boenning Scattergood reaffirmed a hold rating on shares of Selective Insurance Group in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $47.73.
Shares of Selective Insurance Group (SIGI) opened at 50.45 on Tuesday. The stock has a market capitalization of $2.94 billion, a PE ratio of 17.57 and a beta of 1.44. Selective Insurance Group has a 52 week low of $34.95 and a 52 week high of $53.75. The company’s 50 day moving average is $50.87 and its 200-day moving average is $48.52.
Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Wednesday, July 26th. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by $0.05. The business had revenue of $614.50 million during the quarter, compared to analysts’ expectations of $611.62 million. Selective Insurance Group had a return on equity of 10.82% and a net margin of 7.13%. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.74 EPS. On average, equities analysts predict that Selective Insurance Group will post $3.07 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Friday, August 11th. Selective Insurance Group’s payout ratio is currently 22.22%.
In other news, Director A David Brown sold 6,275 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $50.49, for a total transaction of $316,824.75. Following the completion of the sale, the director now directly owns 21,650 shares of the company’s stock, valued at $1,093,108.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory E. Murphy sold 8,789 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $49.80, for a total transaction of $437,692.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,547 shares of company stock worth $1,031,269. Company insiders own 3.00% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in SIGI. Sawgrass Asset Management LLC acquired a new stake in Selective Insurance Group during the first quarter worth $232,000. Dubuque Bank & Trust Co. bought a new position in Selective Insurance Group during the first quarter valued at about $344,000. First Mercantile Trust Co. increased its position in Selective Insurance Group by 8.5% in the first quarter. First Mercantile Trust Co. now owns 8,390 shares of the insurance provider’s stock valued at $395,000 after buying an additional 660 shares during the period. Independent Portfolio Consultants Inc. increased its position in Selective Insurance Group by 7.6% in the first quarter. Independent Portfolio Consultants Inc. now owns 29,795 shares of the insurance provider’s stock valued at $1,405,000 after buying an additional 2,095 shares during the period. Finally, Mesirow Financial Investment Management Equity Management increased its position in Selective Insurance Group by 5.4% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 481,107 shares of the insurance provider’s stock valued at $22,682,000 after buying an additional 24,435 shares during the period. 76.78% of the stock is owned by institutional investors.
About Selective Insurance Group
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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