ValuEngine Downgrades Selective Insurance Group (SIGI) to Hold

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ValuEngine cut shares of Selective Insurance Group (NASDAQ:SIGI) from a buy rating to a hold rating in a research report released on Thursday.

Other research analysts also recently issued reports about the company. Zacks Investment Research raised Selective Insurance Group from a hold rating to a buy rating and set a $73.00 price target for the company in a research report on Tuesday, February 12th. BidaskClub raised Selective Insurance Group from a hold rating to a buy rating in a research report on Wednesday, November 21st. Buckingham Research began coverage on Selective Insurance Group in a research report on Friday, December 14th. They set a neutral rating and a $62.00 price target for the company. Finally, JMP Securities began coverage on Selective Insurance Group in a research report on Friday, November 16th. They set a market perform rating for the company. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. The company presently has an average rating of Hold and a consensus price target of $64.25.

NASDAQ:SIGI opened at $63.44 on Thursday. 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 cap of $3.74 billion, a P/E ratio of 17.33, a PEG ratio of 1.25 and a beta of 0.90. Selective Insurance Group has a 52-week low of $53.55 and a 52-week high of $67.72.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, January 31st. The insurance provider reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.26. The business had revenue of $680.90 million during the quarter, compared to the consensus estimate of $661.70 million. Selective Insurance Group had a return on equity of 12.69% and a net margin of 6.92%. On average, research analysts predict that Selective Insurance Group will post 4.2 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, February 14th. This represents a $0.80 annualized dividend and a yield of 1.26%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 21.86%.

In related news, Director John Burville sold 3,614 shares of the stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $66.27, for a total transaction of $239,499.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory E. Murphy sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $66.25, for a total value of $331,250.00. The disclosure for this sale can be found here. Insiders have sold 18,614 shares of company stock valued at $1,233,550 over the last three months. Insiders own 2.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SIGI. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Selective Insurance Group in the fourth quarter valued at approximately $52,892,000. Norges Bank acquired a new stake in shares of Selective Insurance Group in the fourth quarter valued at approximately $41,822,000. BlackRock Inc. lifted its position in shares of Selective Insurance Group by 3.5% in the third quarter. BlackRock Inc. now owns 8,434,767 shares of the insurance provider’s stock valued at $535,608,000 after buying an additional 284,094 shares during the last quarter. Macquarie Group Ltd. lifted its position in shares of Selective Insurance Group by 8.9% in the third quarter. Macquarie Group Ltd. now owns 3,091,575 shares of the insurance provider’s stock valued at $196,315,000 after buying an additional 253,124 shares during the last quarter. Finally, Mesirow Financial Investment Management Equity Management acquired a new stake in shares of Selective Insurance Group in the fourth quarter valued at approximately $11,517,000. 80.19% of the stock is owned by 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.

Further Reading: How can investors find ex-dividend dates?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Selective Insurance Group (NASDAQ:SIGI)

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