Selective Insurance Group (NASDAQ:SIGI) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

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

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

Selective Insurance Group Stock Down 1.5 %

Shares of NASDAQ SIGI opened at $89.70 on Friday. 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 cap of $5.45 billion, a PE ratio of 24.18 and a beta of 0.62. The company’s fifty day simple moving average is $96.27 and its 200 day simple moving average is $92.99. Selective Insurance Group has a 12-month low of $81.00 and a 12-month 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 earnings per share (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 the consensus estimate of $1.17 billion. During the same period last year, the company earned $1.51 EPS. Selective Insurance Group’s revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Selective Insurance Group will post 3.61 earnings per share for the current fiscal year.

Insider Activity at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the completion of the sale, the chief accounting officer now directly owns 15,946 shares of the company’s stock, valued at approximately $1,476,759.06. This trade represents a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Selective Insurance Group

Large investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC grew its position in Selective Insurance Group by 8.1% during the second quarter. Commonwealth Equity Services LLC now owns 13,935 shares of the insurance provider’s stock valued at $1,308,000 after buying an additional 1,044 shares during the period. Quest Partners LLC purchased a new position in Selective Insurance Group in the second quarter valued at about $28,000. AGF Management Ltd. grew its position in shares of Selective Insurance Group by 13.1% during the 2nd quarter. AGF Management Ltd. now owns 24,965 shares of the insurance provider’s stock valued at $2,342,000 after acquiring an additional 2,888 shares during the period. American Century Companies Inc. increased its stake in shares of Selective Insurance Group by 2.2% during the 2nd quarter. American Century Companies Inc. now owns 36,257 shares of the insurance provider’s stock worth $3,402,000 after purchasing an additional 774 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Selective Insurance Group by 0.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 100,398 shares of the insurance provider’s stock worth $9,420,000 after purchasing an additional 560 shares during the period. 82.88% of the stock is 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.