Selective Insurance Group (NASDAQ:SIGI) Given New $110.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on Selective Insurance Group to $110 from $100 and kept an outperform rating, implying about 13.5% upside.
• Several other analysts also adjusted their views recently, but the overall consensus remains Hold with an average price target of $97.67.
• Selective Insurance Group reported mixed quarterly results, missing EPS estimates at $1.69 versus $1.81 expected, while revenue of $1.36 billion topped forecasts and rose 5.7% year over year.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) had its price target increased by investment analysts at Royal Bank Of Canada from $100.00 to $110.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the insurance provider's stock. Royal Bank Of Canada's price target would indicate a potential upside of 13.48% from the stock's current price.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley upped their price target on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an "underweight" rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods upped their target price on shares of Selective Insurance Group from $88.00 to $101.00 and gave the company a "market perform" rating in a research report on Wednesday, July 8th. BMO Capital Markets raised shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and increased their price target for the company from $84.00 to $97.00 in a report on Thursday, May 7th. Weiss Ratings upgraded Selective Insurance Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. Finally, Oppenheimer boosted their price objective on Selective Insurance Group from $100.00 to $105.00 and gave the stock an "outperform" rating in a research note on Thursday, May 21st. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $97.67.

Selective Insurance Group Price Performance

SIGI stock traded up $1.00 during mid-day trading on Monday, hitting $96.93. The company had a trading volume of 28,698 shares, compared to its average volume of 569,149. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of 13.27 and a beta of 0.29. Selective Insurance Group has a 12-month low of $71.75 and a 12-month high of $100.40. 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 50-day moving average price of $90.78 and a 200 day moving average price of $85.02.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.69 earnings per share for the quarter, missing analysts' consensus estimates of $1.81 by ($0.12). The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.29 billion. Selective Insurance Group had a net margin of 8.39% and a return on equity of 13.71%. The company's revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.76 EPS. On average, research analysts anticipate that Selective Insurance Group will post 7.81 earnings per share for the current year.

Institutional Trading of Selective Insurance Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Legacy Wealth Asset Management LLC bought a new position in shares of Selective Insurance Group in the second quarter worth about $284,000. Gradient Investments LLC lifted its holdings in Selective Insurance Group by 8.0% during the 2nd quarter. Gradient Investments LLC now owns 16,644 shares of the insurance provider's stock valued at $1,615,000 after buying an additional 1,228 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Selective Insurance Group by 101.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 193,405 shares of the insurance provider's stock valued at $18,762,000 after buying an additional 97,469 shares in the last quarter. Baron Wealth Management LLC boosted its position in Selective Insurance Group by 7.5% in the 2nd quarter. Baron Wealth Management LLC now owns 3,722 shares of the insurance provider's stock valued at $361,000 after buying an additional 261 shares during the period. Finally, Cim Investment Management Inc. boosted its position in Selective Insurance Group by 54.3% in the 1st quarter. Cim Investment Management Inc. now owns 5,098 shares of the insurance provider's stock valued at $384,000 after buying an additional 1,793 shares during the period. 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.

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