Selective Insurance Group (SIGI) Upgraded at Zacks Investment Research

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Selective Insurance Group (NASDAQ:SIGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $73.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.46% from the stock’s previous close.

According to Zacks, “Shares of Selective Insurance have outperformed the industry in a year's time. The company is poised for top-line growth riding on high retention ratio, pure renewal price increases and new business growth. Backed by a rising interest rate environment, the company projects after-tax net investment income of $175 million for 2019. Geographic expansion plays a vital role when it comes to growth and diversification. The company also remains committed to adding shareholder value via effective capital deployment. However, exposure to cat loss poses an inherent risk to the P&C business, rendering volatility to the company’s earnings. Rising expenses remain a concern as it might restrict the operating margin expansion.”

Several other analysts also recently weighed in on the company. BidaskClub upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Wednesday, November 21st. ValuEngine raised Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Monday, October 29th. Boenning Scattergood reaffirmed a “hold” rating on shares of Selective Insurance Group in a research report on Monday, October 29th. JMP Securities assumed coverage on Selective Insurance Group in a research report on Friday, November 16th. They issued a “market perform” rating on the stock. Finally, Buckingham Research assumed coverage on Selective Insurance Group in a research report on Friday, December 14th. They issued a “neutral” rating and a $62.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Selective Insurance Group currently has an average rating of “Hold” and an average price target of $64.25.

Shares of NASDAQ:SIGI traded down $0.22 during trading on Tuesday, hitting $64.91. The company’s stock had a trading volume of 1,477 shares, compared to its average volume of 153,243. Selective Insurance Group has a 12 month low of $53.55 and a 12 month high of $67.17. The company has a quick ratio of 0.33, a current ratio of 0.31 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $3.79 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 1.21 and a beta of 0.90.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Thursday, January 31st. The insurance provider reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.26. Selective Insurance Group had a net margin of 6.92% and a return on equity of 12.69%. The firm had revenue of $680.90 million for the quarter, compared to analysts’ expectations of $661.70 million. Analysts expect that Selective Insurance Group will post 4.2 earnings per share for the current fiscal year.

In related news, Director Paul D. Bauer sold 2,500 shares of Selective Insurance Group stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $64.40, for a total value of $161,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC raised its stake in shares of Selective Insurance Group by 4.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,636 shares of the insurance provider’s stock valued at $283,000 after acquiring an additional 184 shares during the last quarter. Advisor Group Inc. raised its holdings in Selective Insurance Group by 5.8% during the 4th quarter. Advisor Group Inc. now owns 5,474 shares of the insurance provider’s stock valued at $334,000 after buying an additional 298 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in Selective Insurance Group by 1.8% during the 4th quarter. State of Alaska Department of Revenue now owns 19,690 shares of the insurance provider’s stock valued at $1,199,000 after buying an additional 340 shares during the last quarter. State of Tennessee Treasury Department raised its holdings in Selective Insurance Group by 0.9% during the 4th quarter. State of Tennessee Treasury Department now owns 38,476 shares of the insurance provider’s stock valued at $2,345,000 after buying an additional 351 shares during the last quarter. Finally, Private Capital Group LLC raised its holdings in Selective Insurance Group by 55.5% during the 4th quarter. Private Capital Group LLC now owns 1,056 shares of the insurance provider’s stock valued at $64,000 after buying an additional 377 shares during the last quarter. 82.63% of the stock is owned by hedge funds and other institutional investors.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates in four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus (E&S) Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.

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