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Selective Insurance Group, Inc. (NASDAQ:SIGI) shares have touched a 52-week low, dipping to $80.98 amidst market fluctuations. According to InvestingPro data, the company maintains a solid financial health score of "GOOD" and has an impressive track record of maintaining dividend payments for 50 consecutive years. This price level reflects a notable decline for the insurance company, which has experienced a -22.16% change over the past year. Despite challenges, the company shows resilience with 15.77% revenue growth and analyst price targets ranging from $88 to $116. Investors are closely monitoring the stock as it navigates through the challenges within the insurance sector, which have been exacerbated by various economic pressures. The 52-week low serves as a critical point for Selective Insurance, as market participants consider the company’s performance and future prospects in light of the significant annual downturn. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of SIGI’s current position.
In other recent news, Selective Insurance Group reported Q4 earnings that fell short of analyst expectations, despite a 10% increase in net premiums written and a 24% rise in after-tax net investment income. The insurer’s earnings per share of $1.62 were significantly lower than the anticipated $1.99. The company’s combined ratio for 2024 stood at 103.0%, including prior year casualty reserve strengthening of $311 million. JPM analyst Matthew J. Carletti reaffirmed a Market Perform rating on Selective Insurance Group, highlighting the discrepancy between the reported operating EPS and estimates.
Morgan Stanley (NYSE:MS) initiated coverage on Selective Insurance with an Equalweight rating, based on the company’s stable margins and long-term growth. The company’s pricing power and a focused SMid-Cap underwriting risk appetite are seen as significant advantages. BMO Capital Markets upgraded the stock from Market Perform to Outperform, raising the price target to $105, indicating confidence in the company’s ability to surpass consensus expectations in upcoming quarters.
Lastly, Selective Insurance Group has been bolstering its reserves, with over $250 million added across three quarters. The company also reported a 9% increase in its quarterly dividend and executed modest stock buybacks, reflecting its commitment to returning value to shareholders. These are the recent developments for Selective Insurance Group as it continues to navigate through market dynamics and refine its reserving strategies.
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