Royal Bank Of Canada Reaffirms “Outperform” Rating for Selective Insurance Group (NASDAQ:SIGI)

Selective Insurance Group (NASDAQ:SIGI)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Royal Bank Of Canada in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $95.00 target price on the insurance provider’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 26.39% from the company’s current price.

A number of other equities research analysts have also issued reports on SIGI. Piper Sandler increased their price objective on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods dropped their price objective on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Selective Insurance Group presently has an average rating of “Hold” and an average price target of $83.00.

Selective Insurance Group Stock Up 1.5%

SIGI opened at $75.16 on Monday. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $93.38. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average price is $82.60 and its 200-day moving average price is $81.11. The company has a market cap of $4.52 billion, a P/E ratio of 9.98 and a beta of 0.23.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.33. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.36 billion. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.Selective Insurance Group’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $1.62 EPS. On average, equities analysts expect that Selective Insurance Group will post 7.62 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SIGI. Hsbc Holdings PLC purchased a new stake in Selective Insurance Group in the fourth quarter valued at $3,115,000. Rockefeller Capital Management L.P. raised its holdings in Selective Insurance Group by 177.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,928 shares of the insurance provider’s stock valued at $245,000 after buying an additional 1,874 shares during the period. Virtu Financial LLC purchased a new stake in Selective Insurance Group in the 4th quarter valued at about $306,000. Mercer Global Advisors Inc. ADV lifted its position in Selective Insurance Group by 117.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,171 shares of the insurance provider’s stock valued at $1,102,000 after buying an additional 7,112 shares during the last quarter. Finally, Beacon Pointe Advisors LLC acquired a new position in Selective Insurance Group in the fourth quarter valued at about $277,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

About Selective Insurance Group

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.