Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Selective Insurance Group (NASDAQ:SIGI) Stock

Selective Insurance Group (NASDAQ:SIGI) had its price objective lifted by research analysts at Keefe, Bruyette & Woods from $101.00 to $102.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 5.50% from the company’s previous close.

A number of other analysts also recently issued reports on SIGI. Weiss Ratings upgraded Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Royal Bank Of Canada raised their target price on shares of Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday. BMO Capital Markets lowered shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $97.00 target price for the company. in a research report on Tuesday. Piper Sandler boosted their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Finally, Morgan Stanley increased their price target on shares of Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $100.33.

Selective Insurance Group Price Performance

NASDAQ:SIGI opened at $96.68 on Thursday. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 12.00 and a beta of 0.29. Selective Insurance Group has a 52-week low of $72.78 and a 52-week high of $100.40. The stock has a fifty day moving average of $93.44 and a 200 day moving average of $86.09. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.30 and a current ratio of 0.29.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.66 by $0.29. The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same period in the previous year, the business earned $1.31 earnings per share. On average, research analysts expect that Selective Insurance Group will post 7.98 EPS for the current fiscal year.

Insider Buying and Selling at Selective Insurance Group

In related news, EVP Michael H. Lanza sold 17,100 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $94.04, for a total value of $1,608,084.00. Following the completion of the sale, the executive vice president owned 16,565 shares in the company, valued at $1,557,772.60. The trade was a 50.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SIGI. Eurizon Capital SGR S.p.A. bought a new stake in shares of Selective Insurance Group in the 4th quarter worth approximately $25,000. Los Angeles Capital Management LLC bought a new position in shares of Selective Insurance Group during the 4th quarter valued at $25,000. Amundi grew its holdings in shares of Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 311 shares during the last quarter. First Horizon Corp raised its position in Selective Insurance Group by 52.8% in the 4th quarter. First Horizon Corp now owns 550 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 190 shares during the period. Finally, IFP Advisors Inc raised its position in Selective Insurance Group by 177.5% in the 4th quarter. IFP Advisors Inc now owns 591 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 378 shares during the period. 82.88% of the stock is currently owned by institutional investors.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.