Selective Insurance Group (SIGI) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Selective Insurance Group (NASDAQ:SIGI) from a hold rating to a buy rating in a report released on Friday. The firm currently has $68.00 price target on the insurance provider’s stock.

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. “

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A number of other research firms also recently commented on SIGI. BidaskClub upgraded shares of Selective Insurance Group from a buy rating to a strong-buy rating in a report on Friday. ValuEngine upgraded shares of Selective Insurance Group from a hold rating to a buy rating in a report on Sunday, December 31st. Keefe, Bruyette & Woods set a $62.00 price objective on shares of Selective Insurance Group and gave the company a hold rating in a report on Monday, February 5th. Finally, Royal Bank of Canada reiterated a hold rating and issued a $59.00 price objective on shares of Selective Insurance Group in a report on Friday, December 8th. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $63.00.

SIGI stock traded down $0.05 during mid-day trading on Friday, reaching $60.70. The company’s stock had a trading volume of 234,498 shares, compared to its average volume of 183,702. The company has a market cap of $3,565.81, a price-to-earnings ratio of 19.52, a PEG ratio of 0.78 and a beta of 1.34. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.26. Selective Insurance Group has a fifty-two week low of $44.65 and a fifty-two week high of $62.40.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Thursday, February 1st. The insurance provider reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.06. The company had revenue of $633.70 million during the quarter, compared to the consensus estimate of $632.30 million. Selective Insurance Group had a net margin of 6.83% and a return on equity of 11.11%. Selective Insurance Group’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 EPS. equities analysts forecast that Selective Insurance Group will post 3.88 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th were paid a $0.18 dividend. The ex-dividend date was Wednesday, February 14th. This represents a $0.72 annualized dividend and a dividend yield of 1.19%. Selective Insurance Group’s dividend payout ratio (DPR) is 23.15%.

Several institutional investors have recently bought and sold shares of the company. GW&K Investment Management LLC grew its stake in shares of Selective Insurance Group by 12.9% in the 4th quarter. GW&K Investment Management LLC now owns 8,215 shares of the insurance provider’s stock valued at $482,000 after buying an additional 940 shares during the period. UBS Asset Management Americas Inc. grew its stake in shares of Selective Insurance Group by 3.0% in the 4th quarter. UBS Asset Management Americas Inc. now owns 36,577 shares of the insurance provider’s stock valued at $2,147,000 after buying an additional 1,065 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Selective Insurance Group by 46.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,697 shares of the insurance provider’s stock valued at $217,000 after buying an additional 1,171 shares during the period. Flinton Capital Management LLC grew its stake in shares of Selective Insurance Group by 21.8% in the 4th quarter. Flinton Capital Management LLC now owns 6,720 shares of the insurance provider’s stock valued at $394,000 after buying an additional 1,204 shares during the period. Finally, Teachers Advisors LLC grew its stake in shares of Selective Insurance Group by 1.2% in the 4th quarter. Teachers Advisors LLC now owns 103,333 shares of the insurance provider’s stock valued at $6,066,000 after buying an additional 1,229 shares during the period. 78.69% of the stock is owned by institutional investors and hedge funds.

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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.

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