Selective Insurance Group (NASDAQ:SIGI) Stock Dropped to Hold by Wall Street Zen

Key Points

• Wall Street Zen downgraded Selective Insurance Group to “Hold” from “Buy,” while the broader analyst consensus also stands at “Hold,” with a consensus price target of $101.83.
• Analysts’ views remain mixed: price targets range from $85 to $115, with three Buy ratings, three Hold ratings, and one Sell rating.
• Selective reported strong quarterly results, posting EPS of $2.37 versus the $1.91 consensus and revenue of $1.33 billion versus estimates of $1.17 billion; shares opened at $98.83, near their one-year high.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Sunday, Wall Street Zen reports.

Several other equities research analysts also recently commented on the company. Keefe, Bruyette & Woods upped their target price on Selective Insurance Group from $101.00 to $102.00 and gave the company a "market perform" rating in a report on Thursday, July 30th. Royal Bank Of Canada lifted their price target on Selective Insurance Group from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Piper Sandler reduced their price objective on shares of Selective Insurance Group from $105.00 to $97.00 and set a "neutral" rating for the company in a research note on Monday, September 28th. Morgan Stanley raised their target price on shares of Selective Insurance Group from $80.00 to $85.00 and gave the stock an "underweight" rating in a report on Tuesday, October 27th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $115.00 target price on shares of Selective Insurance Group in a report on Tuesday, October 13th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $101.83.

Selective Insurance Group Stock Down 0.5%

SIGI opened at $98.83 on Friday. Selective Insurance Group has a one year low of $72.78 and a one year high of $101.25. 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 $89.61 and its 200-day moving average is $87.58. The company has a market capitalization of $5.83 billion, a PE ratio of 11.88 and a beta of 0.26.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The insurance provider reported $2.37 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.46. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.17 billion. Selective Insurance Group had a return on equity of 15.60% and a net margin of 9.40%. During the same period last year, the company posted $1.85 EPS. On average, equities analysts predict that Selective Insurance Group will post 8.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Cynthia Nicholson sold 3,691 shares of the stock in a transaction dated 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 sale, the director directly owned 17,463 shares of the company's stock, valued at approximately $1,723,772.73. This represents a 17.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.82% of the company's stock.

Hedge Funds Weigh In On Selective Insurance Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Selective Insurance Group during the second quarter valued at approximately $26,000. IFP Advisors Inc grew its position in Selective Insurance Group by 51.3% in the third quarter. IFP Advisors Inc now owns 596 shares of the insurance provider's stock worth $50,000 after acquiring an additional 202 shares in the last quarter. Westpac Banking Corp bought a new stake in Selective Insurance Group in the second quarter worth approximately $72,000. Farther Finance Advisors LLC grew its position in Selective Insurance Group by 51.2% in the third quarter. Farther Finance Advisors LLC now owns 812 shares of the insurance provider's stock worth $68,000 after acquiring an additional 275 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Selective Insurance Group during the 2nd quarter worth $89,000. Hedge funds and other institutional investors 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.

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