Bank of America Increases Selective Insurance Group (NASDAQ:SIGI) Price Target to $102.00

Selective Insurance Group (NASDAQ:SIGI) had its target price raised by equities researchers at Bank of America from $96.00 to $102.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “underperform” rating on the insurance provider’s stock. Bank of America‘s target price points to a potential upside of 8.35% from the company’s current price.

SIGI has been the topic of a number of other research reports. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Piper Sandler lowered their price objective on Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada reduced their target price on shares of Selective Insurance Group from $103.00 to $96.00 and set a “sector perform” rating for the company in a research report on Monday, July 22nd. BMO Capital Markets raised their price target on shares of Selective Insurance Group from $92.00 to $95.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $104.00 to $99.00 in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Selective Insurance Group has an average rating of “Hold” and an average target price of $99.50.

Selective Insurance Group Stock Performance

Shares of NASDAQ:SIGI traded down $2.83 on Tuesday, hitting $94.14. The company had a trading volume of 617,457 shares, compared to its average volume of 348,751. The stock has a market cap of $5.73 billion, a price-to-earnings ratio of 25.72, a P/E/G ratio of 1.62 and a beta of 0.56. The stock has a 50 day moving average price of $91.39 and a 200 day moving average price of $93.75. Selective Insurance Group has a 1-year low of $81.00 and a 1-year high of $109.58. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.29). The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a net margin of 5.12% and a return on equity of 8.75%. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. Analysts expect that Selective Insurance Group will post 3.84 EPS for the current year.

Hedge Funds Weigh In On Selective Insurance Group

Several hedge funds have recently bought and sold shares of SIGI. Ballentine Partners LLC acquired a new position in Selective Insurance Group during the first quarter valued at approximately $204,000. RMR Wealth Builders raised its holdings in shares of Selective Insurance Group by 12.4% during the 1st quarter. RMR Wealth Builders now owns 2,547 shares of the insurance provider’s stock worth $278,000 after buying an additional 281 shares in the last quarter. Procyon Advisors LLC lifted its position in shares of Selective Insurance Group by 16.7% during the 1st quarter. Procyon Advisors LLC now owns 12,875 shares of the insurance provider’s stock worth $1,406,000 after buying an additional 1,839 shares during the last quarter. Ausbil Investment Management Ltd boosted its stake in Selective Insurance Group by 14.6% in the first quarter. Ausbil Investment Management Ltd now owns 21,097 shares of the insurance provider’s stock valued at $2,255,000 after buying an additional 2,693 shares in the last quarter. Finally, AlphaMark Advisors LLC bought a new position in Selective Insurance Group in the first quarter valued at about $334,000. 82.88% of the stock is owned by institutional investors.

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.