Selective Insurance Group (NASDAQ:SIGI) Price Target Lowered to $84.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut its price target for Selective Insurance Group (SIGI) from $92.00 to $84.00 and kept a market perform rating, implying about a 6.1% upside from the prior close.
• The stock carries a consensus Hold rating from analysts (1 Buy, 5 Hold, 1 Sell) with an average target of about $83.60.
• Selective recently beat quarterly EPS estimates ($2.57 vs. $2.24) with revenue up 8.6% year-over-year, and institutional investors own roughly 82.9% of the shares after sizable buys by firms like AQR and Norges Bank.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) had its price objective decreased by stock analysts at Keefe, Bruyette & Woods from $92.00 to $84.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "market perform" rating on the insurance provider's stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 6.07% from the stock's previous close.

SIGI has been the subject of several other research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Selective Insurance Group in a research report on Wednesday, March 25th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $95.00 target price on shares of Selective Insurance Group in a research report on Monday, March 23rd. Finally, Piper Sandler increased their price target on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a "neutral" rating in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $83.60.

Selective Insurance Group Stock Performance

Shares of SIGI stock traded up $1.48 during trading on Tuesday, reaching $79.19. 224,286 shares of the company's stock traded hands, compared to its average volume of 563,569. The firm's 50-day moving average is $81.17 and its 200 day moving average is $80.87. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.74 billion, a P/E ratio of 10.57 and a beta of 0.26. Selective Insurance Group has a 1 year low of $71.75 and a 1 year high of $93.38.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share for the quarter, topping analysts' consensus estimates of $2.24 by $0.33. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.36 billion. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. Selective Insurance Group's revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.62 EPS. Equities research analysts expect that Selective Insurance Group will post 7.62 EPS for the current year.

Institutional Investors Weigh In On Selective Insurance Group

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC increased its position in Selective Insurance Group by 56.3% during the fourth quarter. AQR Capital Management LLC now owns 4,059,547 shares of the insurance provider's stock valued at $339,662,000 after acquiring an additional 1,462,838 shares during the last quarter. Norges Bank purchased a new stake in shares of Selective Insurance Group during the fourth quarter valued at $65,625,000. First Trust Advisors LP lifted its stake in Selective Insurance Group by 239.1% in the fourth quarter. First Trust Advisors LP now owns 1,036,519 shares of the insurance provider's stock worth $86,726,000 after acquiring an additional 730,890 shares during the period. American Century Companies Inc. lifted its stake in Selective Insurance Group by 1,299.9% in the third quarter. American Century Companies Inc. now owns 301,965 shares of the insurance provider's stock worth $24,480,000 after acquiring an additional 280,395 shares during the period. Finally, Tributary Capital Management LLC lifted its stake in Selective Insurance Group by 91.2% in the third quarter. Tributary Capital Management LLC now owns 552,650 shares of the insurance provider's stock worth $44,803,000 after acquiring an additional 263,631 shares during the period. Institutional investors own 82.88% of the company's stock.

Selective Insurance Group Company Profile

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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