Selective Insurance Group (NASDAQ:SIGI) Given Hold (C-) Rating at Weiss Ratings

Key Points

• Selective Insurance Group's stock received a "hold (C-)" rating from Weiss Ratings, indicating a neutral outlook from analysts.
• According to MarketBeat, analysts have mixed ratings on SIGI, with one Buy, six Hold, and two Sell ratings, and a consensus price target of $87.50.
• The company's recent quarterly earnings missed expectations, reporting an EPS of $1.31 compared to the expected $1.55, alongside a revenue of $1.29 billion against a forecast of $1.32 billion.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report)'s stock had its "hold (c-)" rating reiterated by research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other research firms have also commented on SIGI. Piper Sandler decreased their price target on Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Morgan Stanley increased their price target on Selective Insurance Group from $72.00 to $73.00 and gave the stock an "underweight" rating in a research report on Tuesday. Zacks Research upgraded Selective Insurance Group from a "strong sell" rating to a "hold" rating in a research report on Friday, October 3rd. Keefe, Bruyette & Woods reduced their price objective on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a report on Monday, July 28th. Finally, BMO Capital Markets set a $88.00 price objective on Selective Insurance Group and gave the stock an "outperform" rating in a report on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $87.50.

Selective Insurance Group Stock Up 0.0%

NASDAQ SIGI opened at $84.26 on Wednesday. The firm has a market cap of $5.13 billion, a PE ratio of 13.79 and a beta of 0.39. Selective Insurance Group has a one year low of $71.75 and a one year high of $103.56. The stock's 50 day simple moving average is $78.99 and its 200 day simple moving average is $84.38. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick ratio of 0.33.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%.During the same quarter last year, the company earned ($1.10) earnings per share. As a group, sell-side analysts forecast that Selective Insurance Group will post 7.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Terrence W. Cavanaugh purchased 2,000 shares of the business's stock in a transaction dated Friday, July 25th. The shares were bought at an average price of $75.72 per share, with a total value of $151,440.00. Following the purchase, the director directly owned 25,295 shares in the company, valued at $1,915,337.40. This trade represents a 8.59% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert Kelly Doherty purchased 1,500 shares of the business's stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $77.00 per share, for a total transaction of $115,500.00. Following the purchase, the director owned 27,110 shares in the company, valued at $2,087,470. This trade represents a 5.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 10,602 shares of company stock worth $817,440 over the last 90 days. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SIGI. Olde Wealth Management LLC acquired a new position in shares of Selective Insurance Group in the 1st quarter valued at $28,000. Parallel Advisors LLC lifted its stake in shares of Selective Insurance Group by 219.5% in the 2nd quarter. Parallel Advisors LLC now owns 361 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 248 shares during the period. Amundi lifted its stake in shares of Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 311 shares during the period. Brooklyn Investment Group acquired a new position in shares of Selective Insurance Group in the 1st quarter valued at $38,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Selective Insurance Group by 752.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 537 shares of the insurance provider's stock worth $49,000 after buying an additional 474 shares during the period. Institutional investors and hedge funds own 82.88% of the company's stock.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.

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