Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $116.00 at Keefe, Bruyette & Woods

Selective Insurance Group (NASDAQ:SIGI) had its target price raised by equities researchers at Keefe, Bruyette & Woods from $114.00 to $116.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 30.15% from the company’s previous close.

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

Selective Insurance Group Stock Performance

Selective Insurance Group stock traded down $1.89 during mid-day trading on Friday, reaching $89.13. 46,350 shares of the company were exchanged, compared to its average volume of 233,667. The firm has a market cap of $5.42 billion, a PE ratio of 24.02 and a beta of 0.62. The firm’s 50-day simple moving average is $96.33 and its two-hundred day simple moving average is $93.00. Selective Insurance Group has a twelve month low of $81.00 and a twelve month high of $109.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.29). The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. Selective Insurance Group’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.51 EPS. Equities analysts predict that Selective Insurance Group will post 3.61 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Anthony D. Harnett sold 1,404 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $92.61, for a total value of $130,024.44. Following the completion of the transaction, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at $1,476,759.06. This 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 owned by company insiders.

Institutional Trading of Selective Insurance Group

Several hedge funds have recently modified their holdings of the company. FMR LLC grew its stake in shares of Selective Insurance Group by 28.6% during the third quarter. FMR LLC now owns 5,468,801 shares of the insurance provider’s stock valued at $510,239,000 after purchasing an additional 1,216,801 shares during the last quarter. State Street Corp boosted its position in shares of Selective Insurance Group by 3.1% during the third quarter. State Street Corp now owns 2,401,897 shares of the insurance provider’s stock worth $224,097,000 after purchasing an additional 71,296 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Selective Insurance Group by 1.7% during the third quarter. Geode Capital Management LLC now owns 1,586,527 shares of the insurance provider’s stock worth $148,048,000 after purchasing an additional 26,880 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Selective Insurance Group by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,416,957 shares of the insurance provider’s stock worth $132,949,000 after purchasing an additional 62,699 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Selective Insurance Group by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 867,691 shares of the insurance provider’s stock worth $80,956,000 after purchasing an additional 21,374 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.