Selective Insurance Group (NASDAQ:SIGI) Posts Quarterly Earnings Results, Beats Estimates By $0.42 EPS

by · The Cerbat Gem

Selective Insurance Group (NASDAQ:SIGI – Get Free Report) posted its quarterly earnings data on Thursday. The insurance provider reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.42, FiscalAI reports. Selective Insurance Group had a return on equity of 12.96% and a net margin of 7.78%.The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.36 billion.

Selective Insurance Group Trading Up 3.3%

Shares of NASDAQ SIGI traded up $2.71 during trading hours on Thursday, hitting $84.08. 1,052,591 shares of the company traded hands, compared to its average volume of 512,182. The company’s 50 day moving average price is $81.77 and its 200 day moving average price is $80.45. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $93.38. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 12.96 and a beta of 0.24. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27.

Institutional Investors Weigh In On Selective Insurance Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Amundi grew its holdings in Selective Insurance Group by 398.7% during 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 last quarter. Danske Bank A S purchased a new position in shares of Selective Insurance Group during the third quarter valued at approximately $57,000. Advisory Services Network LLC bought a new position in shares of Selective Insurance Group during the third quarter valued at approximately $68,000. EverSource Wealth Advisors LLC raised its holdings in shares of Selective Insurance Group by 415.9% in the second quarter. EverSource Wealth Advisors LLC now owns 846 shares of the insurance provider’s stock worth $73,000 after buying an additional 682 shares during the period. Finally, State of Wyoming bought a new stake in shares of Selective Insurance Group during the 2nd quarter worth approximately $108,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SIGI shares. Zacks Research upgraded shares of Selective Insurance Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. BMO Capital Markets downgraded Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 target price on the stock. in a research note on Tuesday, October 28th. Royal Bank Of Canada began coverage on Selective Insurance Group in a report on Monday, November 24th. They issued an “outperform” rating and a $95.00 price target on the stock. Piper Sandler increased their price objective on shares of Selective Insurance Group from $76.00 to $79.00 and gave the company a “neutral” rating in a report on Monday, December 22nd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Selective Insurance Group currently has an average rating of “Hold” and an average target price of $81.60.

View Our Latest Stock Report on SIGI

Selective Insurance Group Company Profile

(Get Free Report)

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.

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