Selective Insurance Group (NASDAQ:SIGI) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research lowered shares of Selective Insurance Group (NASDAQ:SIGI) from a buy rating to a hold rating in a report released on Wednesday, reports. The firm currently has $64.00 price objective on the insurance provider’s stock.

According to Zacks, “Selective Insurance is poised to witness top-line growth backed by sustained premium growth across its segments. Premiums have benefited from the company’s compelling portfolio, high retention ratio, pure renewal price increase and new business growth. Net investment income should benefit from active portfolio management. The company estimates investment income of $170 million and $5 million from alternative investments in 2020. Geographic expansion plays a vital role in company’s growth. Shares of Selective Insurance have underperformed the industry in the past year. Nevertheless, it boasts solid capital position on which it deploys capital effectively. However, it is exposed to cat loss, inducing earnings volatility. High costs exert pressure on operating

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