Selective Insurance Group (NASDAQ:SIGI) Given New $105.00 Price Target at Oppenheimer

Selective Insurance Group (NASDAQ:SIGI) had its price objective lifted by equities researchers at Oppenheimer from $100.00 to $105.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the insurance provider’s stock. Oppenheimer’s price objective suggests a potential upside of 17.19% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods increased their price target on Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research note on Friday, April 24th. Royal Bank Of Canada reissued an “outperform” rating and issued a $95.00 price target on shares of Selective Insurance Group in a research note on Monday, March 23rd. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $84.00 to $97.00 in a research note on Thursday, May 7th. Piper Sandler increased their price target on Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Selective Insurance Group in a research note on Wednesday, March 25th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $90.50.

Selective Insurance Group Stock Performance

Shares of NASDAQ:SIGI traded up $0.38 on Thursday, hitting $89.60. The company’s stock had a trading volume of 230,521 shares, compared to its average volume of 559,987. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $91.63. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 12.26 and a beta of 0.32. The stock’s 50-day moving average is $80.41 and its two-hundred day moving average is $81.53. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($0.12). Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the company posted $1.76 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities research analysts forecast that Selective Insurance Group will post 7.81 EPS for the current year.

Institutional Trading of Selective Insurance Group

Several institutional investors have recently modified their holdings of the company. Cim Investment Management Inc. lifted its holdings in shares of Selective Insurance Group by 54.3% in the first quarter. Cim Investment Management Inc. now owns 5,098 shares of the insurance provider’s stock valued at $384,000 after buying an additional 1,793 shares during the period. Bank of America Corp DE lifted its holdings in shares of Selective Insurance Group by 2.5% in the first quarter. Bank of America Corp DE now owns 759,122 shares of the insurance provider’s stock valued at $57,230,000 after buying an additional 18,675 shares during the period. Bull Harbor Capital LLC acquired a new stake in shares of Selective Insurance Group in the first quarter valued at $244,000. Amundi lifted its holdings in shares of Selective Insurance Group by 163.6% in the first quarter. Amundi now owns 13,343 shares of the insurance provider’s stock valued at $1,006,000 after buying an additional 8,281 shares during the period. Finally, California State Teachers Retirement System lifted its holdings in shares of Selective Insurance Group by 27.3% in the first quarter. California State Teachers Retirement System now owns 73,313 shares of the insurance provider’s stock valued at $5,527,000 after buying an additional 15,720 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.