Selective Insurance Group Inc. (NASDAQ:SIGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The brokerage presently has a $45.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.30% from the stock’s current price.
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 target price on shares of Selective Insurance Group and gave the company a “hold” rating in a report on Monday, August 1st.
Selective Insurance Group (NASDAQ:SIGI) opened at 40.43 on Friday. The firm has a market capitalization of $2.34 billion, a PE ratio of 13.67 and a beta of 1.33. Selective Insurance Group has a 12-month low of $29.27 and a 12-month high of $41.30. The company has a 50-day moving average price of $39.80 and a 200-day moving average price of $37.78.
Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, July 27th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.13. Selective Insurance Group had a net margin of 7.84% and a return on equity of 12.11%. The company earned $568.70 million during the quarter, compared to analysts’ expectations of $569.77 million. During the same period last year, the company posted $0.62 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, analysts predict that Selective Insurance Group will post $2.75 earnings per share for the current year.
In other news, CEO Gregory E. Murphy sold 8,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $39.50, for a total transaction of $329,153.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William M. Rue sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $38.41, for a total transaction of $960,250.00. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of SIGI. UBS Group AG boosted its position in shares of Selective Insurance Group by 2.6% in the first quarter. UBS Group AG now owns 105,513 shares of the company’s stock worth $3,863,000 after buying an additional 2,651 shares during the period. State Street Corp boosted its position in shares of Selective Insurance Group by 2.6% in the first quarter. State Street Corp now owns 1,121,344 shares of the company’s stock worth $41,051,000 after buying an additional 28,934 shares during the period. Zebra Capital Management LLC boosted its position in shares of Selective Insurance Group by 26.2% in the first quarter. Zebra Capital Management LLC now owns 67,158 shares of the company’s stock worth $2,459,000 after buying an additional 13,934 shares during the period. Royce & Associates LP boosted its position in shares of Selective Insurance Group by 219.1% in the first quarter. Royce & Associates LP now owns 28,078 shares of the company’s stock worth $1,028,000 after buying an additional 19,278 shares during the period. Finally, Landscape Capital Management L.L.C. boosted its position in shares of Selective Insurance Group by 75.4% in the first quarter. Landscape Capital Management L.L.C. now owns 22,100 shares of the company’s stock worth $809,000 after buying an additional 9,500 shares during the period. 76.73% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.