Selective Insurance Group, Inc. (SIGI) Rating Lowered to Sell at Zacks Investment Research

Selective Insurance Group, Inc. (NASDAQ:SIGI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

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. “

Other research analysts have also issued research reports about the company. ValuEngine lowered Selective Insurance Group from a “buy” rating to a “hold” rating in a report on Friday, July 28th. BidaskClub upgraded Selective Insurance Group from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Royal Bank Of Canada restated a “hold” rating and issued a $48.00 target price on shares of Selective Insurance Group in a report on Wednesday, July 12th. Finally, Boenning Scattergood restated a “hold” rating on shares of Selective Insurance Group in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Selective Insurance Group currently has an average rating of “Hold” and an average target price of $46.91.

Shares of Selective Insurance Group (NASDAQ:SIGI) opened at 54.95 on Friday. The company has a 50-day moving average price of $51.87 and a 200-day moving average price of $50.38. Selective Insurance Group has a 12 month low of $34.95 and a 12 month high of $55.15. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of 19.14 and a beta of 1.44.

Selective Insurance Group (NASDAQ:SIGI) last issued 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). 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 analyst estimates of $611.62 million. During the same period in the previous year, the company posted $0.74 EPS. The company’s quarterly revenue was up 8.1% on a year-over-year basis. Equities analysts forecast that Selective Insurance Group will post $3.01 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “Selective Insurance Group, Inc. (SIGI) Rating Lowered to Sell at Zacks Investment Research” was first reported by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this piece on another website, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this piece can be read at https://stocknewstimes.com/2017/10/16/selective-insurance-group-inc-sigi-rating-lowered-to-sell-at-zacks-investment-research.html.

In related news, Director Michael J. Morrissey sold 665 shares of Selective Insurance Group stock in a transaction on Friday, September 1st. The stock was sold at an average price of $50.81, for a total transaction of $33,788.65. Following the sale, the director now directly owns 15,177 shares in the company, valued at $771,143.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul D. Bauer sold 1,000 shares of Selective Insurance Group 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 disclosure for this sale can be found here. Insiders have sold 4,148 shares of company stock worth $210,141 over the last quarter. 3.00% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio lifted its holdings in Selective Insurance Group by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 2,449 shares of the insurance provider’s stock worth $123,000 after acquiring an additional 23 shares during the period. Teacher Retirement System of Texas lifted its holdings in Selective Insurance Group by 2.1% during the second quarter. Teacher Retirement System of Texas now owns 4,657 shares of the insurance provider’s stock worth $233,000 after acquiring an additional 94 shares during the period. LS Investment Advisors LLC lifted its holdings in Selective Insurance Group by 5.1% during the second quarter. LS Investment Advisors LLC now owns 2,180 shares of the insurance provider’s stock worth $109,000 after acquiring an additional 106 shares during the period. Municipal Employees Retirement System of Michigan lifted its holdings in Selective Insurance Group by 0.8% during the first quarter. Municipal Employees Retirement System of Michigan now owns 16,770 shares of the insurance provider’s stock worth $790,000 after acquiring an additional 130 shares during the period. Finally, Amalgamated Bank lifted its holdings in Selective Insurance Group by 1.7% during the second quarter. Amalgamated Bank now owns 7,839 shares of the insurance provider’s stock worth $392,000 after acquiring an additional 132 shares during the period. Institutional investors and hedge funds own 77.73% of the company’s stock.

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.

Receive News & Ratings for Selective Insurance Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Selective Insurance Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply