Royal Bank of Canada Raises Selective Insurance Group (NASDAQ:SIGI) Price Target to $99.00

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) had its target price raised by analysts at Royal Bank of Canada from $96.00 to $99.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a "sector perform" rating on the insurance provider's stock. Royal Bank of Canada's price objective points to a potential upside of 3.87% from the company's current price.

Several other equities analysts also recently weighed in on SIGI. Piper Sandler dropped their target price on Selective Insurance Group from $104.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, July 22nd. JMP Securities reaffirmed a "market perform" rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and dropped their price target for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. Bank of America increased their price objective on Selective Insurance Group from $96.00 to $102.00 and gave the company an "underperform" rating in a research note on Tuesday. Finally, BMO Capital Markets boosted their target price on 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Selective Insurance Group has an average rating of "Hold" and an average target price of $100.00.

Selective Insurance Group Trading Up 2.1 %

SIGI stock traded up $1.99 during mid-day trading on Wednesday, hitting $95.31. 793,250 shares of the company were exchanged, compared to its average volume of 353,289. The business has a fifty day simple moving average of $91.71 and a 200-day simple moving average of $93.69. The firm has a market capitalization of $5.80 billion, a P/E ratio of 26.04, a PEG ratio of 1.62 and a beta of 0.56. Selective Insurance Group has a 12-month low of $81.00 and a 12-month high of $109.58. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its earnings results 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). Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business posted $1.51 EPS. The firm's revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities research analysts predict that Selective Insurance Group will post 3.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Selective Insurance Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its stake in Selective Insurance Group by 319.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 129,184 shares of the insurance provider's stock worth $12,053,000 after acquiring an additional 98,390 shares in the last quarter. Ausbil Investment Management Ltd purchased a new stake in Selective Insurance Group in the third quarter valued at approximately $401,000. Private Advisor Group LLC boosted its holdings in shares of Selective Insurance Group by 8.4% in the third quarter. Private Advisor Group LLC now owns 4,860 shares of the insurance provider's stock valued at $453,000 after acquiring an additional 377 shares during the period. Berry Wealth Group LP purchased a new position in shares of Selective Insurance Group during the third quarter worth approximately $205,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Selective Insurance Group by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,166 shares of the insurance provider's stock valued at $1,415,000 after acquiring an additional 277 shares during the period. 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.