Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Selective Insurance Group (NASDAQ:SIGI) Stock

Selective Insurance Group (NASDAQ:SIGI) had its price target increased by analysts at Keefe, Bruyette & Woods from $88.00 to $101.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 3.06% from the company’s previous close.

SIGI has been the topic of a number of other research reports. Morgan Stanley lifted their target price on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $95.00 price target on shares of Selective Insurance Group in a report on Monday, March 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Selective Insurance Group in a research report on Thursday, June 18th. Piper Sandler increased their price target on Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Finally, BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $84.00 to $97.00 in a report on Thursday, May 7th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.17.

Selective Insurance Group Stock Performance

SIGI stock traded up $0.01 during midday trading on Wednesday, reaching $98.00. 98,199 shares of the company’s stock traded hands, compared to its average volume of 571,143. Selective Insurance Group has a 52 week low of $71.75 and a 52 week high of $100.40. The company has a 50-day moving average price of $90.12 and a two-hundred day moving average price of $84.78. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $5.87 billion, a PE ratio of 13.40 and a beta of 0.29.

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

Institutional Trading of Selective Insurance Group

A number of hedge funds and other institutional investors have recently modified their holdings of SIGI. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Selective Insurance Group in the 4th quarter valued at $25,000. Los Angeles Capital Management LLC acquired a new position in Selective Insurance Group in the fourth quarter valued at $25,000. True Wealth Design LLC grew its stake in Selective Insurance Group by 45.9% during the 4th quarter. True Wealth Design LLC now owns 410 shares of the insurance provider’s stock worth $34,000 after buying an additional 129 shares during the last quarter. Amundi grew its position in shares of Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 311 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of Selective Insurance Group by 38.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider’s stock worth $46,000 after buying an additional 154 shares during the period. 82.88% of the stock is owned by institutional investors and hedge funds.

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.