Analysts Set Selective Insurance Group, Inc. (NASDAQ:SIGI) PT at $99.33

Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) have been assigned a consensus recommendation of “Hold” from the eight analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $99.3333.

Several research analysts have issued reports on SIGI shares. Morgan Stanley increased their price objective on Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, July 6th. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $84.00 to $97.00 in a research report on Thursday, May 7th. Oppenheimer upped their price target on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research note on Thursday, May 21st. Piper Sandler increased their price target on shares of Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, Weiss Ratings upgraded shares of Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th.

Institutional Investors Weigh In On Selective Insurance Group

A number of hedge funds and other institutional investors have recently modified their holdings of SIGI. AQR Capital Management LLC boosted its position in Selective Insurance Group by 56.3% during the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider’s stock worth $339,662,000 after purchasing an additional 1,462,838 shares in the last quarter. Norges Bank acquired a new stake in Selective Insurance Group in the fourth quarter valued at $65,625,000. First Trust Advisors LP increased its position in shares of Selective Insurance Group by 239.1% in the fourth quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider’s stock valued at $86,726,000 after buying an additional 730,890 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Selective Insurance Group by 332.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 420,106 shares of the insurance provider’s stock valued at $31,672,000 after buying an additional 322,901 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Selective Insurance Group by 40.0% during the 2nd quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider’s stock worth $62,906,000 after buying an additional 207,258 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $96.74 on Friday. The company has a market cap of $5.79 billion, a price-to-earnings ratio of 13.23 and a beta of 0.29. The stock has a 50 day simple moving average of $92.24 and a 200-day simple moving average of $85.50. Selective Insurance Group has a 12-month low of $71.75 and a 12-month high of $100.40. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.12). Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the business earned $1.76 earnings per share. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities analysts forecast that Selective Insurance Group will post 7.85 EPS for the current year.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.