Selective Insurance Group (NASDAQ:SIGI) Downgraded to “Strong Sell” at BidaskClub

BidaskClub cut shares of Selective Insurance Group (NASDAQ:SIGI) from a sell rating to a strong sell rating in a report issued on Saturday, BidAskClub reports.

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SIGI has been the subject of several other research reports. Buckingham Research lifted their price objective on shares of Selective Insurance Group from $73.00 to $75.00 and gave the company a neutral rating in a research note on Thursday, September 12th. ValuEngine upgraded shares of Selective Insurance Group from a sell rating to a hold rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Selective Insurance Group has an average rating of Hold and an average target price of $74.00.

Shares of SIGI traded up $0.22 during mid-day trading on Friday, reaching $68.66. The company had a trading volume of 211,300 shares, compared to its average volume of 266,599. The company’s 50 day simple moving average is $73.46 and its 200 day simple moving average is $74.82. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 18.76, a P/E/G ratio of 2.19 and a beta of 0.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. Selective Insurance Group has a 1-year low of $56.22 and a 1-year high of $81.35.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Wednesday, October 30th. The insurance provider reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.14). The company had revenue of $710.40 million during the quarter, compared to the consensus estimate of $718.14 million. Selective Insurance Group had a net margin of 8.53% and a return on equity of 12.83%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.99 EPS. As a group, equities analysts forecast that Selective Insurance Group will post 4.18 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Thursday, November 14th. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.20. Selective Insurance Group’s payout ratio is 21.86%.

A number of hedge funds have recently made changes to their positions in the business. Cramer Rosenthal Mcglynn LLC boosted its holdings in shares of Selective Insurance Group by 264.0% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 501,841 shares of the insurance provider’s stock worth $37,583,000 after buying an additional 363,956 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Selective Insurance Group in the second quarter worth approximately $22,297,000. Phocas Financial Corp. bought a new position in shares of Selective Insurance Group in the second quarter worth approximately $14,625,000. BlackRock Inc. grew its position in Selective Insurance Group by 2.0% during the second quarter. BlackRock Inc. now owns 8,547,451 shares of the insurance provider’s stock valued at $640,118,000 after acquiring an additional 168,925 shares during the last quarter. Finally, Mountain Pacific Investment Advisers Inc. ID grew its position in Selective Insurance Group by 1,203.4% during the third quarter. Mountain Pacific Investment Advisers Inc. ID now owns 181,696 shares of the insurance provider’s stock valued at $13,662,000 after acquiring an additional 167,756 shares during the last quarter. Institutional investors and hedge funds own 78.60% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus 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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