Selective Insurance Group (NASDAQ:SIGI) Given New $105.00 Price Target at Oppenheimer

Selective Insurance Group (NASDAQ:SIGI) had its target price lifted by stock analysts at Oppenheimer from $100.00 to $105.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the insurance provider’s stock. Oppenheimer’s price objective indicates a potential upside of 17.19% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Piper Sandler upped their target price on Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Keefe, Bruyette & Woods upped their target price on Selective Insurance Group from $84.00 to $88.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and upped their target price for the company from $84.00 to $97.00 in a research report on Thursday, May 7th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Selective Insurance Group in a research report on Monday, March 23rd. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $90.50.

Selective Insurance Group Trading Up 0.4%

Shares of NASDAQ SIGI traded up $0.38 during midday trading on Thursday, hitting $89.60. The stock had a trading volume of 230,521 shares, compared to its average volume of 559,987. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 12.26 and a beta of 0.32. Selective Insurance Group has a 1-year low of $71.75 and a 1-year high of $91.63. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average price of $80.41 and a 200 day moving average price of $81.53.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data 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 firm had revenue of $1.36 billion during the quarter, compared to analyst estimates 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 for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.76 earnings per share. On average, analysts predict that Selective Insurance Group will post 7.81 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SIGI. Amundi grew its stake in Selective Insurance Group by 398.7% during the 1st quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after buying an additional 311 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Selective Insurance Group by 5.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock worth $19,555,000 after buying an additional 11,167 shares during the last quarter. Focus Partners Wealth grew its stake in Selective Insurance Group by 17.9% during the 1st quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock worth $248,000 after buying an additional 411 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Selective Insurance Group during the 2nd quarter worth $468,000. Finally, Cetera Investment Advisers grew its stake in Selective Insurance Group by 14.1% during the 2nd quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock worth $325,000 after buying an additional 462 shares during the last quarter. 82.88% of the stock is currently owned by 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.