Selective Insurance Group (SIGI) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Selective Insurance Group (NASDAQ:SIGI) from a hold rating to a buy rating in a research report report published on Wednesday morning. They currently have $66.00 target price 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. “

Several other equities research analysts have also recently commented on SIGI. BidaskClub cut Selective Insurance Group from a buy rating to a hold rating in a research note on Thursday, May 3rd. ValuEngine cut Selective Insurance Group from a buy rating to a hold rating in a research note on Saturday, June 2nd. Sandler O’Neill restated a hold rating and issued a $61.00 target price on shares of Selective Insurance Group in a research note on Friday, April 6th. Finally, Boenning Scattergood restated a hold rating on shares of Selective Insurance Group in a research note on Thursday, May 3rd. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $62.00.

Selective Insurance Group opened at $57.75 on Wednesday, according to Marketbeat Ratings. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 18.57, a PEG ratio of 1.07 and a beta of 1.25. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.26. Selective Insurance Group has a 52 week low of $46.28 and a 52 week high of $62.40.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, May 2nd. The insurance provider reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.08). The firm had revenue of $626.70 million during the quarter, compared to the consensus estimate of $642.35 million. Selective Insurance Group had a net margin of 5.50% and a return on equity of 9.58%. The company’s revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 EPS. equities analysts expect that Selective Insurance Group will post 3.4 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 1st. Stockholders of record on Tuesday, May 15th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date was Monday, May 14th. Selective Insurance Group’s dividend payout ratio is currently 23.15%.

In other news, EVP Michael H. Lanza sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $55.99, for a total transaction of $503,910.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director J Brian Thebault sold 9,888 shares of the company’s stock in a transaction that occurred on Thursday, May 10th. The stock was sold at an average price of $56.01, for a total value of $553,826.88. Following the sale, the director now owns 90,160 shares in the company, valued at approximately $5,049,861.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,811 shares of company stock worth $2,617,902. Company insiders own 2.00% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. LPL Financial LLC raised its stake in shares of 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 purchasing an additional 43,109 shares in the last quarter. Swiss National Bank increased its holdings in shares of 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 increased its holdings in shares of 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 acquired a new position in shares of Selective Insurance Group during the 4th quarter worth approximately $1,573,000. Finally, Arizona State Retirement System increased its holdings in shares of 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. Institutional investors own 78.27% 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. 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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