JMP Securities Reiterates “Market Perform” Rating for Selective Insurance Group (NASDAQ:SIGI)

JMP Securities reiterated their market perform rating on shares of Selective Insurance Group (NASDAQ:SIGI) in a report released on Thursday morning,Benzinga reports.

Other equities analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods lifted their price objective on Selective Insurance Group from $114.00 to $116.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Royal Bank of Canada lifted their price target on shares of Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $95.00 to $105.00 in a research report on Wednesday, October 30th. Morgan Stanley began coverage on shares of Selective Insurance Group in a research note on Thursday, December 5th. They set an “equal weight” rating and a $105.00 target price for the company. Finally, Bank of America raised their price target on Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.57.

Selective Insurance Group Price Performance

Selective Insurance Group stock opened at $82.14 on Thursday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. Selective Insurance Group has a 52-week low of $80.84 and a 52-week high of $109.58. The firm has a market cap of $4.99 billion, a PE ratio of 25.51 and a beta of 0.62. The company’s 50 day moving average is $94.92 and its two-hundred day moving average is $92.98.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.37). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.39%. On average, research analysts expect that Selective Insurance Group will post 7.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Selective Insurance Group

Several hedge funds have recently modified their holdings of SIGI. FMR LLC increased its stake in shares of Selective Insurance Group by 28.6% during the 3rd quarter. FMR LLC now owns 5,468,801 shares of the insurance provider’s stock valued at $510,239,000 after acquiring an additional 1,216,801 shares during the last quarter. State Street Corp grew its holdings in Selective Insurance Group by 3.1% in the third quarter. State Street Corp now owns 2,401,897 shares of the insurance provider’s stock valued at $224,097,000 after purchasing an additional 71,296 shares during the period. Geode Capital Management LLC increased its position in 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 during the last quarter. Boston Trust Walden Corp raised its stake in Selective Insurance Group by 8.7% during the fourth quarter. Boston Trust Walden Corp now owns 1,055,321 shares of the insurance provider’s stock worth $98,694,000 after purchasing an additional 84,341 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Selective Insurance Group by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 867,691 shares of the insurance provider’s stock valued at $80,956,000 after purchasing an additional 21,374 shares during the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

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.