Morgan Stanley Boosts Selective Insurance Group (NASDAQ:SIGI) Price Target to $90.00

Selective Insurance Group (NASDAQ:SIGI) had its target price upped by stock analysts at Morgan Stanley from $85.00 to $90.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 0.26% from the stock’s current price.

SIGI has been the subject of a number of other reports. Keefe, Bruyette & Woods decreased their price target on shares of Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating for the company in a research note on Wednesday, April 30th. StockNews.com raised Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Thursday. BMO Capital Markets raised their price objective on Selective Insurance Group from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Finally, JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. One research 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. According to MarketBeat.com, Selective Insurance Group has a consensus rating of “Hold” and a consensus target price of $94.00.

Selective Insurance Group Trading Up 0.8%

Shares of NASDAQ SIGI traded up $0.68 during midday trading on Monday, reaching $89.77. The company had a trading volume of 68,080 shares, compared to its average volume of 414,502. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.17. Selective Insurance Group has a one year low of $78.13 and a one year high of $103.56. The firm’s fifty day moving average price is $88.51 and its 200-day moving average price is $90.70. The stock has a market cap of $5.46 billion, a PE ratio of 27.88 and a beta of 0.51.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $1.76 EPS for the quarter, missing the consensus estimate of $1.86 by ($0.10). The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the company posted $1.33 earnings per share. On average, equities research analysts anticipate that Selective Insurance Group will post 7.62 earnings per share for the current year.

Insider Buying and Selling at Selective Insurance Group

In other news, CAO Anthony D. Harnett sold 1,352 shares of the company’s stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $87.06, for a total value of $117,705.12. Following the completion of the transaction, the chief accounting officer now owns 15,946 shares of the company’s stock, valued at $1,388,258.76. This represents a 7.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SIGI. R Squared Ltd bought a new position in shares of Selective Insurance Group during the 4th quarter valued at about $25,000. Olde Wealth Management LLC bought a new stake in shares of Selective Insurance Group during the first quarter valued at approximately $28,000. Amundi raised its position in 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 in the last quarter. Quarry LP bought a new stake in shares of Selective Insurance Group in the 4th quarter valued at about $38,000. Finally, Brooklyn Investment Group bought a new position in Selective Insurance Group in the first quarter worth about $38,000. 82.88% of the stock is currently owned by 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.