Selective Insurance Group (NASDAQ:SIGI) Price Target Increased to $99.00 by Analysts at Royal Bank of Canada

Selective Insurance Group (NASDAQ:SIGI) had its price objective lifted by equities research analysts at Royal Bank of Canada from $96.00 to $99.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the insurance provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 5.80% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. BMO Capital Markets raised their price objective on Selective Insurance Group from $92.00 to $95.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. Piper Sandler dropped their price target on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. Keefe, Bruyette & Woods raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Finally, Bank of America raised their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Selective Insurance Group currently has an average rating of “Hold” and a consensus price target of $100.00.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $93.57 on Wednesday. The firm’s fifty day simple moving average is $91.80 and its 200-day simple moving average is $93.69. The company has a quick ratio of 0.32, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The stock has a market cap of $5.69 billion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 1.57 and a beta of 0.56. Selective Insurance Group has a fifty-two week low of $81.00 and a fifty-two week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the firm posted $1.51 EPS. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. Analysts expect that Selective Insurance Group will post 3.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Selective Insurance Group

A number of hedge funds and other institutional investors have recently modified their holdings of SIGI. GAMMA Investing LLC boosted its position in Selective Insurance Group by 81.5% during the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 145 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Selective Insurance Group by 2.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider’s stock valued at $705,000 after purchasing an additional 205 shares during the period. O Shaughnessy Asset Management LLC grew its position in shares of Selective Insurance Group by 5.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 4,086 shares of the insurance provider’s stock valued at $446,000 after purchasing an additional 216 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Selective Insurance Group by 2.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider’s stock valued at $1,262,000 after purchasing an additional 266 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Selective Insurance Group by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 15,166 shares of the insurance provider’s stock worth $1,415,000 after buying an additional 277 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

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.