Selective Insurance Group (NASDAQ:SIGI) Price Target Raised to $71.00

Selective Insurance Group (NASDAQ:SIGI) had its price target upped by Royal Bank of Canada from $67.00 to $71.00 in a research note issued on Thursday, The Fly reports. The brokerage currently has a “sector perform” rating on the insurance provider’s stock. Royal Bank of Canada’s price target would indicate a potential downside of 4.75% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Boenning Scattergood restated a “neutral” rating on shares of Selective Insurance Group in a report on Tuesday, January 26th. Zacks Investment Research lowered shares of Selective Insurance Group from a “buy” rating to a “hold” rating and set a $77.00 target price for the company. in a research report on Monday. Three analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Selective Insurance Group has a consensus rating of “Hold” and a consensus price target of $73.00.

Selective Insurance Group stock opened at $74.54 on Thursday. The company’s fifty day simple moving average is $71.99 and its 200-day simple moving average is $64.01. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.23. Selective Insurance Group has a 12 month low of $42.14 and a 12 month high of $77.84. The stock has a market cap of $4.47 billion, a P/E ratio of 22.32 and a beta of 0.84.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Thursday, January 28th. The insurance provider reported $1.84 EPS for the quarter, beating the consensus estimate of $1.10 by $0.74. Selective Insurance Group had a net margin of 7.05% and a return on equity of 9.84%. The business had revenue of $798.40 million for the quarter, compared to analysts’ expectations of $742.81 million. During the same period in the previous year, the company posted $1.37 EPS. Selective Insurance Group’s revenue was up 9.5% on a year-over-year basis. On average, equities research analysts expect that Selective Insurance Group will post 3.45 earnings per share for the current fiscal year.

In other news, Director Cynthia S. Nicholson sold 1,454 shares of the company’s stock in a transaction dated Monday, March 8th. The shares were sold at an average price of $74.08, for a total transaction of $107,712.32. 2.00% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in SIGI. Norges Bank acquired a new position in shares of Selective Insurance Group during the fourth quarter valued at about $47,020,000. Boston Trust Walden Corp acquired a new position in shares of Selective Insurance Group during the fourth quarter valued at about $15,895,000. Janus Henderson Group PLC raised its position in Selective Insurance Group by 15.8% in the fourth quarter. Janus Henderson Group PLC now owns 1,320,508 shares of the insurance provider’s stock worth $88,448,000 after purchasing an additional 180,661 shares in the last quarter. Alliancebernstein L.P. raised its position in Selective Insurance Group by 10.5% in the fourth quarter. Alliancebernstein L.P. now owns 1,439,705 shares of the insurance provider’s stock worth $96,431,000 after purchasing an additional 137,198 shares in the last quarter. Finally, Peregrine Capital Management LLC grew its stake in Selective Insurance Group by 123.5% during the fourth quarter. Peregrine Capital Management LLC now owns 242,931 shares of the insurance provider’s stock worth $16,272,000 after buying an additional 134,244 shares during the last quarter. 79.63% of the stock is owned by institutional investors and hedge funds.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. The company offers property insurance products, which covers the financial consequences of accidental loss of an insured's real and/or personal property, or earnings; and casualty insurance products that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities, as well as flood insurance products.

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