Selective Insurance Group, Inc. (NASDAQ:SIGI) - Boenning Scattergood upped their Q3 2017 earnings estimates for Selective Insurance Group in a note issued to investors on Thursday. Boenning Scattergood analyst R. Farnam now forecasts that the insurance provider will earn $0.83 per share for the quarter, up from their prior estimate of $0.80. Boenning Scattergood currently has a “Hold” rating on the stock. Boenning Scattergood also issued estimates for Selective Insurance Group’s Q4 2017 earnings at $0.73 EPS, Q1 2018 earnings at $0.75 EPS, Q2 2018 earnings at $0.81 EPS, Q3 2018 earnings at $0.86 EPS and Q4 2018 earnings at $0.78 EPS.
Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data 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. Selective Insurance Group had a net margin of 7.13% and a return on equity of 10.82%. The company had revenue of $614.50 million during the quarter, compared to the consensus estimate of $611.62 million. During the same quarter in the prior year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was up 8.1% on a year-over-year basis.
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A number of other research firms also recently weighed in on SIGI. Zacks Investment Research upgraded shares of Selective Insurance Group from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research report on Thursday, April 13th. ValuEngine downgraded shares of Selective Insurance Group from a “buy” rating to a “hold” rating in a research report on Friday. BidaskClub downgraded shares of Selective Insurance Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Royal Bank Of Canada reiterated a “hold” rating and issued a $48.00 price target on shares of Selective Insurance Group in a research report on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $48.00 price target on shares of Selective Insurance Group in a research report on Tuesday, May 2nd. Seven investment analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and an average price target of $47.73.
Shares of Selective Insurance Group (SIGI) opened at 50.75 on Friday. The stock has a 50 day moving average price of $50.79 and a 200 day moving average price of $47.62. Selective Insurance Group has a 1-year low of $34.95 and a 1-year high of $53.75. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of 17.68 and a beta of 1.45.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nationwide Fund Advisors boosted its position in shares of Selective Insurance Group by 7.6% in the first quarter. Nationwide Fund Advisors now owns 114,349 shares of the insurance provider’s stock worth $5,392,000 after buying an additional 8,037 shares during the period. Sawgrass Asset Management LLC purchased a new position in shares of Selective Insurance Group during the first quarter worth about $232,000. Karp Capital Management Corp purchased a new position in shares of Selective Insurance Group during the first quarter worth about $1,472,000. Parametric Portfolio Associates LLC boosted its position in shares of Selective Insurance Group by 18.4% in the first quarter. Parametric Portfolio Associates LLC now owns 293,141 shares of the insurance provider’s stock worth $13,822,000 after buying an additional 45,657 shares during the period. Finally, Guggenheim Capital LLC boosted its position in shares of Selective Insurance Group by 89.7% in the fourth quarter. Guggenheim Capital LLC now owns 62,379 shares of the insurance provider’s stock worth $2,686,000 after buying an additional 29,504 shares during the period. 78.18% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director William M. Rue sold 12,000 shares of Selective Insurance Group stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $52.24, for a total value of $626,880.00. Following the transaction, the director now directly owns 357,164 shares of the company’s stock, valued at $18,658,247.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gregory E. Murphy sold 8,789 shares of Selective Insurance Group stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $49.80, for a total transaction of $437,692.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,547 shares of company stock valued at $1,607,089. 3.00% of the stock is owned by company insiders.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be given a $0.16 dividend. The ex-dividend date is Friday, August 11th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.26%. Selective Insurance Group’s payout ratio is 22.22%.
About Selective Insurance Group
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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