Selective Insurance Group (NASDAQ:SIGI) Posts Quarterly Earnings Results, Misses Estimates By $0.55 EPS

Selective Insurance Group (NASDAQ:SIGI) announced its quarterly earnings results on Wednesday. The insurance provider reported $1.33 EPS for the quarter, missing the consensus estimate of $1.88 by ($0.55), Briefing.com reports. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Selective Insurance Group had a net margin of 8.57% and a return on equity of 14.43%. The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.44 EPS.

Selective Insurance Group Stock Down 7.5 %

NASDAQ SIGI traded down $7.70 during trading on Thursday, hitting $94.58. The company’s stock had a trading volume of 363,136 shares, compared to its average volume of 320,220. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market cap of $5.75 billion, a PE ratio of 16.02, a P/E/G ratio of 0.75 and a beta of 0.55. The business’s 50 day simple moving average is $103.63 and its 200-day simple moving average is $102.75. Selective Insurance Group has a fifty-two week low of $91.99 and a fifty-two week high of $109.58.

Insiders Place Their Bets

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the completion of the sale, the chief operating officer now owns 10,511 shares of the company’s stock, valued at $1,112,904.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SIGI. Oppenheimer restated an “outperform” rating and set a $120.00 price target on shares of Selective Insurance Group in a research note on Friday, April 5th. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th. Keefe, Bruyette & Woods dropped their price objective on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 6th. Royal Bank of Canada dropped their price objective on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Friday, February 2nd. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $104.00 price objective on shares of Selective Insurance Group in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $105.17.

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.