Zacks Investment Research upgraded shares of Selective Insurance Group Inc. (NASDAQ:SIGI) from a hold rating to a buy rating in a report issued on Saturday. They currently have $45.00 price objective on the 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. “
Separately, Keefe, Bruyette & Woods set a $41.00 price objective on Selective Insurance Group and gave the company a hold rating in a research note on Monday, August 1st.
Selective Insurance Group (NASDAQ:SIGI) opened at 40.43 on Friday. The firm has a market cap of $2.34 billion, a P/E ratio of 13.67 and a beta of 1.33. Selective Insurance Group has a 1-year low of $29.27 and a 1-year high of $41.30. The company has a 50-day moving average price of $39.80 and a 200-day moving average price of $37.78.
Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.13. The firm earned $568.70 million during the quarter, compared to the consensus estimate of $569.77 million. Selective Insurance Group had a return on equity of 12.11% and a net margin of 7.84%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 EPS. On average, equities research analysts forecast that Selective Insurance Group will post $2.75 EPS for the current fiscal year.
In other news, CEO Gregory E. Murphy sold 8,333 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $39.50, for a total transaction of $329,153.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director A David Brown sold 6,400 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $39.23, for a total value of $251,072.00. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Selective Insurance Group by 3.9% in the second quarter. Vanguard Group Inc. now owns 4,330,663 shares of the company’s stock valued at $165,474,000 after buying an additional 161,513 shares during the last quarter. BlackRock Fund Advisors increased its position in Selective Insurance Group by 2.8% in the second quarter. BlackRock Fund Advisors now owns 3,676,177 shares of the company’s stock valued at $140,467,000 after buying an additional 101,821 shares during the last quarter. Macquarie Group Ltd. increased its position in Selective Insurance Group by 7.0% in the second quarter. Macquarie Group Ltd. now owns 2,866,942 shares of the company’s stock valued at $109,546,000 after buying an additional 188,541 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Selective Insurance Group by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,428,626 shares of the company’s stock valued at $54,588,000 after buying an additional 4,669 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its position in Selective Insurance Group by 38.5% in the second quarter. Frontier Capital Management Co. LLC now owns 1,387,530 shares of the company’s stock valued at $53,018,000 after buying an additional 385,549 shares during the last quarter. Institutional investors own 76.73% of the company’s stock.
About Selective Insurance Group
Selective Insurance Group, Inc is a holding company with insurance subsidiaries. The Company operates its business through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines and Investments. Its Standard Commercial Lines segment consists of insurance products and services provided in the standard marketplace to its commercial customers, including businesses and local government agencies.