Selective Insurance Group (NASDAQ:SIGI) Issues Earnings Results, Beats Estimates By $0.46 EPS

Selective Insurance Group (NASDAQ:SIGI) posted its quarterly earnings results on Thursday. The insurance provider reported $2.37 EPS for the quarter, topping the consensus estimate of $1.91 by $0.46, Zacks reports. Selective Insurance Group had a net margin of 9.10% and a return on equity of 14.51%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the business posted $1.85 EPS.

Selective Insurance Group Stock Performance

Shares of SIGI traded up $0.66 during midday trading on Thursday, reaching $91.74. 555,975 shares of the stock were exchanged, compared to its average volume of 539,129. The business’s 50-day moving average price is $88.87 and its 200 day moving average price is $89.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.29 and a quick ratio of 0.29. Selective Insurance Group has a twelve month low of $72.78 and a twelve month high of $100.40. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of 11.38 and a beta of 0.26.

Insiders Place Their Bets

In other news, EVP Michael Lanza sold 17,100 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total value of $1,608,084.00. Following the completion of the sale, the executive vice president directly owned 16,565 shares of the company’s stock, valued at approximately $1,557,772.60. This represents a 50.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SIGI shares. Keefe, Bruyette & Woods lifted their price target on Selective Insurance Group from $101.00 to $102.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Weiss Ratings lowered Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, September 1st. Oppenheimer restated an “outperform” rating and set a $115.00 target price on shares of Selective Insurance Group in a research note on Tuesday, October 13th. Morgan Stanley boosted their target price on Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, July 6th. Finally, Royal Bank Of Canada upped their price target on Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $101.00.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers’ compensation, general liability, commercial property and other specialty coverages.