Stock Worth Watching: Is Buying Selective Insurance Group Here a Winning Strategy?

Stock Worth Watching: Is Buying Selective Insurance Group Here a Winning Strategy?

The stock of Selective Insurance Group (NASDAQ:SIGI) hit a new 52-week high and has $44.57 target or 7.00% above today’s $41.65 share price. The 7 months bullish chart indicates low risk for the $2.45 billion company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $44.57 price target is reached, the company will be worth $171.50M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 76,972 shares traded hands. Selective Insurance Group (NASDAQ:SIGI) has risen 22.23% since April 21, 2016 and is uptrending. It has outperformed by 16.90% the S&P500.

Analysts await Selective Insurance Group (NASDAQ:SIGI) to report earnings on February, 2. They expect $0.75 EPS, down 7.41% or $0.06 from last year’s $0.81 per share. SIGI’s profit will be $44.12M for 13.88 P/E if the $0.75 EPS becomes a reality. After $0.62 actual EPS reported by Selective Insurance Group for the previous quarter, Wall Street now forecasts 20.97% EPS growth.

Selective Insurance Group (NASDAQ:SIGI) Ratings Coverage

Out of 2 analysts covering Selective Insurance (NASDAQ:SIGI), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. Selective Insurance has been the topic of 3 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The stock of Selective Insurance Group (NASDAQ:SIGI) earned “Outperform” rating by RBC Capital Markets on Friday, October 30. The stock of Selective Insurance Group (NASDAQ:SIGI) has “Outperform” rating given on Friday, July 31 by RBC Capital Markets. On Wednesday, May 4 the stock rating was reinitiated by Wood with “Market Perform”.

According to Zacks Investment Research, “Selective Insurance Group, Inc. is a regional insurance holding company which, through its insurance subsidiaries, offers a broad range of property and casualty insurance products. Selective’s commercial insurance products are directed to small- to medium-sized service-oriented businesses, governmental entities and selected classes of light industry. They also offer personal insurance products to individuals and families.”

Insitutional Activity: The institutional sentiment decreased to 0.81 in Q2 2016. Its down 0.01, from 0.82 in 2016Q1. The ratio turned negative, as 14 funds sold all Selective Insurance Group shares owned while 81 reduced positions. 16 funds bought stakes while 62 increased positions. They now own 42.44 million shares or 8.31% less from 46.29 million shares in 2016Q1.
Intll Group last reported 0% of its portfolio in the stock. First Mercantile has 15,800 shares for 0.08% of their US portfolio. Profund Advisors Limited Liability has invested 0.02% of its portfolio in Selective Insurance Group (NASDAQ:SIGI). Schwab Charles Mngmt accumulated 334,710 shares or 0.02% of the stock. Aqr Mgmt Limited Liability Corp last reported 0.01% of its portfolio in the stock. Vident Inv Advisory Limited Co holds 0.28% of its portfolio in Selective Insurance Group (NASDAQ:SIGI) for 51,625 shares. Sector Pension Board reported 40,236 shares or 0.02% of all its holdings. Jacobs Levy Equity Mgmt has 0.03% invested in the company for 41,878 shares. Moreover, Old Mutual Customised Solutions (Proprietary) has 0.04% invested in Selective Insurance Group (NASDAQ:SIGI) for 4,500 shares. Blackrock Fund Advisors last reported 3.68M shares in the company. Comerica Natl Bank accumulated 57,584 shares or 0.02% of the stock. Cornerstone Cap Mgmt Hldgs Ltd has 0.01% invested in the company for 30,000 shares. Guggenheim Limited Liability Corp, a Illinois-based fund reported 41,942 shares. California Employees Retirement Sys holds 0.01% or 160,839 shares in its portfolio. First State Bank Of Omaha last reported 30,150 shares in the company.

Insider Transactions: Since May 27, 2016, the stock had 1 buying transaction, and 17 selling transactions for $6.90 million net activity. $251,102 worth of shares were sold by BROWN A DAVID on Thursday, August 11. $313,630 worth of Selective Insurance Group (NASDAQ:SIGI) shares were sold by MURPHY GREGORY E. THATCHER DALE A sold $504,888 worth of stock. Marchioni John J. sold $691,391 worth of stock. RUE WILLIAM M sold $960,250 worth of stock. Another trade for 3,332 shares valued at $123,681 was made by O KELLEY RONALD L on Tuesday, June 7. Another trade for 1,500 shares valued at $55,500 was made by BAUER PAUL D on Wednesday, June 1.

More notable recent Selective Insurance Group (NASDAQ:SIGI) news were published by: Prnewswire.com which released: “Selective Insurance Group Announces Officer Appointments” on November 21, 2016, also Insurancejournal.com with their article: “New Jersey’s Selective Insurance Company of America Appoints New Officers” published on November 22, 2016, Nasdaq.com published: “Ex-Dividend Reminder: TCF Financial, Selective Insurance Group and PacWest Bancorp” on November 08, 2016. More interesting news about Selective Insurance Group (NASDAQ:SIGI) were released by: Prnewswire.com and their article: “Selective Insurance Names Mark Wilcox Chief Financial Officer” published on October 31, 2016 as well as Insurancejournal.com‘s news article titled: “New Jersey’s Selective Insurance Group Hires Wilcox to Succeed CFO” with publication date: November 01, 2016.

SIGI Company Profile

Selective Insurance Group, Inc., incorporated in August 1977, is a holding firm with insurance subsidiaries. The Firm has 10 insurance subsidiaries, nine of which are licensed by various state departments of insurance to write specific lines of property and casualty insurance business in the standard market. 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. The Firm operates its business through four divisions: Standard Commercial Lines, Standard Personal Lines, E&S Lines and Investments. The Company’s Standard Commercial Lines segment consists of insurance services and products provided in the standard marketplace to its commercial customers, including businesses, non-profit organizations, and local government agencies. The Company’s Standard Personal Lines segment consists of insurance services and products, including flood insurance coverage that it writes through the National Flood Insurance Program (NFIP), provided primarily to individuals acquiring coverage in the standard marketplace. The Company’s E&S Lines segment consists of insurance services and products provided to clients who have not obtained coverage in the standard marketplace. It only writes commercial lines E&S coverages. The Company’s investment segment invests insurance premiums, as well as amounts generated through its capital management strategies, which includes the issuance of debt and equity securities, to generate investment income and to satisfy obligations to its customers, its shareholders, and its debt holders, among others.

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