Selective Insurance Group (NASDAQ:SIGI) was the target of a significant drop in short interest in December. As of December 29th, there was short interest totalling 380,587 shares, a drop of 45.5% from the December 15th total of 698,685 shares. Approximately 0.7% of the company’s stock are sold short. Based on an average daily volume of 126,693 shares, the short-interest ratio is currently 3.0 days.

SIGI has been the subject of a number of analyst reports. ValuEngine raised shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. BidaskClub downgraded shares of Selective Insurance Group from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Zacks Investment Research raised shares of Selective Insurance Group from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Royal Bank of Canada reissued a “hold” rating and set a $55.00 price target on shares of Selective Insurance Group in a research report on Friday, October 27th. Finally, Boenning Scattergood reissued a “hold” rating on shares of Selective Insurance Group in a research report on Friday, October 27th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Selective Insurance Group presently has an average rating of “Hold” and a consensus target price of $54.13.

Shares of Selective Insurance Group (NASDAQ:SIGI) opened at $59.15 on Monday. The firm has a market cap of $3,450.00, a P/E ratio of 19.65, a P/E/G ratio of 0.87 and a beta of 1.45. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. Selective Insurance Group has a 1 year low of $38.50 and a 1 year high of $62.40.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, October 25th. The insurance provider reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.10. The company had revenue of $621.30 million during the quarter, compared to the consensus estimate of $625.80 million. Selective Insurance Group had a net margin of 7.36% and a return on equity of 11.00%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 earnings per share. research analysts forecast that Selective Insurance Group will post 3.08 EPS for the current fiscal year.

In other Selective Insurance Group news, Director John Burville sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $58.53, for a total transaction of $117,060.00. Following the completion of the transaction, the director now owns 82,898 shares of the company’s stock, valued at $4,852,019.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul D. Bauer sold 28,840 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $61.14, for a total transaction of $1,763,277.60. The disclosure for this sale can be found here. Insiders have sold 45,375 shares of company stock valued at $2,740,784 in the last ninety days. Insiders own 3.00% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in SIGI. Goldman Sachs Group Inc. increased its position in shares of Selective Insurance Group by 130.3% during the second quarter. Goldman Sachs Group Inc. now owns 995,781 shares of the insurance provider’s stock valued at $49,838,000 after acquiring an additional 563,487 shares in the last quarter. Northern Trust Corp boosted its holdings in Selective Insurance Group by 16.2% in the second quarter. Northern Trust Corp now owns 1,359,536 shares of the insurance provider’s stock worth $68,044,000 after purchasing an additional 189,401 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Selective Insurance Group by 1.6% in the second quarter. Vanguard Group Inc. now owns 5,296,404 shares of the insurance provider’s stock worth $265,086,000 after purchasing an additional 81,335 shares during the last quarter. Shell Asset Management Co. boosted its holdings in Selective Insurance Group by 213.8% in the third quarter. Shell Asset Management Co. now owns 93,462 shares of the insurance provider’s stock worth $2,069,000 after purchasing an additional 63,676 shares during the last quarter. Finally, State Street Corp boosted its holdings in Selective Insurance Group by 3.9% in the second quarter. State Street Corp now owns 1,414,041 shares of the insurance provider’s stock worth $70,766,000 after purchasing an additional 53,087 shares during the last quarter. 77.76% of the stock is owned by institutional investors.

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About Selective Insurance Group

Selective Insurance Group, Inc is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market.

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