Morgan Stanley Lowers Selective Insurance Group (NASDAQ:SIGI) Price Target to $86.00

Key Points

• Morgan Stanley has reduced the price target for Selective Insurance Group (NASDAQ:SIGI) from $90.00 to $86.00, maintaining an "equal weight" rating on the stock.
• Despite Morgan Stanley's downgrade, BMO Capital Markets raised their price objective for Selective Insurance Group from $92.00 to $96.00, giving the company an "outperform" rating.
• The consensus rating for the stock is currently "Hold" with a target price averaging $95.00, while the stock is trading below its 50-day and 200-day moving averages of $86.69 and $87.39 respectively.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) had its price target cut by Morgan Stanley from $90.00 to $86.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the insurance provider's stock. Morgan Stanley's price objective suggests a potential upside of 14.67% from the stock's current price.

A number of other research analysts also recently commented on the stock. BMO Capital Markets increased their price objective on shares of Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Wall Street Zen raised shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating on the stock in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $95.00.

Selective Insurance Group Stock Performance

Shares of SIGI stock opened at $75.00 on Friday. Selective Insurance Group has a one year low of $71.75 and a one year high of $103.56. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.35 and a current ratio of 0.35. The company has a 50 day moving average price of $86.69 and a 200 day moving average price of $87.39. The firm has a market capitalization of $4.56 billion, a price-to-earnings ratio of 12.27 and a beta of 0.48.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.24). The business had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.32 billion. Selective Insurance Group had a return on equity of 12.81% and a net margin of 7.50%. During the same quarter in the prior year, the firm earned ($1.10) earnings per share. Sell-side analysts anticipate that Selective Insurance Group will post 7.62 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SIGI. Principal Financial Group Inc. lifted its holdings in shares of Selective Insurance Group by 0.3% in the first quarter. Principal Financial Group Inc. now owns 141,658 shares of the insurance provider's stock valued at $12,967,000 after purchasing an additional 493 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Selective Insurance Group by 11.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,317 shares of the insurance provider's stock worth $761,000 after purchasing an additional 861 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Selective Insurance Group by 221.3% during the first quarter. SG Americas Securities LLC now owns 7,113 shares of the insurance provider's stock worth $651,000 after purchasing an additional 4,899 shares during the period. Sei Investments Co. raised its position in Selective Insurance Group by 151.9% during the fourth quarter. Sei Investments Co. now owns 83,562 shares of the insurance provider's stock valued at $7,815,000 after acquiring an additional 50,386 shares in the last quarter. Finally, M&T Bank Corp bought a new position in Selective Insurance Group during the first quarter valued at approximately $225,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers 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; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.

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