Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Selective Insurance Group (NASDAQ:SIGI) Stock

Selective Insurance Group (NASDAQ:SIGI) had its price target increased by equities researchers at Keefe, Bruyette & Woods from $114.00 to $116.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 29.32% from the stock’s previous close.

Other analysts have also issued reports about the company. Morgan Stanley started coverage on Selective Insurance Group in a research note on Thursday, December 5th. They set an “equal weight” rating and a $105.00 price objective on the stock. Royal Bank of Canada upped their price target on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Bank of America increased their price target on shares of Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a report on Tuesday, October 22nd. Finally, BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $95.00 to $105.00 in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Selective Insurance Group presently has an average rating of “Hold” and an average target price of $104.57.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $89.70 on Friday. The company has a 50-day moving average price of $96.27 and a two-hundred day moving average price of $92.99. Selective Insurance Group has a twelve month low of $81.00 and a twelve month high of $109.58. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $5.45 billion, a PE ratio of 24.18 and a beta of 0.62.

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 the consensus estimate 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 business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the business posted $1.51 earnings per share. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. Equities analysts forecast that Selective Insurance Group will post 3.61 EPS for the current year.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the sale, the chief accounting officer now owns 15,946 shares in the company, valued at $1,476,759.06. This trade represents a 8.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Selective Insurance Group

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Selective Insurance Group by 64.4% in the 4th quarter. GAMMA Investing LLC now owns 485 shares of the insurance provider’s stock worth $45,000 after buying an additional 190 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Selective Insurance Group by 1.9% during the third quarter. JPMorgan Chase & Co. now owns 405,153 shares of the insurance provider’s stock worth $37,801,000 after acquiring an additional 7,563 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Selective Insurance Group by 38.4% in the 3rd quarter. Franklin Resources Inc. now owns 6,296 shares of the insurance provider’s stock worth $603,000 after acquiring an additional 1,747 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in shares of Selective Insurance Group by 51.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 4,211 shares of the insurance provider’s stock valued at $412,000 after purchasing an additional 1,438 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co bought a new position in shares of Selective Insurance Group during the 3rd quarter valued at $345,000. 82.88% of the stock is currently owned by institutional investors.

About Selective Insurance Group

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.