Selective Insurance Group (NASDAQ:SIGI) PT Raised to $95.00

Selective Insurance Group (NASDAQ:SIGI) had its price objective increased by analysts at BMO Capital Markets from $92.00 to $95.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “market perform” rating on the insurance provider’s stock. BMO Capital Markets’ price objective suggests a potential upside of 6.92% from the stock’s previous close.

Other analysts have also issued reports about the company. Piper Sandler decreased their price objective on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday. Oppenheimer reiterated an “outperform” rating and set a $120.00 price objective on shares of Selective Insurance Group in a research note on Friday, April 5th. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $104.00 to $99.00 in a research report on Monday. Royal Bank of Canada reduced their target price on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research report on Monday. Finally, JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research report on Tuesday. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $98.67.

Selective Insurance Group Stock Performance

NASDAQ:SIGI opened at $88.85 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. Selective Insurance Group has a 52-week low of $81.00 and a 52-week high of $109.58. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 1.07 and a beta of 0.54. The business’s fifty day moving average is $93.74 and its 200 day moving average is $99.46.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Thursday, July 18th. The insurance provider reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($2.59). Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.80%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the previous year, the firm posted $0.99 earnings per share. Research analysts predict that Selective Insurance Group will post 5.01 EPS for the current year.

Insider Transactions at Selective Insurance Group

In other news, Director Terrence W. Cavanaugh acquired 2,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average cost of $85.85 per share, for a total transaction of $171,700.00. Following the acquisition, the director now owns 20,651 shares of the company’s stock, valued at $1,772,888.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO John J. Marchioni acquired 2,400 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was purchased at an average cost of $83.56 per share, for a total transaction of $200,544.00. Following the acquisition, the chief executive officer now owns 136,397 shares of the company’s stock, valued at $11,397,333.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Terrence W. Cavanaugh acquired 2,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $85.85 per share, with a total value of $171,700.00. Following the completion of the acquisition, the director now directly owns 20,651 shares in the company, valued at approximately $1,772,888.35. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Selective Insurance Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Selective Insurance Group in the 1st quarter worth about $27,000. Blue Trust Inc. boosted its holdings in Selective Insurance Group by 68.9% during the 4th quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 104 shares during the period. GAMMA Investing LLC boosted its holdings in Selective Insurance Group by 81.5% during the 2nd quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 145 shares during the period. Fidelis Capital Partners LLC purchased a new stake in Selective Insurance Group during the 1st quarter valued at about $48,000. Finally, Burkett Financial Services LLC purchased a new stake in Selective Insurance Group during the 4th quarter valued at about $75,000. 82.88% of the stock is currently owned by hedge funds and other 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.