Selective Insurance Group (NASDAQ:SIGI) Short Interest Update
Selective Insurance Group (NASDAQ:SIGI) saw a large drop in short interest in August. As of August 31st, there was short interest totalling 533,300 shares, a drop of 39.0% from the August 15th total of 874,700 shares. Based on an average trading volume of 280,500 shares, the days-to-cover ratio is presently 1.9 days. Currently, 0.9% of the company’s stock are short sold.
SIGI stock traded up $0.58 during trading on Wednesday, hitting $53.64. 3,003 shares of the stock traded hands, compared to its average volume of 319,480. Selective Insurance Group has a 1 year low of $37.05 and a 1 year high of $76.83. The firm’s 50 day moving average is $57.02 and its two-hundred day moving average is $52.84. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of 17.06 and a beta of 0.76. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31.
Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03. The firm had revenue of $682.40 million for the quarter, compared to the consensus estimate of $707.28 million. Selective Insurance Group had a net margin of 6.73% and a return on equity of 9.90%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 EPS. As a group, analysts anticipate that Selective Insurance Group will post 3.49 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its holdings in shares of Selective Insurance Group by 6.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 90,933 shares of the insurance provider’s stock valued at $4,519,000 after acquiring an additional 5,118 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Selective Insurance Group during the 1st quarter valued at about $512,000. Bank of Nova Scotia purchased a new stake in shares of Selective Insurance Group during the 2nd quarter valued at about $387,000. State of Tennessee Treasury Department purchased a new position in shares of Selective Insurance Group in the first quarter worth approximately $1,747,000. Finally, Wellington Management Group LLP purchased a new position in shares of Selective Insurance Group in the first quarter worth approximately $22,207,000. 79.32% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on SIGI. BidaskClub lowered shares of Selective Insurance Group from a “hold” rating to a “sell” rating in a research note on Wednesday. TheStreet upgraded shares of Selective Insurance Group from a “c+” rating to a “b-” rating in a research note on Tuesday, August 25th. Finally, Zacks Investment Research downgraded shares of Selective Insurance Group from a “buy” rating to a “hold” rating and set a $64.00 price objective on the stock. in a research report on Wednesday, September 2nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $57.80.
Selective Insurance Group Company Profile
Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.
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