Piper Sandler Has Lowered Expectations for Selective Insurance Group (NASDAQ:SIGI) Stock Price

Selective Insurance Group (NASDAQ:SIGI) had its price target dropped by equities researchers at Piper Sandler from $88.00 to $79.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 1.76% from the stock’s current price.

SIGI has been the subject of a number of other research reports. BMO Capital Markets boosted their price objective on shares of Selective Insurance Group from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Keefe, Bruyette & Woods dropped their target price on shares of Selective Insurance Group from $93.00 to $92.00 and set a “market perform” rating for the company in a report on Wednesday, April 30th. Morgan Stanley dropped their target price on shares of Selective Insurance Group from $90.00 to $86.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Wall Street Zen raised shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $92.33.

Selective Insurance Group Trading Up 3.5%

Shares of SIGI stock opened at $77.63 on Friday. Selective Insurance Group has a 1 year low of $71.75 and a 1 year high of $103.56. The firm has a fifty day moving average price of $86.46 and a 200-day moving average price of $87.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.33 and a quick ratio of 0.35. The company has a market cap of $4.72 billion, a price-to-earnings ratio of 12.71 and a beta of 0.48.

Selective Insurance Group (NASDAQ:SIGI) last issued its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.24). Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned ($1.10) EPS. As a group, equities analysts predict 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 Selective Insurance Group news, Director Terrence W. Cavanaugh bought 2,000 shares of the firm’s stock in a transaction dated Friday, July 25th. The shares were purchased at an average cost of $75.72 per share, for a total transaction of $151,440.00. Following the transaction, the director owned 25,295 shares of the company’s stock, valued at $1,915,337.40. This represents a 8.59% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph Eppers bought 1,402 shares of the firm’s stock in a transaction dated Friday, July 25th. The shares were acquired at an average price of $76.82 per share, for a total transaction of $107,701.64. Following the completion of the transaction, the executive vice president directly owned 12,492 shares in the company, valued at approximately $959,635.44. This represents a 12.64% increase in their position. The disclosure for this purchase can be found here. 1.50% of the stock is owned by insiders.

Institutional Trading of Selective Insurance Group

Several hedge funds have recently made changes to their positions in SIGI. Olde Wealth Management LLC purchased a new stake in shares of Selective Insurance Group during the 1st quarter valued at about $28,000. Parallel Advisors LLC raised its position in shares of Selective Insurance Group by 219.5% during the 2nd quarter. Parallel Advisors LLC now owns 361 shares of the insurance provider’s stock valued at $31,000 after buying an additional 248 shares in the last quarter. Amundi raised its position in shares of 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 buying an additional 311 shares in the last quarter. Quarry LP purchased a new stake in shares of Selective Insurance Group during the 4th quarter valued at about $38,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Selective Insurance Group during the 1st quarter valued at about $38,000. 82.88% of the stock is currently owned by hedge funds and other 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.