Selective Insurance Group (NASDAQ:SIGI) Given New $85.00 Price Target at Morgan Stanley

Selective Insurance Group (NASDAQ:SIGI) had its price target lifted by Morgan Stanley from $80.00 to $85.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “underweight” rating on the insurance provider’s stock. Morgan Stanley‘s price objective would indicate a potential downside of 13.16% from the company’s previous close.

SIGI has been the topic of several other research reports. BMO Capital Markets reaffirmed a “market perform” rating on shares of Selective Insurance Group in a research note on Wednesday, October 21st. Piper Sandler lowered their price objective on shares of Selective Insurance Group from $105.00 to $97.00 and set a “neutral” rating on the stock in a research note on Monday, September 28th. Wall Street Zen upgraded shares of Selective Insurance Group from a “hold” rating to a “buy” rating in a report on Saturday. Royal Bank Of Canada increased their target price on shares of Selective Insurance Group from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Oppenheimer restated an “outperform” rating and set a $115.00 target price on shares of Selective Insurance Group in a report on Tuesday, October 13th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and a consensus price target of $101.83.

Selective Insurance Group Stock Performance

SIGI stock opened at $97.88 on Tuesday. Selective Insurance Group has a 1 year low of $72.78 and a 1 year high of $101.25. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 11.75 and a beta of 0.26. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.29 and a current ratio of 0.29. The stock’s fifty day moving average is $89.01 and its two-hundred day moving average is $87.29.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Thursday, October 22nd. The insurance provider reported $2.37 EPS for the quarter, topping the consensus estimate of $1.91 by $0.46. Selective Insurance Group had a net margin of 9.40% and a return on equity of 15.60%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm earned $1.85 earnings per share. On average, research analysts predict that Selective Insurance Group will post 8.20 EPS for the current year.

Insider Activity at Selective Insurance Group

In related news, Director Cynthia Nicholson sold 3,691 shares of the stock in a transaction on Monday, October 26th. The stock was sold at an average price of $98.71, for a total value of $364,338.61. Following the completion of the transaction, the director owned 17,463 shares in the company, valued at $1,723,772.73. This trade represents a 17.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Selective Insurance Group

Several institutional investors and hedge funds have recently bought and sold shares of SIGI. Squarepoint Ops LLC purchased a new position in shares of Selective Insurance Group in the second quarter worth approximately $5,408,000. Legal & General Group Plc purchased a new stake in shares of Selective Insurance Group in the 2nd quarter valued at approximately $8,349,000. Bank of America Corp DE purchased a new stake in shares of Selective Insurance Group in the 2nd quarter valued at approximately $63,423,000. The Manufacturers Life Insurance Company acquired a new position in Selective Insurance Group in the 2nd quarter worth approximately $5,496,000. Finally, Wellington Management Group LLP acquired a new position in Selective Insurance Group in the 2nd quarter worth approximately $77,149,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc is a holding company for a group of property and casualty insurance subsidiaries. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides insurance products and related services primarily through a network of independent agents.

Selective serves commercial, personal and public-sector customers. Its commercial offerings include business owners policies, commercial automobile, workers’ compensation, general liability, commercial property and other specialty coverages.