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Stock Market & Financial Investment News

News Breaks
March 25, 2013
16:05 EDTSIGISelective Insurance sees $18M benefit from retirement income plan amendment
On March 22, the Salary and Employee Benefits Committee of the Board of Directors of SICA, the lead insurance subsidiary of Selective Insurance Group, Inc., authorized SICA’s management to amend: (i) the Retirement Income Plan to freeze all future accruals under the plan effective as of March 31, 2016; (ii) the SERP to cease all future benefit accruals under the SERP effective as of March 31, 2016; (iii) the 401(k) Plan to provide that, effective as of April 5, all eligible employees who have completed one year of eligibility service are eligible to receive the 4% non-safe harbor non-elective contribution under the 401(k) Plan; and (iv) the DCP to extend eligibility to receive certain nonelective company contributions under the DCP to participants who are active participants in the Retirement Income Plan, effective as of April 5, to the extent a participant is unable to receive all or a portion of their 4% nonelective contribution to the 401(k) Plan due to Internal Revenue Service limitations. The amendment to the Retirement Income Plan is expected to result in an after-tax benefit to stockholders’ equity of approximately $18M. The above changes will result in an immaterial impact to net income in the three year transition period ending March 31, 2016.
News For SIGI From The Last 14 Days
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March 25, 2015
10:00 EDTSIGIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AB InBev (BUD) downgraded to Reduce from Overweight at HSBC... BreitBurn Energy (BBEP) downgraded to Sell from Neutral at UBS... DiamondRock (DRH) downgraded to Reduce from Neutral at SunTrust... Ethan Allen (ETH) downgraded to Hold from Buy at Gabelli... Felcor Lodging (FCH) downgraded to Neutral from Buy at SunTrust... Finish Line (FINL) downgraded to Neutral from Buy at B. Riley... Hannover Re (HVRRY) downgraded to Sell from Hold at Deutsche Bank... Hersha Hospitality (HT) downgraded to Reduce from Neutral at SunTrust... Host Hotels (HST) downgraded to Reduce from Neutral at SunTrust... ING Groep (ING) downgraded to Neutral from Buy at Goldman... Informatica (INFA) downgraded to Neutral from Buy at Mizuho... Kofax (KFX) downgraded to Hold from Buy at Canaccord... LRR Energy (LRE) downgraded to Sell from Neutral at UBS... LaSalle Hotel (LHO) downgraded to Reduce from Neutral at SunTrust... Munich Re (MURGY) downgraded to Sell from Hold at Deutsche Bank... Orbital ATK (OA) downgraded to Market Perform from Outperform at Wells Fargo... PCTEL, Inc. (PCTI) downgraded to Neutral from Buy at B. Riley... Quest Diagnostics (DGX) downgraded to Hold from Buy at Deutsche Bank... SJW Corp. (SJW) downgraded to Neutral from Outperform at RW Baird... Selective Insurance (SIGI) downgraded to Neutral from Buy at BofA/Merrill... Sonus (SONS) downgraded to Hold from Buy at Wunderlich... Starwood (HOT) downgraded to Neutral from Buy at SunTrust... Synchrony Financial (SYF) downgraded to Neutral from Buy at BofA/Merrill... Tesla (TSLA) downgraded to Underperform from Outperform at CLSA... Twitter (TWTR) downgraded to Hold from Buy at Pivotal Research... ZAGG (ZAGG) downgraded to Market Perform from Outperform at Northland... iDreamSky (DSKY) downgraded to Neutral from Overweight at JPMorgan.
07:50 EDTSIGISelective Insurance downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill downgraded Selective Insurance to Neutral due to relative valuation. The firm raised its price target to $31 from $29.

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