Selective Insurance Group (NASDAQ:SIGI) Shares Gap Down Following Weak Earnings

Selective Insurance Group, Inc. (NASDAQ:SIGI)’s share price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $94.02, but opened at $88.56. Selective Insurance Group shares last traded at $85.47, with a volume of 158,314 shares trading hands.

The insurance provider reported $1.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.37). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SIGI shares. Royal Bank of Canada upped their price target on Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. Bank of America lifted their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, October 22nd. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research note on Thursday. Finally, Keefe, Bruyette & Woods boosted their price objective on Selective Insurance Group from $114.00 to $116.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.57.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp lifted its position in shares of Selective Insurance Group by 27.0% during the fourth quarter. Van ECK Associates Corp now owns 44,146 shares of the insurance provider’s stock worth $4,129,000 after purchasing an additional 9,387 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Selective Insurance Group by 15.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 828,327 shares of the insurance provider’s stock worth $77,465,000 after buying an additional 110,381 shares during the period. Entropy Technologies LP acquired a new stake in Selective Insurance Group during the 4th quarter worth approximately $695,000. Empowered Funds LLC purchased a new position in Selective Insurance Group in the 4th quarter valued at approximately $200,000. Finally, Apollon Wealth Management LLC grew its stake in shares of Selective Insurance Group by 24.6% in the fourth quarter. Apollon Wealth Management LLC now owns 7,061 shares of the insurance provider’s stock worth $660,000 after acquiring an additional 1,392 shares in the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Down 10.0 %

The firm has a market cap of $5.14 billion, a PE ratio of 22.91 and a beta of 0.62. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The business has a 50-day moving average price of $95.21 and a two-hundred day moving average price of $93.05.

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.