Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $110.00 at Royal Bank Of Canada

Selective Insurance Group (NASDAQ:SIGI) had its price target increased by investment analysts at Royal Bank Of Canada from $100.00 to $110.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the insurance provider’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 13.48% from the stock’s current price.

Several other research analysts have also recently issued reports on SIGI. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $84.00 to $97.00 in a report on Thursday, May 7th. Weiss Ratings raised shares of Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday. Morgan Stanley lifted their price objective on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, July 6th. Keefe, Bruyette & Woods boosted their price objective on shares of Selective Insurance Group from $88.00 to $101.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Finally, Piper Sandler upped their target price on Selective Insurance Group from $82.00 to $93.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Selective Insurance Group has an average rating of “Hold” and an average target price of $97.67.

Selective Insurance Group Stock Up 1.0%

NASDAQ SIGI traded up $1.00 on Monday, reaching $96.93. 28,698 shares of the stock traded hands, compared to its average volume of 569,149. Selective Insurance Group has a 12 month low of $71.75 and a 12 month high of $100.40. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 13.27 and a beta of 0.29. The company has a fifty day moving average price of $90.78 and a 200-day moving average price of $85.02. 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 announced 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). The firm had revenue of $1.36 billion for 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 quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.76 EPS. As a group, research analysts forecast that Selective Insurance Group will post 7.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Selective Insurance Group

A number of large investors have recently made changes to their positions in SIGI. Amundi boosted its position in shares of Selective Insurance Group by 398.7% in the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 311 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Selective Insurance Group by 5.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock valued at $19,555,000 after buying an additional 11,167 shares during the last quarter. Focus Partners Wealth boosted its holdings in Selective Insurance Group by 17.9% in the first quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock worth $248,000 after acquiring an additional 411 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Selective Insurance Group in the second quarter worth about $468,000. Finally, Cetera Investment Advisers grew its stake in shares of Selective Insurance Group by 14.1% during the second quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock worth $325,000 after acquiring an additional 462 shares during the last quarter. 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.