BidaskClub Downgrades Selective Insurance Group (NASDAQ:SIGI) to Buy

BidaskClub lowered shares of Selective Insurance Group (NASDAQ:SIGI) from a strong-buy rating to a buy rating in a report released on Saturday, BidAskClub reports.

Separately, ValuEngine lowered Selective Insurance Group from a buy rating to a hold rating in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Selective Insurance Group currently has a consensus rating of Hold and a consensus price target of $65.33.

Selective Insurance Group stock opened at $75.12 on Friday. The firm has a 50 day simple moving average of $78.33 and a 200 day simple moving average of $72.32. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27. Selective Insurance Group has a 1-year low of $56.22 and a 1-year high of $81.35. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of 20.52, a P/E/G ratio of 1.71 and a beta of 0.82.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.10. Selective Insurance Group had a return on equity of 13.53% and a net margin of 8.65%. The firm had revenue of $708.20 million for the quarter, compared to the consensus estimate of $707.83 million. During the same quarter in the prior year, the business posted $1.01 earnings per share. The business’s quarterly revenue was up 8.6% on a year-over-year basis. On average, equities research analysts forecast that Selective Insurance Group will post 4.35 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.06%. The ex-dividend date was Wednesday, August 14th. Selective Insurance Group’s dividend payout ratio is presently 21.86%.

In other news, Director William M. Rue sold 7,795 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $77.64, for a total value of $605,203.80. Following the sale, the director now directly owns 337,804 shares of the company’s stock, valued at $26,227,102.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

A number of large investors have recently modified their holdings of SIGI. EP Wealth Advisors LLC boosted its holdings in Selective Insurance Group by 4.6% in the 2nd quarter. EP Wealth Advisors LLC now owns 3,346 shares of the insurance provider’s stock valued at $251,000 after purchasing an additional 147 shares during the period. Creative Planning grew its holdings in shares of Selective Insurance Group by 0.7% during the second quarter. Creative Planning now owns 31,099 shares of the insurance provider’s stock worth $2,329,000 after purchasing an additional 206 shares in the last quarter. MML Investors Services LLC grew its holdings in shares of Selective Insurance Group by 5.7% during the second quarter. MML Investors Services LLC now owns 4,018 shares of the insurance provider’s stock worth $301,000 after purchasing an additional 216 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Selective Insurance Group by 4.7% in the second quarter. Crossmark Global Holdings Inc. now owns 5,480 shares of the insurance provider’s stock worth $410,000 after purchasing an additional 247 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Selective Insurance Group by 1.4% in the second quarter. State of Alaska Department of Revenue now owns 20,160 shares of the insurance provider’s stock worth $1,509,000 after purchasing an additional 285 shares during the last quarter. 79.06% of the stock is owned by institutional investors.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus 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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