Zacks Investment Research upgraded shares of Selective Insurance Group Inc. (NASDAQ:SIGI) from a hold rating to a buy rating in a research report report published on Saturday morning. They currently have $45.00 target price 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 target on shares of Selective Insurance Group and gave the company a hold rating in a research note on Monday, August 1st.
Shares of Selective Insurance Group (NASDAQ:SIGI) opened at 40.43 on Friday. The company has a market cap of $2.34 billion, a PE 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 firm’s 50 day moving average is $39.80 and its 200-day moving average is $37.78.
Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, July 27th. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.13. Selective Insurance Group had a net margin of 7.84% and a return on equity of 12.11%. The firm earned $568.70 million during the quarter, compared to the consensus estimate of $569.77 million. During the same period in the prior year, the firm earned $0.62 EPS. The company’s revenue was up 8.9% compared to the same quarter last year. Equities analysts expect that Selective Insurance Group will post $2.75 earnings per share for the current year.
In other Selective Insurance Group news, Director A David Brown sold 6,400 shares of the stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $39.23, for a total value of $251,072.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gregory E. Murphy sold 8,333 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $39.50, for a total transaction of $329,153.50. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake 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 in the last quarter. BlackRock Fund Advisors boosted its stake 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 in the last quarter. Macquarie Group Ltd. boosted its stake 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 in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake 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 in the last quarter. Finally, Frontier Capital Management Co. LLC boosted its stake 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 in the last quarter. Institutional investors and hedge funds 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.
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