StockNews.com Upgrades Selective Insurance Group (NASDAQ:SIGI) to “Buy”

Selective Insurance Group (NASDAQ:SIGI) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

Several other research firms have also weighed in on SIGI. BMO Capital Markets boosted their price objective on shares of Selective Insurance Group from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. Keefe, Bruyette & Woods lowered their price objective on shares of Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 30th. Finally, Morgan Stanley lowered their price objective on shares of Selective Insurance Group from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $93.50.

Selective Insurance Group Stock Up 0.5%

Shares of SIGI stock opened at $89.09 on Thursday. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.17. Selective Insurance Group has a 1 year low of $78.13 and a 1 year high of $103.56. The firm’s fifty day moving average price is $88.51 and its two-hundred day moving average price is $90.71. The firm has a market capitalization of $5.41 billion, a P/E ratio of 27.67 and a beta of 0.51.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.10). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm posted $1.33 earnings per share. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. On average, equities analysts predict that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Insider Activity at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,352 shares of the company’s stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $87.06, for a total value of $117,705.12. Following the transaction, the chief accounting officer now owns 15,946 shares in the company, valued at approximately $1,388,258.76. This represents a 7.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC grew its stake in Selective Insurance Group by 171.6% in the 3rd quarter. Barclays PLC now owns 114,790 shares of the insurance provider’s stock valued at $10,711,000 after buying an additional 72,530 shares during the last quarter. Franklin Resources Inc. grew its stake in Selective Insurance Group by 38.4% in the 3rd quarter. Franklin Resources Inc. now owns 6,296 shares of the insurance provider’s stock valued at $603,000 after buying an additional 1,747 shares during the last quarter. Sei Investments Co. boosted its holdings in Selective Insurance Group by 151.9% in the 4th quarter. Sei Investments Co. now owns 83,562 shares of the insurance provider’s stock valued at $7,815,000 after purchasing an additional 50,386 shares during the period. Boston Trust Walden Corp boosted its holdings in Selective Insurance Group by 8.7% in the 4th quarter. Boston Trust Walden Corp now owns 1,055,321 shares of the insurance provider’s stock valued at $98,694,000 after purchasing an additional 84,341 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in Selective Insurance Group by 1.5% in the 4th quarter. Pacer Advisors Inc. now owns 9,061 shares of the insurance provider’s stock valued at $847,000 after purchasing an additional 137 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.