Selective Insurance Group (NASDAQ:SIGI) Posts Quarterly Earnings Results, Beats Expectations By $0.46 EPS

Selective Insurance Group (NASDAQ:SIGI) issued its earnings results on Thursday. The insurance provider reported $2.37 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the firm posted $1.85 EPS.

Selective Insurance Group Stock Up 0.7%

Shares of SIGI stock traded up $0.66 on Thursday, hitting $91.74. The stock had a trading volume of 555,975 shares, compared to its average volume of 538,947. The stock’s 50 day moving average is $88.87 and its 200-day moving average is $89.66. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of 11.38 and a beta of 0.26. Selective Insurance Group has a 52-week low of $72.78 and a 52-week high of $100.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.29 and a current ratio of 0.29.

Analyst Ratings Changes

SIGI has been the subject of a number of research reports. Keefe, Bruyette & Woods upped their price target on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Weiss Ratings cut Selective Insurance Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 1st. Piper Sandler decreased their target price on Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating for the company in a research report on Monday, September 28th. Royal Bank Of Canada increased their target price on Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Morgan Stanley raised their target price on Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, July 6th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $101.00.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, EVP Michael Lanza sold 17,100 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $94.04, for a total value of $1,608,084.00. Following the transaction, the executive vice president owned 16,565 shares in the company, valued at $1,557,772.60. The trade was a 50.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.82% of the stock is owned by company insiders.

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.