Selective Insurance Group (SIGI) Raised to “Buy” at Zacks Investment Research

Selective Insurance Group (NASDAQ:SIGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage currently has a $69.00 price target on the insurance provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 18.45% from the stock’s current price.

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. “

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A number of other analysts have also recently commented on SIGI. Royal Bank of Canada reiterated a “hold” rating and issued a $59.00 target price on shares of Selective Insurance Group in a research note on Friday, December 8th. BidaskClub cut shares of Selective Insurance Group from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. ValuEngine upgraded shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Keefe, Bruyette & Woods set a $62.00 target price on shares of Selective Insurance Group and gave the stock a “hold” rating in a research note on Monday, February 5th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Selective Insurance Group presently has a consensus rating of “Hold” and a consensus price target of $63.33.

Shares of Selective Insurance Group stock opened at $58.25 on Thursday. The company has a market cap of $3,520.13, a P/E ratio of 19.22, a P/E/G ratio of 0.87 and a beta of 1.34. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.29. Selective Insurance Group has a 12 month low of $44.65 and a 12 month high of $62.40.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Thursday, February 1st. The insurance provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. The company had revenue of $633.70 million during the quarter, compared to analysts’ expectations of $632.30 million. Selective Insurance Group had a net margin of 6.83% and a return on equity of 11.11%. Selective Insurance Group’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period last year, the business earned $0.75 EPS. analysts anticipate that Selective Insurance Group will post 3.88 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in SIGI. Millennium Management LLC lifted its stake in Selective Insurance Group by 47.2% during the 4th quarter. Millennium Management LLC now owns 488,075 shares of the insurance provider’s stock valued at $28,650,000 after acquiring an additional 156,551 shares during the period. Deutsche Bank AG lifted its stake in Selective Insurance Group by 150.9% during the 4th quarter. Deutsche Bank AG now owns 259,705 shares of the insurance provider’s stock valued at $15,242,000 after acquiring an additional 156,198 shares during the period. Arizona State Retirement System lifted its stake in 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 valued at $5,761,000 after acquiring an additional 67,905 shares during the period. Citadel Advisors LLC lifted its stake in Selective Insurance Group by 138.3% during the 4th quarter. Citadel Advisors LLC now owns 108,181 shares of the insurance provider’s stock valued at $6,351,000 after acquiring an additional 62,777 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Selective Insurance Group by 4.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,407,096 shares of the insurance provider’s stock valued at $82,597,000 after purchasing an additional 60,686 shares in the last quarter. Institutional investors and hedge funds own 78.68% of the company’s stock.

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Selective Insurance Group Company Profile

Selective Insurance Group, Inc is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market.

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