Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $116.00 at Keefe, Bruyette & Woods

Selective Insurance Group (NASDAQ:SIGI) had its price target increased by analysts at Keefe, Bruyette & Woods from $114.00 to $116.00 in a report released on Friday,Benzinga reports. The firm presently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 30.15% from the stock’s previous close.

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

Selective Insurance Group Trading Down 2.1 %

SIGI stock traded down $1.89 during trading on Friday, hitting $89.13. The company had a trading volume of 46,350 shares, compared to its average volume of 233,667. The business has a 50-day moving average of $96.33 and a 200-day moving average of $93.00. Selective Insurance Group has a one year low of $81.00 and a one year high of $109.58. The stock has a market cap of $5.42 billion, a PE ratio of 24.02 and a beta of 0.62. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.29). The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.51 EPS. Research analysts predict that Selective Insurance Group will post 3.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the company’s stock in a transaction 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 in the company, valued at $1,476,759.06. This represents a 8.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. FMR LLC lifted its position in shares of Selective Insurance Group by 28.6% in the third quarter. FMR LLC now owns 5,468,801 shares of the insurance provider’s stock valued at $510,239,000 after acquiring an additional 1,216,801 shares in the last quarter. State Street Corp lifted its position in shares of Selective Insurance Group by 3.1% in the third quarter. State Street Corp now owns 2,401,897 shares of the insurance provider’s stock valued at $224,097,000 after acquiring an additional 71,296 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Selective Insurance Group by 1.7% in the third quarter. Geode Capital Management LLC now owns 1,586,527 shares of the insurance provider’s stock valued at $148,048,000 after acquiring an additional 26,880 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Selective Insurance Group by 4.6% in 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 acquiring an additional 62,699 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Selective Insurance Group by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 867,691 shares of the insurance provider’s stock worth $80,956,000 after buying an additional 21,374 shares in the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Company Profile

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.