Oppenheimer Reaffirms "Outperform" Rating for Selective Insurance Group (NASDAQ:SIGI)

Selective Insurance Group (NASDAQ:SIGI - Get Free Report)'s stock had its "outperform" rating reissued by investment analysts at Oppenheimer in a report issued on Friday, Benzinga reports. They currently have a $120.00 target price on the insurance provider's stock. Oppenheimer's price objective points to a potential upside of 14.83% from the stock's previous close.

A number of other analysts also recently commented on the company. Royal Bank of Canada lowered their target price on Selective Insurance Group from $108.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Friday, February 2nd. Keefe, Bruyette & Woods lowered their price target on Selective Insurance Group from $111.00 to $109.00 and set a "market perform" rating on the stock in a research report on Tuesday, February 6th. Finally, Piper Sandler reiterated a "neutral" rating and set a $104.00 price target on shares of Selective Insurance Group in a research report on Monday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Selective Insurance Group presently has an average rating of "Hold" and a consensus target price of $105.17.

Selective Insurance Group Stock Performance

Shares of SIGI traded up $0.11 during mid-day trading on Friday, reaching $104.50. The company had a trading volume of 230,289 shares, compared to its average volume of 315,773. Selective Insurance Group has a 52-week low of $91.99 and a 52-week high of $109.58. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $6.35 billion, a P/E ratio of 17.92, a PEG ratio of 0.76 and a beta of 0.55. The stock has a 50 day moving average of $103.41 and a two-hundred day moving average of $102.96.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its earnings results on Wednesday, January 31st. The insurance provider reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.02. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. On average, analysts expect that Selective Insurance Group will post 7.68 earnings per share for the current year.

Insider Activity

In other news, COO Brenda M. Hall sold 2,626 shares of the firm's stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the transaction, the chief operating officer now owns 10,511 shares in the company, valued at $1,112,904.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Selective Insurance Group

Several hedge funds and other institutional investors have recently made changes to their positions in SIGI. Raymond James & Associates lifted its position in shares of Selective Insurance Group by 11.4% in the first quarter. Raymond James & Associates now owns 3,725 shares of the insurance provider's stock valued at $333,000 after acquiring an additional 381 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Selective Insurance Group by 116.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 5,904 shares of the insurance provider's stock valued at $528,000 after purchasing an additional 3,173 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Selective Insurance Group in the first quarter valued at approximately $201,000. Bank of Montreal Can increased its holdings in shares of Selective Insurance Group by 8.6% in the first quarter. Bank of Montreal Can now owns 7,495 shares of the insurance provider's stock valued at $684,000 after purchasing an additional 591 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Selective Insurance Group by 10.7% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,063 shares of the insurance provider's stock valued at $1,972,000 after purchasing an additional 2,129 shares during the last quarter. Hedge funds and other institutional investors own 82.88% of the company's stock.

About Selective Insurance Group

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.