Selective Insurance Group (NASDAQ: SIGI) wins overweight rating from analysts at Morgan Stanley

Morgan Stanley stock analysts began covering the shares of Selective Insurance Group (NASDAQ: SIGI – Get rating) in a research note issued to investors on Monday, reports The Fly. The broker assigned a rating of “overweight” to the shares of the insurer.

Separately, StockNews.com took cover for the shares of Selective Insurance Group in a report on Thursday, March 31. They set a “retention” rating for the company. Three research analysts rated the shares with a retention rating, and two gave the company a buy rating. Based on data from MarketBeat, the company has a consensus hold rating and a consensus target of $ 85.33.

Shares of NASDAQ: SIGI opened at $ 82.61 on Monday. Selective Insurance Group has a 52-week low of $ 74.29 and a 52-week high of $ 94.35. The company has a debt to equity ratio of 0.20, a fast ratio of 0.29 and a current ratio of 0.29. The company has a market capitalization of $ 4.99 billion, a PE ratio of 14.65, a price-earnings-growth ratio of 4.88 and a beta of 0.83. The company has a 50-day simple moving average of $ 79.67 and a 200-day simple moving average of $ 81.24.

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Selective Insurance Group (NASDAQ: SIGI – Get Rating) last published its results for the quarterly earnings on Wednesday, May 4. The insurance provider reported $ 1.41 earnings per share (EPS) for the quarter, exceeding the consensus estimate of $ 1.38 by $ 0.03. The company had revenue of $ 846.10 million for the quarter, compared to analysts’ forecast of $ 883.09 million. Selective Insurance Group had a net margin of 10.19% and a return on equity of 13.77%. Quarterly business revenues increased by 5.2% on an annual basis. During the same period last year, the business reported $ 1.70 EPS. On average, stock analysts predict that Selective Insurance Group will report 5.67 earnings per share for the current year.

A number of hedge funds have recently made changes to their equity positions. Bank of America Corp. DE increased its stake in Selective Insurance Group by 1.3% in the first quarter. Bank of America Corp. DE now owns 475,244 shares of the insurance provider’s shares worth $ 42,468,000 after buying an additional 6,161 shares in the last quarter. Verition Fund Management LLC increased its stake in Selective Insurance Group by 7.9% in the first quarter. Verition Fund Management LLC now owns 2,780 shares of the insurer’s shares worth $ 248,000 after purchasing an additional 204 shares in the last quarter. Jane Street Group LLC increased its stake in Selective Insurance Group by 46.8% in the first quarter. Jane Street Group LLC already owns 8,264 shares of the insurance provider’s stock worth $ 738,000 after buying an additional 2,635 shares in the last quarter. Eaton Vance Management increased its stake in Selective Insurance Group by 27.0% in the first quarter. Eaton Vance Management now owns 998,842 shares of the insurance provider’s stock worth $ 89,256,000 after purchasing an additional 212,085 shares in the last quarter. Finally, Guggenheim Capital LLC increased its stake in Selective Insurance Group by 48.0% in the first quarter. Guggenheim Capital LLC already owns 5,021 shares of the insurer’s shares worth $ 448,000 after purchasing an additional 1,629 shares in the last quarter. 81.37% of the shares are owned by hedge funds and other institutional investors.

About Selective Insurance Group (Get a rating)

Selective Insurance Group, Inc., along with its subsidiaries, provides insurance products and services in the United States. It operates in four segments: Standard sales lines, Standard personal lines, E&S lines and investments. The company offers property insurance products that cover the financial consequences of accidental loss of real estate, personal property and / or profits of the insured due to loss of property; and accident insurance products that cover the financial consequences of injuries to employees at work and personal injury and / or property damage to a third party, as well as flood insurance products.

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