Selective Insurance Group (NASDAQ:SIGI) Price Target Cut to $79.00 by Analysts at Piper Sandler

Key Points

• Analysts at Piper Sandler have cut the price target for Selective Insurance Group (NASDAQ:SIGI) from $88.00 to $79.00, maintaining a "neutral" rating on the stock.
• In contrast, BMO Capital Markets increased its price target to $96.00, while other analysts have issued mixed ratings, resulting in an average rating of "Hold" with a target price of $92.33.
• Selective Insurance’s recent earnings report showed $1.31 earnings per share, which missed the consensus estimate by $0.24, alongside revenue figures that also fell short of expectations.
• Institutional investors currently hold about 82.88% of Selective Insurance Group's stock, with notable recent increases in stakes from firms such as Principal Financial Group and Wealth Enhancement Advisory Services.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) had its target price reduced by equities researchers at Piper Sandler from $88.00 to $79.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the insurance provider's stock. Piper Sandler's target price indicates a potential upside of 1.76% from the stock's current price.

Other analysts also recently issued reports about the company. BMO Capital Markets upped their target price on Selective Insurance Group from $92.00 to $96.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Wall Street Zen upgraded Selective Insurance Group from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. Morgan Stanley dropped their price objective on Selective Insurance Group from $90.00 to $86.00 and set an "equal weight" rating for the company in a research report on Friday. Finally, Keefe, Bruyette & Woods lowered their target price on Selective Insurance Group from $93.00 to $92.00 and set a "market perform" rating for the company in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $92.33.

Selective Insurance Group Stock Performance

Shares of SIGI stock traded up $2.63 during trading on Friday, reaching $77.63. 1,657,490 shares of the company's stock were exchanged, compared to its average volume of 544,270. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $4.72 billion, a PE ratio of 12.71 and a beta of 0.48. Selective Insurance Group has a twelve month low of $71.75 and a twelve month high of $103.56. The firm's fifty day moving average price is $86.46 and its 200-day moving average price is $87.28.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.32 billion. Selective Insurance Group had a net margin of 7.50% and a return on equity of 12.61%. During the same quarter last year, the firm earned ($1.10) earnings per share. As a group, sell-side analysts anticipate that Selective Insurance Group will post 7.62 EPS for the current year.

Insider Activity

In related news, Director Terrence W. Cavanaugh purchased 2,000 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was bought at an average price of $75.72 per share, with a total value of $151,440.00. Following the completion of the purchase, the director owned 25,295 shares in the company, valued at approximately $1,915,337.40. This represents a 8.59% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Joseph Eppers bought 1,402 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were acquired at an average cost of $76.82 per share, with a total value of $107,701.64. Following the purchase, the executive vice president directly owned 12,492 shares of the company's stock, valued at $959,635.44. This trade represents a 12.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Selective Insurance Group

Several large investors have recently added to or reduced their stakes in SIGI. Proficio Capital Partners LLC acquired a new stake in Selective Insurance Group during the fourth quarter worth approximately $203,000. HighTower Advisors LLC grew its stake in Selective Insurance Group by 14.5% in the fourth quarter. HighTower Advisors LLC now owns 4,560 shares of the insurance provider's stock valued at $426,000 after acquiring an additional 576 shares during the period. Teacher Retirement System of Texas acquired a new stake in Selective Insurance Group in the fourth quarter valued at approximately $1,032,000. Sei Investments Co. grew its stake in Selective Insurance Group by 151.9% in 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 during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in Selective Insurance Group in the fourth quarter valued at approximately $1,188,000. Institutional investors and hedge funds own 82.88% of the company's stock.

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.