Selective Insurance Group Inc. (SIGI) Upgraded to Hold at Zacks Investment Research
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 objective on shares of Selective Insurance Group and gave the stock a hold rating in a research note on Monday, August 1st.
Selective Insurance Group (NASDAQ:SIGI) opened at 41.75 on Tuesday. The stock has a 50 day moving average of $39.14 and a 200 day moving average of $38.65. Selective Insurance Group has a 12-month low of $29.27 and a 12-month high of $42.55. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 14.92 and a beta of 1.22.
Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, October 26th. The company reported $0.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by $0.08. The business earned $581.70 million during the quarter, compared to the consensus estimate of $462.11 million. Selective Insurance Group had a return on equity of 10.96% and a net margin of 7.32%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. Equities research analysts anticipate that Selective Insurance Group will post $2.60 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Tuesday, November 15th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.53%. This is a boost from Selective Insurance Group’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, November 10th. Selective Insurance Group’s payout ratio is presently 22.78%.
In related news, COO John J. Marchioni sold 17,107 shares of the company’s stock in a transaction on Friday, November 18th. The shares were sold at an average price of $40.42, for a total transaction of $691,464.94. Following the completion of the transaction, the chief operating officer now directly owns 121,148 shares in the company, valued at approximately $4,896,802.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael J. Morrissey sold 2,364 shares of the company’s stock in a transaction on Friday, November 25th. The shares were sold at an average price of $42.30, for a total transaction of $99,997.20. Following the transaction, the director now owns 17,583 shares of the company’s stock, valued at $743,760.90. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. 1st Global Advisors Inc. bought a new position in Selective Insurance Group during the second quarter valued at approximately $204,000. First Quadrant L P CA bought a new position in Selective Insurance Group during the second quarter valued at approximately $646,000. Copper Rock Capital Partners LLC boosted its position in Selective Insurance Group by 1.6% in the second quarter. Copper Rock Capital Partners LLC now owns 597,940 shares of the company’s stock valued at $22,847,000 after buying an additional 9,276 shares during the last quarter. Independent Portfolio Consultants Inc. boosted its position in Selective Insurance Group by 57.2% in the second quarter. Independent Portfolio Consultants Inc. now owns 28,495 shares of the company’s stock valued at $1,089,000 after buying an additional 10,365 shares during the last quarter. Finally, Eqis Capital Management Inc. boosted its position in Selective Insurance Group by 10.8% in the second quarter. Eqis Capital Management Inc. now owns 10,413 shares of the company’s stock valued at $398,000 after buying an additional 1,014 shares during the last quarter. Hedge funds and other institutional investors own 77.80% of the company’s stock.
Selective Insurance Group Company Profile
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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