Selective Insurance Group, Inc. (NASDAQ:SIGI) Downgraded to Sell at BidaskClub

Selective Insurance Group, Inc. (NASDAQ:SIGI) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday, August 1st.

Several other equities analysts have also recently weighed in on the company. Zacks Investment Research cut Selective Insurance Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 6th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $48.00 price target on shares of Selective Insurance Group in a report on Tuesday, May 2nd. ValuEngine raised Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Boenning Scattergood reaffirmed a “hold” rating on shares of Selective Insurance Group in a report on Thursday, July 27th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 target price on shares of Selective Insurance Group in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Selective Insurance Group has an average rating of “Hold” and an average price target of $47.73.

Shares of Selective Insurance Group (SIGI) opened at 50.45 on Tuesday. The stock has a market capitalization of $2.94 billion, a P/E ratio of 17.57 and a beta of 1.44. Selective Insurance Group has a 52-week low of $34.95 and a 52-week high of $53.75. The firm has a 50-day moving average price of $50.87 and a 200-day moving average price of $48.52.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.73 by $0.05. The firm had revenue of $614.50 million for the quarter, compared to the consensus estimate of $611.62 million. Selective Insurance Group had a net margin of 7.13% and a return on equity of 10.82%. Selective Insurance Group’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.74 earnings per share. On average, analysts predict that Selective Insurance Group will post $3.07 EPS for the current year.

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In other Selective Insurance Group news, Director Paul D. Bauer sold 1,000 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.06, for a total value of $51,060.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gregory E. Murphy sold 8,789 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $49.80, for a total value of $437,692.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,547 shares of company stock worth $1,031,269. 3.00% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. Sawgrass Asset Management LLC acquired a new stake in shares of Selective Insurance Group during the first quarter worth about $232,000. Dubuque Bank & Trust Co. acquired a new stake in shares of Selective Insurance Group during the first quarter worth about $344,000. First Mercantile Trust Co. raised its stake in shares of Selective Insurance Group by 8.5% in the first quarter. First Mercantile Trust Co. now owns 8,390 shares of the insurance provider’s stock worth $395,000 after buying an additional 660 shares during the last quarter. Independent Portfolio Consultants Inc. raised its position in shares of Selective Insurance Group by 7.6% in the first quarter. Independent Portfolio Consultants Inc. now owns 29,795 shares of the insurance provider’s stock worth $1,405,000 after buying an additional 2,095 shares during the last quarter. Finally, Mesirow Financial Investment Management Equity Management raised its position in shares of Selective Insurance Group by 5.4% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 481,107 shares of the insurance provider’s stock worth $22,682,000 after buying an additional 24,435 shares during the last quarter. Institutional investors and hedge funds own 76.78% of the company’s stock.

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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