Selective Insurance Group (NASDAQ:SIGI) PT Raised to $102.00 at Bank of America

Selective Insurance Group (NASDAQ:SIGI) had its target price hoisted by research analysts at Bank of America from $96.00 to $102.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has an “underperform” rating on the insurance provider’s stock. Bank of America‘s price target points to a potential upside of 7.02% from the stock’s current price.

A number of other brokerages have also recently commented on SIGI. Piper Sandler dropped their target price on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods upgraded Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. BMO Capital Markets upped their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Finally, Royal Bank of Canada lowered their price objective on Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating on the stock in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Selective Insurance Group has an average rating of “Hold” and an average price target of $100.00.

Selective Insurance Group Price Performance

Shares of NASDAQ SIGI opened at $95.31 on Tuesday. Selective Insurance Group has a 1 year low of $81.00 and a 1 year high of $109.58. The stock has a market capitalization of $5.80 billion, a P/E ratio of 26.04, a P/E/G ratio of 1.62 and a beta of 0.56. The company’s 50-day moving average is $91.71 and its 200 day moving average is $93.69. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Selective Insurance Group had a return on equity of 8.75% and a net margin of 5.12%. The firm’s revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. On average, sell-side analysts expect that Selective Insurance Group will post 3.84 earnings per share for the current year.

Institutional Trading of Selective Insurance Group

Large investors have recently modified their holdings of the company. Westfield Capital Management Co. LP bought a new stake in shares of Selective Insurance Group during the 1st quarter valued at about $55,468,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Selective Insurance Group by 15,444.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,721 shares of the insurance provider’s stock worth $1,935,000 after buying an additional 17,607 shares during the last quarter. Vanguard Group Inc. grew its position in Selective Insurance Group by 5.9% during the first quarter. Vanguard Group Inc. now owns 6,574,472 shares of the insurance provider’s stock valued at $717,735,000 after buying an additional 367,987 shares during the period. Dimensional Fund Advisors LP increased its holdings in 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 valued at $132,949,000 after buying an additional 62,699 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in Selective Insurance Group by 32.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 35,798 shares of the insurance provider’s stock worth $3,908,000 after acquiring an additional 8,807 shares during the period. Institutional investors own 82.88% of the company’s stock.

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.