BidaskClub Lowers Selective Insurance Group (NASDAQ:SIGI) to Strong Sell

BidaskClub cut shares of Selective Insurance Group (NASDAQ:SIGI) from a sell rating to a strong sell rating in a research note released on Wednesday, BidAskClub reports.

Several other equities research analysts also recently weighed in on the company. ValuEngine downgraded Selective Insurance Group from a hold rating to a sell rating in a report on Tuesday, October 6th. Zacks Investment Research downgraded Selective Insurance Group from a buy rating to a hold rating and set a $64.00 price target for the company. in a report on Wednesday, September 2nd. Finally, TheStreet raised Selective Insurance Group from a c+ rating to a b- rating in a report on Tuesday, August 25th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $54.20.

SIGI stock opened at $56.33 on Wednesday. The company has a market capitalization of $3.37 billion, a P/E ratio of 18.11 and a beta of 0.83. Selective Insurance Group has a twelve month low of $37.05 and a twelve month high of $73.06. The business has a 50 day simple moving average of $53.33 and a 200-day simple moving average of $52.98. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.24.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.03. Selective Insurance Group had a return on equity of 9.90% and a net margin of 6.73%. The firm had revenue of $682.40 million during the quarter, compared to the consensus estimate of $707.28 million. During the same period last year, the company earned $1.16 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Research analysts predict that Selective Insurance Group will post 3.49 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC boosted its stake in shares of Selective Insurance Group by 105.5% during the 3rd quarter. Harbor Investment Advisory LLC now owns 602 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 309 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Selective Insurance Group during the 2nd quarter worth about $36,000. Private Capital Group LLC boosted its stake in shares of Selective Insurance Group by 36.3% during the 2nd quarter. Private Capital Group LLC now owns 939 shares of the insurance provider’s stock worth $50,000 after acquiring an additional 250 shares in the last quarter. Ameritas Investment Company LLC bought a new stake in shares of Selective Insurance Group during the 1st quarter worth about $56,000. Finally, Wexford Capital LP bought a new stake in shares of Selective Insurance Group during the 2nd quarter worth about $74,000. 79.32% of the stock is currently owned by institutional investors and hedge funds.

Selective Insurance Group Company Profile

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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