Selective Insurance Group (NASDAQ:SIGI) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Selective Insurance Group (NASDAQ:SIGI) had its target price lifted by Morgan Stanley from $80.00 to $85.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the insurance provider’s stock. Morgan Stanley‘s target price suggests a potential downside of 13.16% from the company’s previous close.

SIGI has been the subject of a number of other research reports. Royal Bank Of Canada lifted their price target on shares of Selective Insurance Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Oppenheimer reiterated an “outperform” rating and set a $115.00 price objective on shares of Selective Insurance Group in a research note on Tuesday, October 13th. BMO Capital Markets reissued a “market perform” rating on shares of Selective Insurance Group in a report on Wednesday, October 21st. Piper Sandler decreased their price objective on shares of Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating for the company in a report on Monday, September 28th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Selective Insurance Group from $101.00 to $102.00 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Selective Insurance Group has an average rating of “Hold” and a consensus price target of $101.83.

Selective Insurance Group Price Performance

Shares of NASDAQ SIGI opened at $97.88 on Tuesday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.28. Selective Insurance Group has a fifty-two week low of $72.78 and a fifty-two week high of $101.25. The business has a 50 day moving average price of $89.01 and a two-hundred day moving average price of $87.29. The firm has a market cap of $5.83 billion, a PE ratio of 11.75 and a beta of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.91 by $0.46. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 15.60% and a net margin of 9.40%. During the same period in the prior year, the company posted $1.85 EPS. Sell-side analysts expect that Selective Insurance Group will post 8.20 earnings per share for the current fiscal year.

Insider Buying and Selling at Selective Insurance Group

In other Selective Insurance Group news, Director Cynthia Nicholson sold 3,691 shares of the stock in a transaction on Monday, October 26th. The shares were sold at an average price of $98.71, for a total transaction of $364,338.61. Following the sale, the director directly owned 17,463 shares of the company’s stock, valued at approximately $1,723,772.73. This represents a 17.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC raised its stake in Selective Insurance Group by 40.6% during the third quarter. Signaturefd LLC now owns 1,412 shares of the insurance provider’s stock worth $118,000 after acquiring an additional 408 shares during the period. Citizens Financial Group Inc. RI acquired a new position in Selective Insurance Group in the third quarter valued at approximately $206,000. Nisa Investment Advisors LLC boosted its stake in Selective Insurance Group by 6.4% in the third quarter. Nisa Investment Advisors LLC now owns 17,776 shares of the insurance provider’s stock valued at $1,486,000 after acquiring an additional 1,064 shares during the period. IFP Advisors Inc grew its holdings in shares of Selective Insurance Group by 51.3% during the third quarter. IFP Advisors Inc now owns 596 shares of the insurance provider’s stock valued at $50,000 after purchasing an additional 202 shares during the last quarter. Finally, Burns Matteson Capital Management LLC bought a new position in shares of Selective Insurance Group during the third quarter valued at approximately $494,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers’ compensation, general liability, commercial property and other specialty coverages.