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

Selective Insurance Group (NASDAQ:SIGI) released its quarterly earnings results on Wednesday. The insurance provider reported $1.33 earnings per share 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 the consensus estimate of $1.11 billion. Selective Insurance Group had a net margin of 8.57% and a return on equity of 14.43%. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.44 earnings per share.

Selective Insurance Group Stock Performance

NASDAQ:SIGI traded down $8.46 during mid-day trading on Thursday, hitting $93.82. 306,908 shares of the company traded hands, compared to its average volume of 319,759. The stock’s fifty day moving average price is $103.63 and its 200-day moving average price is $102.75. Selective Insurance Group has a one year low of $91.99 and a one year high of $109.58. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 0.75 and a beta of 0.55.

Analyst Ratings Changes

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

Insider Buying and Selling at Selective Insurance Group

In other news, COO Brenda M. Hall sold 2,626 shares of the company’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 transaction, the chief operating officer now owns 10,511 shares of the company’s stock, valued at $1,112,904.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

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.