Royal Bank Of Canada Forecasts Strong Price Appreciation for Selective Insurance Group (NASDAQ:SIGI) Stock

Selective Insurance Group (NASDAQ:SIGI) had its price objective upped by research analysts at Royal Bank Of Canada from $110.00 to $115.00 in a report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 21.47% from the company’s previous close.

Several other brokerages have also recently issued reports on SIGI. Piper Sandler increased their target price on Selective Insurance Group from $93.00 to $103.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Morgan Stanley upped their price objective on Selective Insurance Group from $72.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, July 6th. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Keefe, Bruyette & Woods lifted their target price on Selective Insurance Group from $88.00 to $101.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Finally, Weiss Ratings upgraded Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $100.17.

Selective Insurance Group Trading Down 1.7%

NASDAQ:SIGI traded down $1.66 during mid-day trading on Monday, hitting $94.67. 107,571 shares of the stock traded hands, compared to its average volume of 569,434. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 11.75 and a beta of 0.29. Selective Insurance Group has a 52 week low of $72.78 and a 52 week high of $100.40. The firm’s 50 day moving average is $93.11 and its two-hundred day moving average is $85.88. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.66 by $0.29. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same quarter in the prior year, the company posted $1.31 EPS. On average, equities research analysts predict that Selective Insurance Group will post 7.95 earnings per share for the current year.

Institutional Investors Weigh In On Selective Insurance Group

Several hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its stake in Selective Insurance Group by 381.2% during the fourth quarter. SG Americas Securities LLC now owns 28,347 shares of the insurance provider’s stock worth $2,372,000 after buying an additional 22,456 shares during the last quarter. Comerica Bank grew its holdings in Selective Insurance Group by 94.8% in the 4th quarter. Comerica Bank now owns 55,955 shares of the insurance provider’s stock valued at $4,682,000 after buying an additional 27,236 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Selective Insurance Group in the 2nd quarter worth $468,000. Intech Investment Management LLC increased its stake in shares of Selective Insurance Group by 138.0% in the 4th quarter. Intech Investment Management LLC now owns 62,686 shares of the insurance provider’s stock worth $5,245,000 after acquiring an additional 36,351 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Selective Insurance Group by 103.6% during the 4th quarter. CWM LLC now owns 27,039 shares of the insurance provider’s stock worth $2,262,000 after acquiring an additional 13,757 shares during the period. Hedge funds and other institutional investors own 82.88% of the company’s stock.

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.